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Owning a Boat in the Cayman Islands

There are many outdoor activities that might draw someone to the Cayman Islands, but sailing is probably one of the island’s biggest draws. Sailing represents livelihood for tour boats and snorkeling adventures, but the Cayman Islands have an active yacht club and several marinas to choose from. Owning a boat is a bit like buying a car, but property in Grand Cayman doesn’t come with a slip. Here are the things you need to know about boat ownership in the Cayman Islands.

Fees and Licensing

Unlike property in Cayman, which is subject to a stamp duty at time of sale boats must be licensed every year. Owners have to pay an annual fee, and are responsible for documentation involving the boat. Fees are dependent on the size of the boat, with boats more than 100 feet owing up to $10,000 in fees. Those who plan to own commercial boats have a different process, which requires licensing in addition to some more complicated paperwork.

Insurance

Another aspect of boat ownership is insurance, but it’s not required in the Cayman Islands. Insurance is there to cover you in the event of a boating accident, so it’s up to each individual whether they have adequate funds to cover such costs or if insurance would be a good investment. Keep in mind that an increase in the usage of your boat will also increase the risks associated with accidents.

Advantages to Buying New and Used

New boats offer a warranty and peace of mind, but used boats cost substantially less to buy outright. You can also enlist the help of a broker, who can determine your ideal price point based on your finances.

Bio: The experienced team of REMAX.ky is standing by to help you find your dream home in this beautiful place. Contact an estate agent in Cayman today and schedule a tour of the island for yourself.