A one-off 7.5% stamp duty is payable on all real estate purchases and transfers. This duty is paid by the buyer of the property on the purchase price or market value – whichever one is higher, as determined by the Lands and Survey Department.
Stamp duty is waved, provided you are a first-time Caymanian buyer, the property price is below CI$300,000, and it will be owner occupied. A stamp duty of 2% is payable if the property is over CI$300,000 and below CI$400,000.
If you’re building a house, provided that stamp duty is paid before construction begins, duty is payable only on the land value and not on the building. Building permit fees are charged according to the property’s square footage. There are other charges such as the one-off 1% duty on mortgages of less than CI$300,000 and 1.5% on mortgages of CI$300,000 or higher. For more detailed information on fees and administration associated with real estate transfers and purchases, visit www.caymanresident.com or www.caymanlandinfo.ky .