Financing can make the difference between getting the Caymanian home of your dreams and missing out, which is why it’s important to talk to a mortgage loan professional before you start real estate hunting. If you don’t have a preferred financial institution, we can provide you with the names of some highly respected local representatives, who will take the time to recommend a loan programme designed to meet both your short and long-term objectives.
Interest rates for Cayman Islands real estate are based on prime plus one or two points over the prevailing prime rate. Standard mortgage terms require a variable down payment plus closing costs. Most financial institutions do not charge pre-payment penalties. The property you are purchasing will be your collateral, but your personal balance sheet must indicate that you can afford to make the repayments.
Non-residents may open bank accounts and obtain a mortgage to purchase Cayman Islands real estate, and bank accounts may be in the name of the client or that of a corporation. It is illegal under Cayman Islands law for any institution or individual to divulge any financial information unless it can be proven that the funds were obtained through illegal means such as drugs, fraud or theft. Interest on money borrowed in the Cayman Islands is tax deductible in most countries.