Priestleys’ reputation for excellence in conveyancing has taken on an evolution in recent months as we acted for the purchasers on three landmark transactions – all facilitated using cryptocurrency. These were the first of their kind in Cayman and we’re proud to have played a pivotal part in a ground-breaking movement on the Island.  The experience cements our position as the experts in cryptocurrency property purchases, and we’re committed to continual growth and adaptation in this rapidly evolving field.  

Whilst many cryptocurrency investors and speculators have seen spectacular gains over the last three years, digital currency remains volatile and many crypto holders are looking to diversify their portfolios by incorporating tangible assets such as real estate. Properties in the Cayman Islands enjoy a high return on investment and, with no restrictions on foreign ownership, no property, capital gains, inheritance or other recurring or one-off taxes beyond an initial stamp duty payment, it is an attractive jurisdiction in which to do so.  

Acting in the first purchases of this kind on the island, Priestleys are keen to continue bridging the gap between the traditional world of real estate and the evolving world of digital currencies.  

 Here we’ll look at key considerations for anyone thinking about putting their own crypto into the local property market.   

 Is it safe?   

 We work closely with Parallel; the Cayman Islands’ first and only regulated real estate cryptocurrency escrow provider, who ensure complete transparency and compliance throughout the process.  Parallel is regulated by the Cayman Islands Monetary Authority (CIMA), who oversee the virtual asset sector in Cayman, ensuring that transactions are conducted securely and transparently. Cayman’s progressive approach and robust regulatory framework provides the peace of mind that all crypto investments are protected within a secure legal framework.  

 What are the benefits? 

 Converting cryptocurrency investment gains to tangible assets not only diversifies an investment portfolio, but investing in real estate in the Cayman Islands can also lead to residency. With any property investment of over US$2.4 million, a purchaser becomes eligible to apply for Cayman residency, otherwise known as a “Golden Visa”.    

 For clients who value privacy, holding property within a Cayman Islands company not only keeps the purchaser’s personal name off the property register, but is also a savvy strategy that separates the high–value real estate asset from other investments and holdings.  

Priestleys will handle not only the property purchase itself, but the incorporation of a holding company and, if desired, Cayman residency applications, making it a seamless process for an investor. 

Any other news?   

 Parallel and Ledn have recently announced a partnership allowing crypto purchasers access to lending, using their digital assets as collateral. This allows investors to borrow against their digital currency holdings without having to liquidate them. This can be advantageous, particularly to those who anticipate the value of their crypto rising.   

Ledn is a worldwide digital asset financial services provider which, like Parallel, is registered and regulated as a Virtual Asset Service Provider (VASP) in Cayman.   

Why Priestleys  

 “Nick Hemus at Priestleys handled the conveyancing of a multi-million-dollar property in Grand Cayman that we were acquiring directly with cryptocurrency. Parallel (a superb service) handled the crypto transaction directly but Priestleys were critical to the deal, handling company formations, and always being one step ahead of what would be required. Nick’s attention to detail was excellent and his knowledge of Cayman law and process was outstanding.”  

“I’m always happy to recommend our clients to Nick, whose high level of service is an extension of our own.”  – Laura Birrell, CEO of Parallel 

Priestleys offer a holistic approach to cryptocurrency property purchases in the Cayman Islands, covering everything from the transaction itself to broader financial and strategic considerations, supporting with holding structures or special purpose vehicles, tax insights, residency programme guidance and more.   

Contact Nick Hemus to find out more about maximising your digital currency in the exciting property market of the Cayman Islands.