Cayman islands real estate- Stamp duty may increase

Posted on August 31, 2012 · Posted in Uncategorized

 

The Cayman Islands stamp duty has historically fluctuated and new proposal will only be a 25% increase for non-Caymanians. 
Cayman Islands 2005 084

Image by Salvatore.Freni via Flickr

Included in the Cayman Islands government’s newest revenue raising measures is a proposal to increase stamp duty on the sale of real estate to 7.5 per cent.

Unlike the current stamp duty regime where, excluding waterfront properties along the Seven Mile Beach corridor and certain areas in George Town in which the rate is already 7.5 per cent, Caymanians and non-Caymanians pay different rates of duty (4 per cent and 6 per cent, respectively), the 7.5 per cent rate would apply to everyone no matter where the property was located. To put it into historical perspective, stamp duty rates for non-SMB properties have not been this high for more than 10 years – since prior to November 2001. In fact, from November 2001 to July 2006 the rate was 5 per cent across the board.

However, the government did provide some limited relief by also proposing to increase the values for stamp duty concessions for first time Caymanian buyers as follows:

(a) No stamp duty on vacant land up to $100,000 or houses or condos up to $300,000;

(b) Stamp duty of 2 per cent on land between $100,000 and $150,000 along with houses or condos valued between $300,000 and $400,000.…More at Proposed stamp duty increase on real estate – buyer beware! – Caymanian Compass

If you are considering investing in Cayman Islands real estate than our carefully selected land plots with full planning hold tremendous value. 

cayman islands real estate for sale
cayman islands real estate mls listings