There is no direct form of taxation levied within the Cayman Islands. There is only a one-time “stamp duty” on all transactions involving land at time of purchase.

The stamp duty concession granted by the government to stimulate the real estate and construction industries has been extended.

The standard Stamp Duty across the island is 7.5%. In essence, it is a government assessment on actual real estate at the time ownership transfers.

When calculating the Stamp Duty, furnishings are deducted from the sale price.

There is 1% stamp duty payable on mortgages up to CI0,000 and 1.5% on mortgages above this.

Transfers in consideration of “natural love and affection” that is, transfers between for example husband to wife, or father to child, may be approved by the Financial Secretary for payment of minimal stamp duty.

Additionally, when an individual desires to transfer title to a company of which he is the sole beneficial owner, the Financial Secretary may approve a deduction of the full amount of all stamp duty on such transfer.