Financial business in Cayman Islands - what you need to know

The Cayman Islands are the sixth largest financial service center in the world, and the financial services are the second most important industry for the country. The islands have an excellent reputation in the special business sector for offshore transactions because of their political and economic stability. There are no monetary exchange controls, and the earned capital gains are tax-free in the Cayman Islands.

Even when there exist no monetary exchange controls, there are strict regulations in place against financial crime and money laundering. The financial and banking sectors cooperate with other countries in this matter.

The financial service industry has grown over the last four decades, and today many worldwide financial institutions and fund managing companies have branches here in Cayman. These companies generate and manage all kinds of international financial transactions for hedge funds, captive insurance, and trusts. Another service offered is the management of partnerships and incorporations or registrations of vessels and aircrafts.

This is only a small insight into the cultural customs in the Cayman Islands. Much more to this topic you will find in my book

https://www.amazon.com/Secrets-Caribbean-Islands-Cayman/dp/0986252921

or contact me: andrea@florida-informations.com

This may be a financing option for a new small business

For every new business owner it is very hard to stay financially liquid because you often do not have the money to make upfront investments for a project and your customer is not willing to give you the money for his/her order before you deliver.

What should you as the small business owner do now? Let go and look for a customer who is willing to pay you upfront or contact one of the cash in advance financing companies?

To get your foot in the door and your business growing you may have only the option to go to these short term financing companies. The normal loan process will take too much time and at the end you often get the news from the lender that you are not qualified for a normal loan because your business is too young, has not yet filed tax returns, has not stable cash flow or your loan amount is too small.

The cash in advance financing companies are in such situation probably your only option. These companies are taking even small amounts like $1,000 and up without big paperwork requirements. They offer you such loans in exchange for invoices to your customer.

The time period for the repay of these small loans is generally 12 weeks and the fees are not cheap but acceptable. When you repay your loan quickly, the remaining charged fees are often reduced or forgiven.

Want to know more about this financing option? You can reach us at info@florida-informations.com

Buying a home and get financing – Changes at the beginning of August 2015

You are a frequent home buyer or a first time home, who is looking to purchase a home in the near future? Then you should keep in mind that there changes in the financing process in the coming summer. These change can impact you and your financing preparations.

After the financing crisis and hard to understand financing process with its costs and expenses along the way, the CFPB – that is the Consumer Financial Protection Bureau – is in the process developing a toolkit for home buyers in this matter. This toolkit will help you as the home buyer to understand the necessary steps in the process and the connected costs and expenses that come with the mortgage and the closing.

This toolkit will not only help the home buyers to understand the process better but also to find the best matching type of mortgage. It will also make it easier to understand the differences, requirements and benefits of the different mortgage types.

It is also intended that the mortgage industry use this toolkit with its customers. This toolkit will soon be available in English, Spanish and also for consumers with disabilities.

For more details to this topic please contact us at andrea@florida-informations.com   

New house financing opportunities

A few years ago before the housing bubble burst it was very easy to get a mortgage. You only had to provide very little documentation about your financial situation. As long as you had a steady job and a regular income you had a good chance to get a mortgage. This situation was the main reason for the financial problems in the housing sector.

After the housing bubble burst and many banks nearly went into bankruptcy the mortgage requirements were very strict and it was very hard especially for first-time homebuyers to qualify for a loan. At that time the borrowers had a lot of hoops to jump through and could hardly get a loan.

The first situation was as bad as the second one. However, both sides – borrower and lender – have learned their lesson. The borrower knows that he/she has to show a solid financial status before a lender is willing to lend him/her the necessary money.

On the lender side the mortgage requirements are less restrictive and for first-time homebuyers the 3% down payment in a real estate purchase is back again. With such a high mortgage amount the borrower has to pay insurance premium for the loan amount that exceeds 80% of the purchase price. During the housing crisis this insurance premium was 1.35% and is now down to 0.85% and that is a huge advantage for first-time homebuyers.

These new financing options will certainly attract new buyers who had to struggle in the past with the higher down payment and qualification requirements.

To get more details how to get a loan you can contact us at andrea@florida-informations.com