The ownership of Land or Property is permitted subject to restrictions on ownership under the Companies Law.
Land or Property may not be purchased or leased if;
The articles of association for the company (or by right of another law) allow for the issuance of bearer shares, certificates or coupons*
The company is incorporated outside of the Cayman Islands**
* Exempt companies who have never issued bearer shares, certificates or coupons may be exempted from this restriction (and therefore be permitted to purchase/lease land) upon application to the Minister of Finance. The exemption would apply so long as bearer shares, certificates or coupons are not issued.
** Unless the company has registered as a 'Foreign Company' under section 204 of the Companies Law
If a company is subsequently struck off the Companies Register (for non payment of dues or in breach of other Companies requirements), then property held will be vested (transferred) to the Minister of Finance for the benefit (through sale or management) of the Cayman Islands.
Certain documents attract a penalty or interest charges under the Registered Land Law and the Stamp Duty Law.
If you know the Block and Parcel number of the property, you can obtain ownership information by requesting a copy of the Land Register from our offices, with fees starting from CI $5.
If you do not know the Block and Parcel number you can identify the property on the Registry Map which is available at our offices. From this a Block and Parcel number can be established, and ownership details can be established as detailed above.
Under the Registered Land Law, the Cayman Islands Government guarantees Title, and hence you do not need to hold a Certificate to prove Title to the Land.
Whilst Certificates are available the Land Registry strongly discourages their issuance, as a certified copy of a Land Register in your name is sufficient to prove Title. If lost, Certificates can only be cancelled through a time consuming process (to both the owner and Land Registry).
A document that requires Stamping or Registration must be presented to the Land & Survey Department in either Grand Cayman or Cayman Brac.
Documents may be submitted by hand or by post (we recommend that postal submissions be registered). A document is ‘received’ when it is date stamped at our reception desk, however for both Registration and Stamp Duty purposes a document received after 4pm is deemed to have been received the next working day.
For documents that require Registration, you must also submit a Document Submission Record. This is attached to a Document, or a number of related Documents, and provides us with contact information for you, information about what you are submitting, and what payments you are making. On the rear of the form a checklist lists standard requirements that must be met in the submission which must be completed. Its correct completion will dramatically reduce the likelihood of documents being returned for further information, which will reduce the amount of time taken for the completion of a transaction.
If you presented the correct Fees and Duty when you submitted the documentation, there will be no further charges. If the correct payment has not been presented however, you will be notified of the amount oustanding and Late Registration Fees and Interest will be charged if payment and the documents are not immediately returned.
The length of time a document has been outstanding will be determined by the relevant date of signature and the current day, less any period of time when the document has been held by Lands & Survey.
Documents should be submitted to the Lands & Survey Department immediately after completion of the transaction, and no later than 45 days after the date of first signature. If a document has been signed overseas, the 45 day submission period commences when the document is received in the Cayman Islands. Applicants should ensure that proof of arrival of the documentation is retained.
Late Submission penalties will apply for both the payment of Stamp Duty and Registration if submitted late.
No, the Department’s Chartered Valuation Surveyors may only conduct property valuations for the Government’s use.