Buying a Boat in Cayman
In this section we provide information on buying a new or pre-owned boat in Cayman, and we also talk about the Cayman Islands' Government boat licensing fees and boat insurance.
If you would like to buy your own boat, here are a few things to consider: Once you have decided on the type, size and price range, the next thing to decide is whether you want a new or used boat.
You get more boat for your money with a used boat, but you sacrifice the warranty. There are several brokers specialising in used boat sales but they can also help you with the process of buying a new one, whether in Cayman or overseas. A good broker will help you determine what you need in a boat and scour the market with you as your ally, steering you away from potential problems and boats that might be considered poor value.
New vessels may not be trouble-free, but if you purchase from a local dealer, you have the benefit of warranty service on-Island. There are several new boat dealers in Cayman selling a wide range of quality vessels. Pricing is competitive and the sales staff are quite knowledgeable.
Boating companies in Cayman are experienced and professional and know what will and won’t work out on our waters. We have phenomenally well stocked chandlers, and a wealth of experienced boat mechanics who can repair almost any problem. Below are a list of companies that sell boats whether new or second hand. Most can also find the perfect boat for you once you have discussed your specifications with them.
The Government imposes an annual fee on vessels in Cayman which is collected by the Port Authority.
It is the duty of a boat owner to complete a licensing form and let the Port Authority know of any changes. Boats under 21ft are free, 21-30ft CI$200 p.a., 31-40ft CI$1000 p.a., 41-50ft CI$2000 p.a., 51-60ft CI$3000 p.a., 61-70ft CI$4000 p.a., 71-80ft CI$5000 p.a., 81-90ft CI$6000 p.a., 91-100ft CI$7000 p.a. and all boats over 100ft CI$10,000 p.a. Commercial boats also need to be licensed but the process is a little more complicated. Jet skis for private use are free. Jet skis for commercial use are CI$150 p.a. To download a form visit www.caymanport.com/Forms.php. All licence fees are renewable in January.
Boat insurance is not compulsory in Cayman, although your bank will probably require it if you have taken out a loan to finance your dream. Boat insurance can be hard to get and some companies will only consider it if you have other coverage with them. Before deciding to become self-insured, you should appreciate the costs involved should you be involved in an accident causing injury or death.