Government moves to restrict foreign-owned property development business
The Cayman Islands government plans to restrict foreign-owned business licenses for property development to protect local firms, as nearly half of the island's 210 LCCLs are related to real estate. Existing LCCL holders will not be immediately affected, but new applications will be subject to a moratorium.
The Cayman Islands government aims to curb foreign business licenses for property development to protect local firms. Premier André Ebanks stated that the island has enough local expertise and will only consider exceptions for large or specialist developments. The government is drafting legislation to allow Cabinet to place a moratorium on granting Local Companies Control Licenses (LCCLs) in the real estate sector, which currently accounts for around half of all LCCLs. The Trade and Business Licensing Board has already been rejecting LCCL applications in the real estate development category, citing excessive applications. Existing LCCL holders will not be immediately affected, with renewals to be reviewed individually depending on the project stage.
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