Abstract: Many who purchase homes or condos in the Cayman Islands rent their properties for tax-free income.
Buying a condo on Cayman Islands makes for an excellent long term investment. The islands draw many visitors from all over the world, and the thriving banking industry is a huge draw for investors with investment money. Because so many people do business in the Cayman Islands, but do not live here, it usually becomes a matter of time before they purchase property here. Once you’ve done so, you’ll want to make sure that you have a solid plan for rental income.
Reinvest in the Property
Cayman luxury property offers amenities that rival what guests come to expect at hotels. That means a certain amount of effort on your part to make the property attractive. Of course, all income earned on renting the property is considered tax-free. You will have to pay stamp fees on documents related to the property, but there is no property tax to pay annually. You can easily re-invest a fraction of your money into upgrading furniture or redoing the patio area. Small improvements will go a long way when you’re trying to attract new renters.
Share the Space
Make sure you have a plan for when you will be in town, and that your plans do not conflict with those of a renter. It’s helpful to secure a property management company, as you will be away from the property throughout most of the year, but you can also manage a calendar of certain months you’re ok renting to visitors.
Guests are usually here on vacation, although some do come for business. If you plan to make your space attractive, leave a short list of things people can do once they arrive on the island. If guests enjoy themselves in your space, you may find more business through word of mouth.
– RE/MAX Cayman Islands is your source for Grand Cayman real estate and luxury properties on the Cayman Island chain.