he Cayman Islands flag consists of the Union Flag of the United Kingdom at the top left quarter of a dark blue background with the Cayman Islands crest in a white disc appearing at the bottom right quarter. The Cayman Islands were granted their own coat of arms on 14 May 1958. The arms depict three green gold edged stars on blue and white wavy lines. This represents the three islands and the blue lines, the Caribbean Sea.  The red chief above the stars shows the Lion of England which represents the ties to the British. The turtle is the National symbol of the Cayman Islands and the rope it stands on represents the thatch rope industry that is an important part of Cayman's history.  The pineapple at the top of the Cayman Island arms symbolizes the part of history when the Islands were a dependence of Jamaica (which was until 1962 a dependent of Great Britain).

Stamp Duty

Real estate stamp duty in the Cayman Islands is payable on any document with the following description:

  • Transfer of Land

  • Conveyance of Property

  • Sale of Land

Or any other document that has the effect of legally passing the freehold or absolute title in land, property or condominium from one person to another.

The present rate of stamp duty for property transfer is

7.5%

across the Cayman Islands including Cayman Brac & Little Cayman

Real estate stamp duty in the Cayman Islands is a one-time fee payable to the Cayman Islands Government within forty five days of the property transaction, it is paid by the purchaser on the transaction price less the chattels value or on the market value, whichever is higher. If the Valuation & Estates Office assess that the market value is in excess of the consideration then a stamp duty assessment will be issued, outlining the duty payable. Once stamp duty is paid there are no further real estate fees levied by the Cayman Islands Government, unlike most places in the world the Cayman Islands has no annual real estate taxes and there is no local tax on capital gains on the sale of property.

Real estate stamp duty concessions for first time Caymanian buyers

For a first time purchaser of real estate that is Caymanian there is a reduction in real estate stamp duty under the following conditions.

Raw land

0% for purchases up to CI$100k If a Caymanian first time buyer is purchasing raw land for the purpose of developing a single residential dwelling for owner occupation, providing the land value is not greater than CI$100,000.00 the real estate stamp duty will be 0%.

 

2% for purchases greater than CI$100k but not exceeding CI$150k If a Caymanian first time buyer is purchasing raw land for the purpose of developing a single residential dwelling for owner occupation, if the land value is than CI$100,000.00 but does not exceed CI$150,000.00 the real estate stamp duty will be 2%.

 

Applies to all areas except parcels located within the following blocks:

OPY, 5D, 10A, 10E, 11B, 11C, 11D, 12D, 12E, 13B, 13C, 13E, 14BG, 14BH, 14BJ, 14CJ, 17A, 18A, plus;

5C and 12C (where the parcel has water frontage, or is derived in the future from a parcel which has water frontage on 1 July 2006, and;

13D where the parcel has frontage to Eastern Avenue, and;

13EH where the parcel has road frontage to West Bay Road, Eastern Avenue, or North Church Street.

Houses, Condos and other dwellings

            0% for purchases up to CI$300k If a Caymanian first time buyer is purchasing a house, condo or other such dwelling for the purpose of owner occupation, providing the home purchase is not greater than CI$300,000.00 the real estate stamp duty will be 0%.

 

         2% for purchases greater than CI$300k but not exceeding CI$400k If a Caymanian first time buyer is purchasing a house, condo or other such dwelling for the purpose of owner 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%.

 

Applies to the same areas as noted in raw land above.

Mortgage stamp duty

It should be noted that there is also 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 dependent on the amount of money borrowed (sum secured) and the type of mortgage issued.

 

1% for CI$300k or less.   For those borrowing up to CI$300,000.00 for the purchase of real estate the stamp duty is 1% of the monies advanced.

 

1.5% for greater than CI$300k         For those borrowing more than CI$300,000.00 for the purchase of real estate the stamp duty is 1.5% of the monies advanced.

 

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