Accommodation in Cayman Islands
There is a large selection of apartments and condos available for long-term rental on the Cayman Islands. Expats will find that costs vary substantially, depending on location and proximity to areas like George Town and the 7 Mile beachfront. Many places come with facilities like tennis courts and pools.
Rental accommodation is relatively easy to find, and annual leases are generally 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 include houses, condominiums, apartment complexes and rooms/apartments in larger houses. The most common type of properties available is two- and three-bedroom condos and townhouses, which are popular for long-term renting.
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 accommodation in the Cayman Islands is furnished.
Finding property in Cayman Islands
There are real estate agents situated across the islands who can help expats looking to rent a property. Alternatively, there are many websites advertising property online, which can be useful for expats. Expats should act quickly when signing a lease as properties tend to go quite quickly.
Renting property in Cayman Islands
Those working on the island for two to three 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 the 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.