With the rise in property value, the Cayman Islands government took steps to support Caymanian families obtaining home ownership, the positive effects of which are starting to take shape.
Effective September 2023, the Cayman Islands Ministry of Finance and Economic Development (“MoF”) announced significant changes for Caymanians' eligibility when applying for a stamp duty waiver. The new stamp duty concession goes as follows:
Individual First Purchase:
Developed residential property or home:
Group (2-10 Caymanians) First Purchase:
Developed residential property or home:
Individual Second Purchase:
Developed residential property or home:
Group (2-10 Caymanians) Second Purchase:
Developed residential property or home:
Upon speaking with a representative from the MoF, it was mentioned that they were receiving more applications since the new concession was announced. Since the legislation announcement, they estimate 50 to 60 applications have been received, of which the majority, an estimated 45 to 50 applications, have been approved. Approximately 5 to 7 more applications are being received and processed each week, since the new legislation came into effect in September.
Although the MoF representative stated that the majority of processed applications have been approved, a recurring challenge is applicants incorrectly completing the application or omitting a required document, resulting in delayed application turnaround time. Additionally, they are finding a few submissions from applicants who have already purchased three or more properties, which means they do not qualify for the waiver.
The application is available online at www.caymanlandinfo.ky or in person at reception in the Cayman Islands Government Administration Building.
There are two ways you can submit your application: (1) In person at the Cayman Islands Government Administration Building or (2) via email at [email protected]
The current processing time is 5-8 business days. Delays are caused by incomplete information or documentation.
With real estate prices continuing to rise across Cayman, the Government’s stamp duty legislation amendments are designed to assist hard-working Caymanians and families in obtaining home ownership. The MoF representative stated that, all in all, they are finding more Caymanians taking rightful advantage and are pleased to see the utilisation of the new stamp duty concession.
If you are looking to get on the property ladder and want to know more about these stamp duty concessions or other real estate questions, feel free to reach out. I’d be happy to chat.
