Cayman Islands Stamp Duty
Cayman Islands stamp duty on real estate in the is to be paid on any documents with the ensuing description:
Transfer of Land
Conveyance of Property
Sale of Land
Or every documentation that has the effect of lawfully passing on the freehold or absolute title in land, property, or condominium from one individual to another.
The current rate of stamp duty for property transfer is 7.5% throughout the Cayman Islands as well as Little Cayman & Cayman Brac
Cayman Islands stamp duty real estate in the Cayman Islands is a one-time fee payable to the Cayman Islands Government within 45 days of the property transaction, it is to be funded by the purchaser on the transaction price less the chattels value or on the marketplace cost, whichever is greater. If the Valuation & Estates Office calculate that the market value is in excess of the consideration then a full stamp duty assessment will be delivered, defining the duty payable. Once stamp duty is paid there are no additional real estate fees collected by the Cayman Islands Government, not like for the most places in the world the Cayman Islands has no yearly real estate taxes and there is no local tax on capital gains on the sale of property.
Real estate stamp duty discounts for first time Caymanian buyers
For a first-time buyer of real estate that is Caymanian there is a reduction in real estate stamp duty under the ensuing circumstances.
0% for purchases up to CI$100k If a Caymanian first time buyer is purchasing raw land for the intention of building a single residential residence for owner occupation, provided that the land value is not greater than CI$100,000.00 the real estate stamp duty will be 0%
2% for purchases larger than CI$100k but not surpassing CI$150k If a Caymanian first time buyer is purchasing raw land for the purpose of developing a single residential home for owner occupation, if the land value is than CI$100,000.00 but does not surpass CI$150,000.00 the real estate stamp duty will be 2%.
Houses, Condos, and other residences
0% for purchases up to CI$300k If a Caymanian first time buyer is purchasing a house, condo or other such dwelling for the objective of proprietor occupation, provided that the home purchase is not more than CI$300,000.00 the real estate stamp duty will be 0%.
2% for purchases greater than CI$300k but not surpassing CI$400k If a Caymanian first time buyer is purchasing a household, condo or other such dwelling for the purpose of proprietor occupation, if the home purchase is greater than CI$300,000.00 but does not exceed CI$400,000 the real estate stamp duty will be 2%.
Mortgage stamp duty
It ought to be mentioned that there is additionally a stamp duty on monies advanced for a mortgage on real estate in the Cayman Islands. The rate of stamp duty payable on a mortgage is contingent on the sum of money lent (sum secured) and the kind of mortgage issued.
1% for CI$300k or less. For those lending up to CI$300,000.00 for the acquisition of real estate the stamp duty is 1% of the monies advanced.
1.5% for greater than CI$300k for those lending more than CI$300,000.00 for the acquisition of real estate the stamp duty is 1.5% of the monies advanced.