Tag: property market

Celebrating Our 4th International Award

There is no other word for it, resilience. The Cayman Islands and our property market have been incredibly strong throughout the pandemic – and our team is grateful to represent the thriving islands, we love so much, at the International Property Awards this month.

“Cayman is our home. We love these islands, and we work hard every day to ensure we represent them with pride in all that we do. We are driven by bringing like-minded people together to create a community around our love for Cayman, and it’s beautiful real estate.” – Stefan Prior, Property Cayman Associate Broker

The International Property Awards recognize excellence and the highest level of achievement by companies operating in all sectors of the property and real estate industry around the world. In their 27th year, the awards are the largest, most prestigious, and widely recognised programme, covering over 45 different residential and commercial categories.

At this year’s virtual red-carpet ceremony, Team Property Cayman was delighted to receive ‘Real Estate Agency Website of the Year’.

“Simply put, we love what we do. We are immensely proud to be recognized while representing Cayman in the International marketing arena and offer special thanks to Collective Design for bringing our vision to life. Redefining our approach to industry standards makes digital marketing a huge part of our business and in turn our success.” – Michael Joseph, Property Cayman Broker Owner

Judged by an independent panel of over 80 industry experts for our quality of information, community content, accessibility and overall aesthetics – our team is honoured to be recognized on such a prominent global stage. A big thanks to Collective Design for their collaboration and ongoing support.

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Property Cayman: Redefining real estate.

Innovation and community are at the core of everything we do.

Welcoming Digital Nomads to Cayman

The highly anticipated details of Cayman’s digital nomad program have been announced.

We’ve read the government regulations, listened to the Cayman Islands Department of Tourism webinar, and spoken to Cayman’s immigration expert Nick Joseph.

Here’s what you need to know:

Cayman’s Global Citizen Concierge Program

The Global Citizen Concierge Program is an initiative which allows individuals who are employed outside of the Cayman Islands with the financial independence to work remotely, to relocate and live in the Cayman Islands for up to 24 months.

Cited as the Global Citizen Exemption, the regulations were gazette on October 16th 2020, under the immigration transition law and will have effect until on November 30th, 2023.

Who qualifies for Cayman’s Global Citizen certification?

Individuals who can provide proof of employment, with the ability to work remotely, and meet the minimum annual salary requirements.

  • Individuals earning an annual income of US$100,000
  • Couples earning a combined income of US$150,000
  • Families with an annual income of US$180,000

Applicants and dependents must have current health insurance, and be able to provide a notarized bank reference as well as a police clearance from their country of origin.

How do you apply for Cayman’s Global Citizen certification?

Applications will be reviewed and granted by Workforce Opportunities and Residency Cayman in conjunction with the Cayman Islands Border Control. The deadline to apply is October 31st, 2021.

Application Form: https://ourcayman.formstack.com/workflows/gcc_application

Website: visitcaymanislands.com

Email: [email protected]

Call: 1-833-418-1191

The application fee is US$1,469 per annum for an applicant and spouse, with a 7% credit card processing fee. There is an additional charge of US$500 for each dependent.

The maximum period of residency under the Cayman Global Citizen certification is two years. The first-year fee is due upon application submission, and the subsequent annual fee is due on or before the first year expiration.

Cayman’s Global Citizen Bylaws

The regulations stipulation that the digital nomad must be present in the Cayman Islands for a minimum of 90 days in the year and can not provide goods or services to any person or entity within the Cayman Islands.

Cayman’s global citizen certification can be terminated upon the loss of employment, conviction of a criminal offence, or due to a communicable disease or severe mental illness. The Cayman government can also revoke the certification if the digital nomad fails to comply with any of the program regulations.

Impact on the Cayman economy and property market

Enticing financially independent, remote workers to Cayman, will stimulate the economy without affecting the local job market. The program is fantastic, long-awaited news for local businesses and landlords, as the remote workers will need accommodation, transportation, food and other necessities, as well as entertainment.

The Cayman property market will see an increased demand for long term rental units, reinvigorating the price of rentals since our border closure. There is also no stipulation against a global citizen purchasing property, so we anticipate an influx of buyers interested in affordable to midrange single-family homes.

Our Advice: Capitalize on the influx

For many overseas remote workers, this will be a straightforward and cost-effective way to dip a toe into all that Cayman has to offer. They will arrive on the island looking for ocean views and beachside living, so short-term vacation property owners should consider putting their property in the long-term rental pool. This will allow landlords to secure reliable income while the demand for long term rentals is high, and the borders remain closed.

Similarly, the wait is over for property owners who have been unsure of whether to sell. While individuals and families arriving as part of the Global Citizen Program are initially in Cayman temporarily, a good percentage of these will inevitably love the island and end up staying longer term. Naturally, a lot of these will want to own their own homes, and so will end up purchasing. We have seen a large increase in demand for homes in the $1 million to $3 million price bracket, so if you have a home that falls within these parameters and are considering selling, the time is right.

If you have questions about renting your property long term or listing your home for sale, please feel free to contact us.