If you find yourself dreaming of buying property abroad but you’re not sure where to start, then this article will clarify why the Cayman Islands could be the place for you…
There was a time when the majority of UK adults would buy a home in the town that they grew up in and would stay there for their entire lives. However, these days, the options for places to live are endless.
Inexpensive air travel, and an increase in people working for themselves post-pandemic, means that it’s relatively easy to look further afield for somewhere to hang your hat.
To this end, lots of UK residents choose to buy property in counties within Special Economic Zones, such as the Cayman Islands. In this article, we’ll answer the question ‘Should I buy property in the Cayman Islands or in the UK?’. Take a look…
Where are the Cayman Islands?
Set in the clear, blue waters of the Caribbean Sea, the Cayman Islands are made up of Grand Cayman, Little Cayman and Cayman Brac. These islands are incredibly popular with tourists due to their natural beauty and diverse abundance of wildlife, including iguanas and red-footed boobies.
Flights from the UK to the Cayman Islands take around twelve and a half hours so you’ll need to make sure that you bring a book or two with you!
Why to Buy Property in the Cayman Islands
There are a few very good reasons for investing in property in the Cayman Islands and, these are as follows:
We’ll start with the obvious - not only are the Cayman Islands incredibly beautiful, they also offer an amazing climate with high temperatures and glorious sunshine. The weather in the Caymans remains great all year round with the only exceptions being windy season in November.
The people of the Cayman Islands are extremely friendly and welcoming toward visitors, meaning that making friends is pretty easy. On top of all of this, pollution levels on the islands are incredibly low compared to the UK (particularly in our cities), making the Cayman Islands a great place to raise a healthy family.
Straightforward Purchasing Process
Buying property in the Cayman Islands is fairly straightforward as it works on the Torrens system, which is known to be extremely simple and effective. This system, which is also in operation in Canada and Australia, is significantly more straightforward than the system in the United Kingdom.
One of the main benefits of buying a home in the Cayman Islands is a big fat zero - specifically, zero income tax, zero capital gains tax and zero property tax. This presents considerable savings for homeowners and allows them to do away with the concept of title insurance. Additionally, properties in the Cayman Islands can be up to 68% cheaper than the UK when compared like for like.
Guaranteed Home Ownership
In the Cayman Islands, the government guarantees 100% ownership of a parcel of land. There are absolutely no restrictions on those from overseas buying property on these beautiful islands.
What’s Life Like on the Cayman Islands?
We’ve talked a little about the savings on property investment and the idyllic environment offered by the Cayman Islands. That said, there is, of course, more to life than this so, in this section, we’ll get down to the nitty gritty of life in the Caymans.
No Language Barriers for Brits
English is the official language of the Cayman Islands, and the one most frequently spoken. So, UK residents will not have any language barriers to deal with. Spanish is also frequently spoken on the islands.
While some niche jobs may be a little thin on the ground in the Cayman Islands, experienced construction workers and tradespeople are always in high demand, as are architects. Salaries for these kinds of jobs pay around 7,455 KYD (£6664.01 approximately a month!).
If you’re thinking of raising a family in the Cayman Islands, you’re in luck as the education system there is very similar to that of the UK. Education is compulsory in the Caymans for children aged between four and 16, and is free for all.
Cost of Living
The cost of living on the Cayman Islands isn’t a million miles away from that of the UK. For example, the monthly costs (without rent or mortgage) for a family of four would be around £3611.87, with costs for a single person sitting at about £1251.91. These costs do, of course, very much depend on the kind of lifestyle that you’re used to.
Welcoming Expat Communities
As we’ve mentioned, the people of the Cayman Islands are extremely welcoming, and there are also a number of expat communities available to help you to make friends. The Caymans offer countless bars and great restaurants, and many expats choose to combine socialising with good works by getting involved with local conservation projects.
Island Life is Just a Flight (or two) Away…
If you’re thinking about starting a new life in a more relaxed environment with a great climate, then the Cayman Islands really do have a lot going for them.
As well as some considerable money savings on property, expats on the Caymans enjoy a good quality of life with lots of opportunities for socialising. Moving to another country is, of course, a huge move, so it’s always a good idea to make sure that you conduct comprehensive research before taking the plunge.
Taura Ebanks https://unsplash.com/photos/HTawaBBkPCg