Originally published in the Cayman Islands Journal, September 2002
All good things, they say, must come to an end. Cayman’s temporary reduction of stamp duty on transfers of land has certainly been a Good Thing for property buyers, but it is due to pass into history on 13th November, 2002. Whether or not it will be extended or further incentives will be introduced remains to be seen – government finances may not permit. The result is that many in the property market, from investors to first time homebuyers, are thinking that this could be a good time to buy, while the offer lasts.
In November, 2001, the Cayman Islands Government introduced a temporary reduction of stamp duty - the tax charged on the market value or price paid on transfers of real estate - from the usual rates of 9% or 7.5% (depending on location) to only 5%.
