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 The Cayman Islands Stamp Duty

Stamp Duty Rates

Stamp duty is made relatively straightforward by the efficiency of the Lands and Survey Department. However, working with a CIREBA agent is recommended to ensure your full understanding of the more detailed information about fees, administration, exemptions, chattels and other queries.

Stamp Duty Calculator

The stamp duty rate on all three Cayman Islands is 7.5% on the purchase price (also termed the consideration) or the market value of the property, whichever is higher. Stamp duty is calculated in Cayman Islands currency.

Paying stamp duty

A property assessment may be carried out by the Lands and Survey Depart of the Cayman Islands to establish which figure is greater, the market value or the consideration. Payment must be paid within 45 days of a contract signing and is payable by the buyer unless contractually stated otherwise.

The Cayman Islands Stamp Duty Rule

  • Pay your stamp duty at the time of buying the raw land and pay only on the land value and not the completed building. Buying land in the Cayman Islands unless your agent has advised you of any covenants within a development, means there are no time restrictions as to when you must build. In effect, you can hold the undeveloped land indefinitely.

    Once granted planning permission, your approval is valid for five years. It is commonly agreed that most homes can be built within a six to eight month period following the initial design and planning stages of four to six months. Ask your CIREBA agent about building permit fees which vary according to the square footage of the construction.

  • Stamp duty is not payable on the furnishings or chattels of the property. Work with your CIREBA agent to deduct these from the sales price before calculating stamp duty.

  • An act or a promise given by one person in exchange for an act or a promise from the other. It is a common misperception that earnest money is the component that makes a real estate contract enforceable. In reality, the promise to buy, and the promise to sell, is sufficient consideration. Consideration is an essential element for contract enforcement.

  • Duty is charged on mortgages of less than CI$300,000 at 1% and on larger mortgages at 1.5%.

    The process may incur up to 1% for legal and registration fees.

    Each lender uses set rules, but all will require a ‘Market Value’ report on the property. Aim to pay in the region of CI$400 for this report, which must be prepared by an approved valuation surveyor.

    For more information visit the Lands and Survey Department

  • There are many different definitions of market value, including the following:
    The price that would be paid by a motivated buyer to a motivated seller after a property's exposure to a marketplace of equally capable buyers, each with full information about the property and the market place and neither operating under any sort of outside influences.

    • For a Caymanian purchasing their first developed residential property, there will be no stamp duty assessed on values up to CI$550,000. 
    • For a Caymanian purchasing their first parcel of raw land, there will be no stamp duty assessed on values up to CI$250,000. 
    • Where the property value is above $550,000 but less than $650,000, stamp duty will be assessed at 3.75% on the difference above $550,000 only.
    • Where the property value is above $250,000 but less than $350,000, stamp duty will be assessed at 3.75% on the difference above $250,000 only.
    • For a group of two to 10 Caymanians purchasing their first parcel of raw land together, there will be no stamp duty assessed on values up to CI$450,000. Where the property value is above $450,000 but less than $550,000,stamp duty will be assessed at 3.75% on the difference above $450,000 only.
    • For a group of two to 10 Caymanians purchasing their first developed residential property together, there will be no stamp duty assessed on values up to CI$600,000. Where the property value is above $600,000 but less than $700,000, stamp duty will be assessed at 3.75% on the difference above $600,000 only.

     

    SECOND PROPERTY PURCHASE

    • For a Caymanian purchasing their second property, comprising of a parcel of raw land, stamp duty will be assessed at 3.75% on values up to $300,000.
    • For a Caymanian purchasing their second property, comprising of developed residential property, stamp duty will be assessed at 3.75% on values up to $600,000.
    • For a group of two to 10 Caymanians purchasing their second property, comprising of a parcel of raw land,stamp duty will be assessed at 3.75% on values up to $550,000.
    • For a group of two to 10 Caymanians purchasing their second property, 
    • Stamp duty exemptions do not apply to overseas first-time buyers.
    • Avoiding stamp duty is not possible for any buyer of parcels located in zoning exceptions. 5D, 10A, 10E, 11B, 11C, 11D, 12D, 12E, 13B, 13C, 14BG, 14BH, 14CJ, 17A, 18A, OPY 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).       
      13D (where the parcel has road frontage on Eastern Avenue).       
      13EH (where the parcel has road frontage to West Bay Road, Eastern Avenue and North Church Street).
    • For more information visit www.caymanlandinfo.ky

    [ * Caymanian' is defined by the Immigration Law (2007) and is subject to confirmation and conditions laid down by The Financial Secretary to prevent exploitation of this concession.]