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
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.
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.