Capitalizing on the success of its first deal in September 2022 – a historic moment for Cayman’s real estate market – Parallel Limited shows impressive growth by facilitating the Territory’s second cryptocurrency purchase, a private home costing in excess of US$10m paid for entirely with cryptocurrency.
Here is what the client had to say about working with Parallel:
“The Cayman Island lifestyle and real estate market have always been attractive to my family and I; however, being able to purchase a home using cryptocurrency through Parallel was the icing on the cake. I was really impressed with the service Parallel provided: fast, straightforward and seamless with a strong leadership team, top grade security measures, excellent communication: I wouldn’t hesitate to recommend Parallel to others.”
With the sale, Parallel’s client, an investor from the UK, is now eligible to apply for Cayman residency, otherwise known as a “Golden Passport”. The fastest means of acquiring permanent residency in the Cayman Islands is by purchasing developed real estate worth at least US$2.4million.
“Obtaining the right to reside and work permanently in Cayman is an increasingly attractive option for crypto wealthy individuals” said Laura Birrell, Parallel’s CEO. “With its low crime rate, high standard of living and its resilient real estate market, Cayman is already a preferred jurisdiction for foreign investors, who enjoy high returns on their real estate investments. And now, thanks to Parallel’s unique offering, we are able to offer crypto investors a gateway to the market and to these attractive returns.”
This is Parallel’s second deal within only 5 months of launching to the market, an impressive accomplishment, especially when considered against the volatility currently present in the cryptocurrency market.
“This second deal further validates the need for Parallel’s unique services” stated Birrell “and demonstrates a growing demand among cryptocurrency owners for a regulated and compliant means to diversify their cryptocurrency into an alternative asset class.”
Parallel Limited was awarded its Virtual Asset Service Provider (VASP) registration in early 2022 after completing an extensive application process with the Cayman Islands Monetary Authority (CIMA), the regulator tasked with supervising the industry in Cayman. Cayman has implemented a risk-based regulatory approach to virtual assets, particularly in relation to key areas such as AML compliance, governance and cybersecurity. VASPs like Parallel are subject to comprehensive compliance requirements, including FATF’s “Travel Rule”, and CIMA has wide ranging legislative powers to monitor and investigate VASPs.
“Operating within a regulated industry can be challenging, particularly one as new and evolving as virtual assets.” commented Birrell. “However, at Parallel, we believe that a robust regulatory framework is critical to our success and perhaps, more importantly, our reputation. We must embrace the regulation if we are to succeed. It is only with the protection afforded to our clients by a robust regulatory regime, by a competent and pro-active regulator, that Cayman and Parallel can gain the confidence of the market and attract cryptocurrency investors to Cayman.”
Since launching to the market in June 2022, Parallel has been well received by the real estate industry, which before now, was unable to welcome cryptocurrency investors to the market. Parallel continues to assist clients in acquiring real estate in Cayman, as well as being a leading advocacy voice for regulated and compliant cryptocurrency transactions in the Cayman Islands.
These are exciting times for Cayman and its real estate market.” added Birrell. “There will always be those who are wary of emerging markets but one thing is certain: anyone with a vested interest in the real estate market should be paying close attention. Cryptocurrency real estate purchases are here, they’re happening and this is just the beginning.