Accommodation in Cayman Islands
There is a large selection of apartments and condos available for long term rental on Cayman Islands. Expat will find that costs vary substantially, depending on location and proximity to areas like George Town and 7 Mile beachfront. Many places come with facilities like tennis courts and pools.
Rented accommodation is relatively easy to find, and generally annual leases are available. During the tourist season (November and February) it can be more difficult to secure an annual lease. Monthly costs vary depending on whether the place is furnished or unfurnished, where it is located and the size.
Types of property in Cayman Islands
There are various types of accommodation for expats to choose from when renting, which includes houses, condominiums, apartment complexes and rooms/apartments in larger houses. The most common type of properties available are two and three bedroom condos and townhouses, which are popular for long-term rent.
Household goods can be purchased locally, whilst most landlords provide a full range of crockery, cutlery, and other household items if the place is furnished. Most places in Cayman Islands are furnished.
Finding property in Cayman Islands
There are real estate agents situated across the islands who can help expats looking to rent property. Alternatively, there are many websites online advertising property, which can be useful for expats. Expats should be hasty when signing a lease as properties tend to go quite quickly.
Renting property in Cayman Islands
Those working on the island for 2-3 years generally rent property rather than buy. The property market is well-run due to the transient nature of people working on the islands.
In order to rent a property, expats will have to put down a security deposit and a month's rent in advance. If the property is furnished, a full inventory of items will need to be drawn up and signed.
Buying property in Cayman Islands
Due to the absence of taxes in Cayman Islands, purchasing property is very popular with foreigners. There are no restrictions on foreign ownership of real estate if the property is for personal use and there are no annual property or capital gains taxes.
The transfer of property in Cayman Islands is an incredibly efficient real estate process. The process requires a single land transfer document signed by both the vendor and purchaser to legally transfer the title. That said, it is recommended that expats seek local legal and real estate advice before purchasing property.