Thanks to the new partnership, investors can now leverage their cryptocurrency for loans to purchase real estate in one of the world’s most sought-after destinations — fiat-free
George Town, Cayman Islands — August 22, 2023 — Ledn, a leading cryptocurrency lender since 2018, today announces a new partnership with Parallel, Cayman’s premier crypto real estate broker, that enables investors to finance and purchase real estate in the Cayman Islands using only their digital assets. This opens up a completely fiat-free way for crypto investors to buy real estate and qualify for a “Golden Visa” — all without having to sell their crypto.
“As both companies are regulated by the Cayman Islands Monetary Authority (CIMA) as Virtual Asset Service Providers, this partnership is a testament to the framework that the regulator has put in place to encourage the responsible development of the crypto industry in the Cayman Islands. We are proud to be working with Parallel and to benefit from their stellar track record of facilitating crypto real estate purchases,” said Adam Reeds, CEO of Ledn.
A “Golden Visa” is part of the citizenship-by-investment programs currently available in 22 countries around the world, including the Cayman Islands, Spain, Grenada, Switzerland, the United States, Greece, and others. These initiatives allow investors to qualify initially for permanent residency — and ultimately open a path to citizenship in the future.
In the Cayman Islands’ case, the fastest route to permanent residency is by investing at least US$2.4 million in real estate. Cayman’s real estate market is particularly robust and offers a wide range of properties to suit most budgets. With no restrictions on foreign ownership, no property, capital gains, inheritance or other recurring taxes, Cayman is already a jurisdiction of choice for foreign investors, who enjoy high returns on their real estate investments.
Now, Ledn and Parallel’s collaboration expands these benefits to crypto-native investors as well, providing them with a compliant and seamless way to purchase a piece of Cayman paradise through fully-digital means. By leveraging their Bitcoin holdings as collateral for Ledn loans, investors will be able to then use them to purchase real estate through Parallel.
Since its first sale of a Cayman home using cryptocurrency in the summer of 2022, Parallel has already facilitated a slew of other property purchases, ranging from US$1 million up to US$12 million. Going forward, the partnership between Ledn and Parallel is expected to attract a wide range of investors, especially those seeking to take advantage of Cayman’s “Golden Visa” program.
“We’re thrilled to be partnering with the premiere crypto lender in the world, Ledn, to offer our clients an innovative financing solution,” said Laura Birrell, CEO of Parallel. “No longer will our clients have to decide between holding on to their crypto or purchasing that luxury property on Seven Mile Beach — now they can do both.”
Meanwhile, the number of properties for sale in the Cayman Islands has dropped 15% year-on-year, whilst the level of demand hasn’t budged, meaning that house prices are on the up as the same number of potential buyers are competing for less and less listings. This partnership will allow those with significant crypto holdings to gain exposure to a real estate market with tremendous potential.
To take out a Ledn loan, crypto investors can initially use Bitcoin as collateral. Similar to Ledn’s already existing loan products, clients would need to be able to start with a 50% loan-to-value ratio, at an annual interest rate of 12.9% APR.
For more information on working with Ledn and Parallel to use your crypto to invest in Cayman real estate, please reach out to: email@example.com.