Airbnb held a public meeting at the Westin hotel ballroom on Tuesday. Representatives from the company talked with current and prospective hosts and clarified the details of what it takes to make extra money renting out their property on the website.
In March, Airbnb signed a memorandum of understanding with the Ministry of Tourism. The agreement enables Cayman property owners to now rent rooms and homes on the website. There have already been changes in the wake of that signing.
“We are now covered under the $1 million liability insurance which previously we weren’t covered with,” said current Airbnb Cayman host Morne Botes. Experienced Cayman Airbnb hosts learned that while property insurance from the site has been added, incidental coverage is not included. Tourist accommodation taxes were also outlined as part of the presentation. “There’s no taxes on the resort fee. And you can take a cleaning fee. There’s a few fees that you can take. That there’s no taxes on that,” said Botes.
Possible new hosts like Pamela Hazelwood learned the government requirements to have an Airbnb location. “I was a host in Canada and I’m interested in doing it here,” said Hazelwood. Renting a location on Airbnb in Cayman requires inspections from DEH, the fire Department, and the DOT. As well as a CI $250 application fee. “The rules, regulations, and taxation is totally different,” said Hazelwood. The hope is that what everyone learned at the meeting, will make the process easier for those hoping to host tourists and make a few bucks for themselves. “Now I know the avenues I have to take. I had no idea I had to contact the Ministry of Tourism,” said Hazelwood.
To find out how to become an Airbnb host just go to: