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Topic: stamp duty
Revenue from stamp duties on land transfers exceeded the initial 2020 projections by $20.6 million.
By the end of this year the Government will close the loophole in the law that allows buyers to only pay stamp duty on the cost of the land on which their property will be built, should construction not yet have started and not again later on once the property has been completed (the so-called two-contract transaction).
Owning a little piece of the rock has long been part of the Caymanian dream. Now, for the first time, homeowners can buy a slice of the sky.
If there is one place on the planet that should have a simple tax structure, it is the Cayman Islands. So why are lawmakers considering adding more complexity to our country’s stamp duty regime on property purchases?
Buying a new home in the Cayman Islands is about to get more expensive – at least for some.
Bills to establish a new workforce development agency, to create new concessions for first time Caymanian home buyers, and to increase penalties for illegal gambling are among those scheduled for debate at the next session of the Legislative Assembly.
“Public Reminded of Stamp Duty on Leases” — That was the government’s casual, almost offhand way of announcing its intention to extract unknown millions of dollars from an unwitting public, through stamp duty payments on residential rental agreements.
Government officials are going after millions of dollars in unpaid taxes on rental properties.
A disputed stamp duty assessment on a land purchase in South Sound – amounting to a $100 difference in what was charged to the buyer – could have major ramifications for the Cayman Islands property market.