Unlike other Caribbean islands, buying in Cayman has no restrictions on foreign ownership. Every property in Cayman is registered under a unique block and parcel number, which means every owner is registered with the Government guaranteeing the right of ownership. A potential purchaser may examine the public records regarding any property to check whether there are any liens, charges or restrictions on it.
When buying in Cayman the purchasing process is relatively easy. The prospective buyers presents personal documents, including certificates of identification and confirmation of the source of funds. Buyers then file a “Search and Stay” status on the land with the Department of Lands and Surveys upon entering into a contract. This essentially grants the purchaser a priority period during which the property is put on “freeze”, preventing any other interest from being registered against the land until the property has been officially transferred.
Unless stipulated within a particular development, there are no time deadlines for building on raw land. The land can be held undeveloped indefinitely; you can land bank now for your future generations. Planning approvals are valid for five years following the grant of planning permission. (more…)