There are now over 550 licensed banks on Cayman's registry, about 80 of which maintain staffed offices. There is thus a wide range of banking institutions from which to choose. Bank accounts can be established either personally or through a corporate vehicle. A photocopy of each signatory's current passport may also be required for identification purposes. In order to maintain the good image of Cayman as an international financial centre, all local banks are expected to be vigilant in their efforts to deter money laundering and other criminal activities.
Local banks are fairly conservative in their lending policies.
Many local banks allow the borrower's attorney to prepare and register the necessary charge documentation. In some cases, it may be more advantageous to a prospective real estate purchaser in Cayman to have his or her regular banking institution back home finance the acquisition. There are no restrictions on foreign ownership of real property in the Cayman Islands. There are many competent, local real estate agents to assist in locating property that best suits an individual's needs, taste and budget. Thus, there is no form of title insurance needed or available, and title searches and transfers of title are greatly simplified.