Property In Cayman Islands: Ownership Issues Cayman Islands government has allowed foreigners to buy property with freehold rights on the island. There are no restrictions if the property is for personal use. For business use, licensing is involved. The title to the property can be held by an individual alone or jointly with others and also as proprietors in common. Companies can also own property but the company must be registered with the Registrar of Companies. Cayman Islands Property Records The Land Registry section of the Land and Survey Department records electronically all land transactions on the three Cayman Islands – Grand Cayman, Cayman Brac and Little Cayman. Both ownership and other interest such as liens are recorded thus. Every piece of property is registered under a unique block and parcel number. The facts that all pieces of property have unique IDs and that all types of interest are recorded mean that an investor can check any existing liens or other restrictions on the property before buying it. Buying Cayman Islands property is thus a safe investment. Development and Building Permissions Development of land must be done in compliance with land use regulations and an application for planning permission must be made to the Central Planning Authority in Grand Cayman and the Development Control Board in the sister islands of Cayman Brac and Little Cayman. A fresh planning permission will be needed if a change from the original permission is being planned. A building permit is required before any construction can start. Additionally, before occupying a building, a Certificate of Occupancy must also be obtained. Availability of Property in Cayman Islands Developed plots are available in all the three islands for investors. All the necessary planning permissions have been obtained by the developers, who also have a full and clean title that they can transfer to buyers. Additionally, developers might also help investors with obtaining building permissions and other paperwork. The Dubli Golf & Beach Resort facing the serene Rum Point Beach in Grand Cayman, the Little Dolphin Estate located amidst lush gree in Cayman Brac and the Lakeside estate adjacent to the Sandy Point Lake on the Little Cayman are examples of such layouts. The plots in these layouts come with a full suite of architectural drawings and construction documents. Even finance for paying the purchase price in installments over five years, with an optional developer buyback clause that provides assured return on the investment, is available for these Cayman Islands properties. Property In Cayman Islands: Ownership Issues is a post from: CrownWorldCrownWorld Ltd - Land Investments - Little Cayman Land For Sale The post Property In Cayman Islands: Ownership Issues appeared first on CrownWorld Ltd. bit.ly/1w9kWXd
Posted on: Wed, 22 Oct 2014 14:04:28 +0000
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