Expert: Robert Clark - 9/24/2010

Question
Hi,

Is it possible to buy property in the cayman islands to rent
out, while you are not a resident?

Also, I am aware they do not offer interest only mortgages
but do they offer products similar to a UK buy to let
mortgage? Or, are there other ways investors would normally
use to purchase property on the island?

Thanks.

Answer
Jenna
Yes, it is possible for foreign ownership of property - you do not need to be resident.

Most mortgages are repayment - and you usually need to discuss your requirements directly with the bank manager.

Cayman National appears to offer a mortgage with an interest-only period for a few years - see http://caymanational.com/MortgageCalculators/Calc.aspx


For more info, check the resources after my signature below.


Good luck!
Robert

http://century21cayman.com/
http://www.expatfocus.com/expatriate-caymans-buying-property (but a bit out of date)
http://www.cireba.com/
http://global-travel.mobi/housing-loans.php?city=Grand%20Cayman (and related links)
http://www.caymannewresident.com/page_id_38.html
http://www.ehow.com/how_2099006_buy-real-estate-cayman-islands.html
http://www.cayman123.com/page_id_28.html
http://www.gotocayman.com/index.php?title=DirectoryE - my list of estate agents
http://s2.caymanislandsyp.com/Cayman-Islands/Real-Estate-Agents - Cayam Islands Yellow Pages for Estate Agents