Monday, October 3, 2022

What It’s Like to Own a Piece of Grand Cayman Real Estate

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Grand Cayman, known for its soft white sand beaches, calm, crystal clear waters, and for being a world-famous center for offshore banking and investments is living up to its name in every sense. Here, in this place of infinite possibilities flourish what a lot of people wish to have—a piece of Grand Cayman real estate.

Grand Cayman intermix art with culture along with modern luxuries, and tax incentives. And so, if you’ve always dreamt of owning a vacation home and you’ve been looking for years, buying property in Grand Cayman is not just a wise decision but will probably be the best investment you will ever have to make. You may not live in the Cayman Islands now and will probably be using the property once a year, but investing in a Grand Cayman real estate property could actually pay for itself with hundreds of people visiting and sometimes even staying for months, you can always rent it out or put your house on AirBnb.

People
With over 50,000 people living here in one of the most beautiful islands in the Caribbean, the majority of its residents are native Caymanians. So when you come to visit this place, be prepared to take a plunge into local culture from day one onwards. The Caymanians are of mixed European and African race and ancestry. Their official language is English, therefore, if you’re fluent in the language, you’ll definitely acclimate easily to this place.

Economy
Buying a vacation home in a different country can be scary especially if you’re not sure you will still like the place after a year. You’re thinking, it might not be a good idea and that you’ll probably regret it, but what if your vacation home could pay for itself?

The Cayman Islands thrive in banking and tourism, investing in Grand Cayman real estate is not only a vacation for life, it also is gold. In 2019, Grand Cayman was voted as one of the best islands in the Caribbean. The physical beauty of the beaches and its excellent climate have made this place a true paradise for tourists.

With only an hour flight from Miami and a two-hour flight from Houston, tourism has continued to grow steadily since the 70’s with the aid of the government, investing heavily in promoting the island for tourism.

Investment
For buyers looking for investments in the Caribbean, buying real estate in Grand Cayman offers the potential for solid returns. This is due to the fact that the rental rates in the islands tend to be remarkably high, offering buyers who invest in Grand Cayman the golden opportunity to sow the seeds of desirable ROI.

There are no restrictions for foreigners looking to acquire a real estate property in the Cayman Islands. The only largest additional cost paid by buyers upon closing is the one-time stamp duty payment that amounts to 7.5% of the property’s purchase price or market value.

For those looking for their own slice of paradise in Grand Cayman, check out crightonproperties.com for more information or call to schedule an appointment at 345-949-5250.

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