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Appraisal/Valuations and Surveyors

Cayman Islands, includes 3 islands, Grand Cayman being the larger and most populated island, then Cayman Brac and then Little Cayman.  The Cayman Islands is located south of Cuba and West of Jamaica in the middle of the Caribbean Sea.  Most land is privately owned. Every piece of land is registered and one can examine the records of any piece of land at the Lands and Survey Department. If there are liens, charges or other restrictions upon the parcel you will find this in the parcel file.  The modern land registry system, makes transfers simple, quick and safe, and is backed by a government guarantee.  If you obtain a mortage in Cayman, all lenders will required a independent valuation for the property you wish to finance.

The Surveyors looks at the boundaries and elevations of the land and building and is essential when building your home or erecting a fence to make sure you are not encroaching on someone else property. 

We highly recommend the following companies, but there are other well qualified Appraiser and Surveyors also.

Roland Bodden & Co (Surveying only)
Regency Court, West Bay Road
PO Box 2313, George Town
Grand Cayman KY1-1106

Bould Consulting Limited
Commerce House Dr Roy's Dr
PO Box 1489 George Town
Grand Cayman KY1-1110
Tel: 345.946.6063

DDL Studio
Buckingham Sq West Bay Rd
PO Box 31318 George Town
Grand Cayman KY1-1206
Tel 345.943.3622

Fidelity Financial Centre, West Bay Rd
PO Box 30612, George Town
Grand Cayman KY1-1203
Tel 345.623.2772

Whitehall House,
PO Box 871, George Town
Grand Cayman KY1-1103
Tel 345.949.8644

Mortgage Providers in the Cayman Islands

Securing funding and pre-approval for a mortgage before you begin your search for a home or condominium in the Cayman Islands is the easiest, most straightforward way to ensure you get the property you want at the price you can afford.

Pre-approval allows the seller to see that you are serious and can give the buyer more negotiation power, as the seller is often more interested in working with a pre-approved buyer. Pre-approval also allows the buyer to have a realistic understanding of what price point he or she can afford. This early step will avoid any disappointment or frustration by looking at properties that are out of reach financially. Rather, with pre-approval, there are no surprises. Our agents can tailor their search for your new Cayman Islands home to exactly what you can afford.

When it comes time to select a mortgage provide and finance your home purchase in the Cayman Islands. Banks that provide walk-in retail service, are Scotiabank, Butterfield Bank, Royal Bank, Cayman National Bank. While all 250 Cayman Islands banks are regulated by the Cayman Islands Monetary Authority (CIMA), the majority of these banks are branches or affiliates of established financial institutions located around the world and do not provide walk-in retail services, such as mortgages.

Strong Banking in Cayman

The banking industry is thriving in the Cayman Islands, with over US$2 trillion in international assets booked through the Cayman Islands and 80% of the Top 50 World banks licensed in Cayman. However, out of the 250 banks currently on the Cayman Islands less than 10% offer walk-in retail services and are considered Cayman Islands mortgage providers.

With so many banks, it might surprise you to learn that you cannot just walk into a Cayman bank and ask to open a bank account that day or secure a mortgage, even if you have sufficient funds or credit from other countries. Cayman Islands’ banks are bound by strict anti-money-laundering laws and must comply with the OECD's (Organization for Economic Development and Cooperation) requirements.

However, once you set up a bank account and comply with all the due diligence, such as showing proof of residence, a passport, and a driver’s license, then you can set up a bank account and apply for a mortgage. 

Interest Rates &Other Fees for Cayman Islands Real Estate

Interest rates for real estate in the Cayman Islands vary. They are based on prime plus one or two points over the current prime rate. Most mortgage terms require a 5-40% down payment as well as an additional closing costs, which are 1 or 2 percentages above the current prime rate. Mortgages in the Cayman Islands are normally 10-15 years in length; however, some lenders are offering longer payment terms for Caymanians, such as 25 or even 30 years. While the property itself can serve as your collateral in the deal, you will need to demonstrate that you have the funds to make your payments. For most foreign borrowers, any interest accrued on money borrowed in the Cayman Islands is tax deductible, check with you home tax country. 

If you do borrow money from a Cayman Island bank, there will be a stamp duty charged to the borrower. This stamp duty is paid to the Cayman Islands Government and is currently 1% of the sum of the borrowed amount. For purchases more than CI$300,000 the stamp duty is 1.5%. Contact your Caymanian lender for more details, or contact one the real estate experts at Capital Realty to help guide you through the process.

While this may seem daunting for foreign investors who need to borrow funds from Cayman Island banks to make the purchase, one of the benefits of buying property in the Cayman Islands is that there are no restrictions on foreign ownership.

Cayman Mortgage Providers

Listed below are reputable retail banks that lend money to local residents and non-residents who wish to finance their real estate purchasers.

Royal Bank of Canada
24 Shedden Road
P.O. Box 245 George Town
Grand Cayman, KY1-1104
Tel: 345.949.4600

Cayman National Bank Ltd
200 Elgin Avenue
P.O. Box 1097 George Town
Grand Cayman, KY1-1102
Tel: 345.949.0445

Scotiabank & Trust (Cayman) Ltd
The Strand Branch, 46 Canal Point Rd
P.O. Box 689 George Town
Grand Cayman, KY1-1107
Tel: 345.949.7666

 Butterfield Bank (Cayman) Ltd.
Governor Square Branch

P.O. Box 705 George Town
Grand Cayman, KY1-1107
Tel: 345.949.7055


Buying Real Estate in Grand Cayman: Appraisal, Valuations, and Surveyors

If you secure a mortgage in the Cayman Islands, most banks and lenders will require an independent appraisal/valuation for the property. Make sure they are RICS approved, as this is a requirement for most lenders.

Surveyors are engineers who look at the boundaries and elevations of a parcel of land. They play an essential role when building your home or erecting a fence to make sure you are not encroaching on someone else’s property. Again, make sure that you hire reputable surveyors who are Chartered Surveyors with RICS approved. While there are many well-qualified companies on Grand Cayman Island, we highly recommend the following companies:

Borrowing, buying, and building are all easy to do in Grand Cayman, but talk to one of our real estate experts to make sure that you have all of the information you need to make the best decision with your Grand Cayman real estate purchase.