Stamp Duty

Key features of amendment bill:

Raw Land Only Land with Building/s
First-Time Caymanian Property Ownership Concession Programme One Individual Acquiring Property No Stamp Duty payable if value of raw land does not exceed $150,000 (increased from $100,000 previously, representing an increase of $50,000). No Stamp Duty is payable if the value of the land with building/s does not exceed $400,000 (increased from $300,000, so an increase of $100,000).
2% Stamp Duty payable if value of raw land exceeds $150,000 but does not exceed $200,000 (an increase of $50,000 to this range). 2% Stamp Duty payable if the value of the land with building/s exceeds $400,000 but does not exceed $500,000 (an increase of $100,000 to this range).
7.5% Stamp Duty payable if value of raw land exceeds $200,000 (an increase of $50,000 to previous threshold). 7.5% Stamp Duty payable if the value of the land with building/s exceeds $500,000 (an increase of $100,000 to previous threshold).
More than One Individual  (2 to 10 Individuals)  Acquiring Property No Stamp Duty payable if value of raw land does not exceed $300,000.  (New provision introduced by Bill.) No Stamp Duty is payable if the value of the land with building/s does not exceed $500,000. (New provision introduced by Bill.)
2% Stamp Duty payable if value of raw land exceeds $300,000 but does not exceed $350,000. (New provision introduced by Bill.) 2% Stamp Duty payable if the value of the land with building/s exceeds $500,000 but does not exceed $600,000. (New provision introduced by Bill.)
7.5% Stamp Duty payable if value of raw land exceeds $350,000. (New provision introduced by Bill.) 7.5% Stamp Duty payable if the value of the land with building/s exceeds $600,000. (New provision introduced by Bill.)
Caymanians who are Not First-Time Buyers of Property and,

Non-Caymanians

 Regular Stamp Duty Rates apply, of 7.5%.

(No change from the existing Stamp Duty Law (2013 Revision) ).
Linked Property Transactions

(New provisions introduced by the Bill that are not in existing Stamp Duty Law (2013 Revision.)
3% Stamp Duty payable if the value of the land with building/s does not exceed $300,000.

AND

Stamp Duty is payable in full, by means of a single payment.

 

 7.5 % Stamp Duty payable if the value of the land with building/s exceeds $300,000.

 

AND

Stamp Duty may be paid in two (2) instalments of 3.75% each tranche, of the total value of the linked property transaction.