As many Cayman Islanders are on short-term work permits, they prefer to rent. “We have a work force consisting of people who are here on two to three year work permits,” she says. “This means that they usually rent a condo or home for anywhere between $3,000 and $5,000 a month.”
While other countries in the Caribbean region have strict rules for foreign transactions, Canadians find that the rules in the Cayman Islands actually work to their advantage.
“There is no income tax, property tax, or capital gain tax on any properties,” says Kiss. “Additionally, there are no onerous landlord legislations.”
The Cayman Islands did not become a real estate hotbed overnight. It took several years for the colony’s markets to reach their current state. Kiss chalks this up to the stability of the market.
“There are no surprises here, just consistent income,” she says. “We have a small population of slightly over 50,000, [and] about half of those are foreigners on work permits or retirees from all over the world.”
The Cayman Islands are primed to continue their steady growth. As the colony’s employment market grows, the demand for new housing will naturally grow alongside it.
“We have been seeing a few very large projects across the country, and employment is on the rise,” says Kiss. “So there is a definite need for more housing.
“The Cayman Islands only started to be developed in the late 70s, so there are is a lot more land to develop,” says Kiss. “The infrastructure of roads, power and reverse osmosis water treatment, along with many upscale buildings, proves that there is a huge upside still to investing in Cayman.”
This article was published in the October 2013 issue of CREW magazine.
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