The Cayman Islands might accept BTC for residency

The Cayman Islands has always been a magnet for tourists. Now, this Caribbean region might witness a unique angle as it offers an option to Bitcoin holders to become residents through BTC-backed loans dedicated to real estate investments.

At the forefront of this endeavor is Ledn, a prominent Bitcoin banking company. The firm is recognised by the Cayman Islands Monetary Authority as a virtual assets service provider (VASP). Using this regulatory standing, Ledn is pioneering a strategy to enable Bitcoin holders to harness their digital assets as collateral for loans tailored for investing in Cayman Islands real estate.

This investment could offer both real estate and the chance to become a citizen of the Cayman Islands. The threshold for permanent residency is set at investments exceeding $2.4 million in Cayman Islands real estate. Adam Reeds, the CEO of Ledn, revealed a pivotal partnership with local real estate agency Parallel.

According to Reeds:

“Ledn will provide real estate buyers in the Caymans with crypto-backed loans, which Parallel will accept as a means to finance purchases. Parallel will only accept borrowed funds if they’ve been loaned by Ledn — it is an exclusive partnership in this sense.”

Parallel offers the flexibility to convert cryptocurrency to fiat if either the buyer or seller opts for it. Ledn’s role in the transaction remains fiat-free, ensuring payment in Bitcoin or United States dollar-backed stablecoins.

This partnership effectively establishes Parallel as a crypto-centric real estate hub in the region. As Ledn and Parallel adhere to stringent compliance mandates, a requisite of their registration with the local monetary authority, both companies acting within regulation is extremely likely.

Other countries, including Portugal, Malta, and El Salvador, have also embraced cryptocurrency-friendly environments.It’s not possible to directly invest in Bitcoin nor gain residency but the nations are looking for ways to adopt cryptocurrency and explore digital assets.