International Play on Cayman Island

[Todd Martin]

Hi -

I just wanted to discuss my first international play. 
I am investor from New England. With a business partner we collectively own five doors. 

Several years ago, we had an opportunity to purchase a Condo on Grand Cayman. We had a colleague who was on island so we visited several times. The condo community "Lakeside" boarders the Cayman Landfill. 

Recently, there has been action on the island to close the dump and move it to another location. We closed on this about three years ago, as more news has happened about the process to close the dump -  the value of the condos in this complex have increased. 

The Condo is the best value close to the major job hubs on the island. Our typical tenant has been an white collar foreigner there on a work visa. (Accountants, lawyers) While, they are not as sticky as a local, we have found them to be excellent tenants. The island does have traffic issues, so there is high demand to be close by the major job centers at an affordable price. 

We found the process to purchase easy to navigate. It seems many of the units are owned by people who were there a few years, purchased a unit and moved back to their country of orgin. In leui of property taxes, you do a pay a stamp upon purchase. Therefore, in order for this to work you need to be in for the long haul. 

We self manage the unit. We have a great realtor who has helps us coordinate services if things come up. In addition, the laws in Cayman are very landlord friendly. 

Any questions about getting into Cayman real estate, please let me know. 

T