Developers must register with DCI
(CNS): The deadline for property developers operating in the Cayman Islands to register with the Department of Commerce and Investment as a Designated Non-Financial Business and Profession is just two weeks away. Anyone who develops or sells property in Cayman without using a real estate agent is now required to register under new rules that emerged following Cayman’s review by the Caribbean Financial Action Task Force and the increased effort here to combat financial crime.
In the report published in March, a number of gaps in Cayman’s efforts to combat financial crime were identified, especially unregulated businesses not related to offshore finance, such as jewellery traders and property developers, given the vulnerability of these sectors to money laundering, among other crimes.
The CFATF found that developers here are selling a significant amount of expensive properties directly to customers and were not subject to any oversight. The report said there was no in-depth understanding of the risks posed by these developers, creating a major gap in Cayman’s anti-money laundering and financial crime framework.
As a result, the government has been holding workshops and education session and now requires developers to register at the DCI Business Licensing Counter at the Government Administration Building before 31 October or visit the Designated Non-Financial Business and Profession section of the DCI website here.
For additional information, contact enforcement@dci.gov.ky
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
Category: Local News
I don’t normally comment as there are plenty already. This law is shocking and ridiculous. The payment for the sale of the property would go thru the bank and is subject to all their due diligence at the bank level. Next thing if I sell my car I will have to go thru a “licensed agent”. This whole anti money laundering is BS and has gone to far.
What a bunch of crap! Whether you use an agent or not should be a personal choice. More complication = more red tape.
yep…just what cayman does not need…more red tape!
red tape = increased cost = increased cost of living
Not in the best interest of the people to keep giving away their Rights. Especially Caymanian property owners. Why would you want to have to share your profits say on a personal home or property with a Real Estate Company ( Most are owned or Run by a Transplant that have gotten away with Numerous crimes developing or selling) Examples you want to sell property to a family member or friend, so now you have to include a Remax Agent. (Example)
Not exactly sure how this works? Effect is that you are agents for the government and I’m pretty sure slavery is against human rights and banned per CI constitution. So, I woukdnt do it and challenge the law if reqd. They want more police they tax and hire them but not to turn public into police. Same thing happen about 10 years ago in US and same argument was used with much success.
Are you kidding me? The “registered” real estate agents with their go to list of money launderers…sorry “investors” are the ones the govt is seeking due diligence from????
Is this so that CIG can target the ethical or unethical ones?
If I want to sell my own house and I don’t want to pay a CIREBA agent a huge fee for putting up an Ecay ad and spending an afternoon doing showings, will I need to register?
Can CNS ascertain if this includes individual Caymanians selling their own properties or doing their own developments. Sounds like a lot more RED TAPE that is not in the interest of locals!
Can CNS please confirm and clarify? Usually, such rules only apply for individuals selling more that x properties over y period to capture people doing this as a business. Surely this law is not for one off sales for people trying to avoid paying ridiculous agent commissions. Please clarify urgently.
Shit? So you mean developers giving politicians condos at favorable pricing creates scope for abuse? Who would have thought it? Certainly not our robust law enforcement authorities.
About time.
It’s always effectively been the law. No one has ever been required to follow it.
And my bet is they still will not be. We do not consistently enforce a single law here.