Return to higher stamp duty in October

The Lands & Survey Department has issued a statement reminding the public that the reduced stamp duty regime for real estate purchases will end Wednesday 30 September.

Currently applicable, lower rates were introduced on 1 April, reducing the stamp duty payable on real estate sales by up to 33 per cent.

In order to benefit from lower stamp duty charges before the deadline, purchase documentation must be completed in full before midnight Wednesday 30 September 2009.

Subsequently stamp duty will revert to the previous rate of 7.5 per cent of the purchase price or market value, whichever is higher, within the extended Seven Mile Beach / George Town Corridor. In all other areas the stamp duty rate will return to 4 per cent for Caymanians and 6 per cent for non-Caymanians.

Details of applicable rates to individual properties can be found at www.caymanlandinfo.ky.

The department reminded the public that stamp duty is payable in virtually every type of real estate transaction immediately upon signing of sale or purchase agreements and leases.

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