I would like to rent out my condo for part of the year using Airbnb. Are there any restrictions about this in the Cayman Islands?
Auntie’s answer: Here’s the short and simple answer: Yes, there are restrictions. Without getting too complicated, I will try to give you a longer version of the answer as well.
It used to be that anyone could rent out a room in their home here in the Cayman Islands and call themselves an Airbnb, and that would be it. However, things have changed and now, to be able to offer short-term accommodation to tourists, the property owner has to be licensed (see B&B hosts to face daily fines after amnesty).
Part of the process to get a Tourism Accommodation Licence to provide any sort of accommodation for tourists is to submit an application along with a fee to the Department of Tourism (DoT). Then you will have to pass three separate inspections to ensure your premises meet various safety and health requirements, from the DoT, Department of Environmental Health and the Cayman Islands Fire Service. After your receive your licence, your accommodation will have to be inspected annually.
For more details on this process here is a link to the DoT website.
Also subletting is typically illegal in most leases unless specifically written in. But then anyone on a work permit is restricted to making money directly from the occupation they are tied to under their work permit. No Moonlighting less you dare tempt the government to fine you and cancel your work permit !!
Use a company like Cayman Villas to take care of everything for you. Simple. Many do and they still make money.
And it’s not anything new. It has always been so. They’re just enforcing the rules. Shocker.
Donate for love and affection the use of each room to one of your kids, and use their names for each listing.
I think that if the Government is penalizing condo owners just for revenue , they might be depriving the economy of alot money , for a few chosen one’s .
Just think that if there was say 10 owners who would buy condos just for their own personal use , and not want to rent them because of all the red tape and fees , then how much money that would be taking away from the local community .
No income or sales tax, but every other activity has a fee .
The greed of all the fees and red tape to potential buyers of condos . I think that would hamper future sales. How hard is it to sell a condo in Cayman islands today ?
I wonder if the condo complex is strata corporation , then are all condos acessed an accommodation fee ? And what other fees are in the strata fees that the owners are double paying for if they wants to rent their condo while the owner is not using it .
This answer is incomplete. Getting licensed also requires an annual $250 licensing fee as well as monthly reporting of taxes and occupancy (even if you don’t have guests!) and you must pay 13% in hotel taxes off the top of everything you charge your guests.
And you may need a trade and business license.
No….. trade and business license is not required.
And if more than two units, a trade and business license?