FREQUENTLY ASKED QUESTIONS

 

What level of deposit is required to secure a residence now? 

A deposit of 10% is required to secure a residence now.  Local bank financing options have been arranged for qualified buyers and would require an initial deposit of between 15% and 25 % (depending on investor location). Please see our Financing section and download the Mortgage Offering.    

  

When will construction of the residences be complete? 

We expect the residences to be completed in late 2019. 

  

Can I customize my residence? 

While Rum Point Club Residences have 12 unique floor plans to choose from, further customization options are available.  Please contact us to discuss your requirements.    

 

Do I need to visit the Island to purchase a residence?  

No - The transaction can be completed remotely provided we receive the necessary documentation.  

  

Do the Cayman Islands use their own currency?  

Yes - The Cayman Islands Dollar which is pegged to the US Dollar at a fixed rate of 0.82.  The US Dollar is also widely accepted in the Islands.   

 

Do I need a visa to visit? 

Visitors from certain countries are required to hold a visa which is easily obtained and valid for three months.   

 

Are there any taxes in the Cayman Islands? 

While there is no direct taxation on individuals or companies, there is a one time stamp duty tax payable on the purchase of property which is approximately 7.5% of the purchase price.  There are no sales taxes or income taxes and many items are also duty free.  

  

What is the average temperature? 

Temperatures range from 85F/29C to 92F/33C, with 80% relative humidity and water temperature ranges from 70F/26C in the Winter to 90F/32C in the Summer.  

  

What is the most popular attraction or activity in the Cayman Islands?  

Swimming with the stingrays at world famous Stingray City is only a short boat ride from Rum Point Club Residences. Cayman’s marine parks and unparalleled dive sites truly set it apart from other Caribbean destinations.  

  

How do I travel to the Cayman Islands by air? 

There are over 100 direct weekly flights from 16 major markets including: London (with British Airways), Miami, New York, Houston, Chicago, Toronto, Atlanta, Charlotte, and Fort Lauderdale (with American Airlines Delta, Southwest Airlines and Cayman Airways).