It is possible for foreigners to open bank accounts and borrow to finance a purchase. Local banks will generally lend between approximately 50-75% of the property value to foreigners and will generally require a first legal mortgage over the property. If lending to a company, the lender will also require a guarantee from the shareholders and/or directors. The terms of the loan can go to an extent of 20 years, but usually 15. Listed below is the lending institution we recommend.
Rebecca Scott | Relationship Manager, Bank Centres
Butterfield Bank (Cayman) Limited
P.O.Box 705 G.T., 12 Albert Panton Street
Grand Cayman KY1-1107, Cayman Islands
T: 1-345-815-7723 C:1-345-925-5797
SCOTIABANK & TRUST (CAYMAN) LTD.
Pauline Walker-Miller | Personal Banking Officer
T: 1-345-946-7666 Ext. 6366