The Cayman Islands government has recently enacted significant changes to stamp duty regulations, offering substantial benefits to firsttime Caymanian property buyers. Under the new rules, first-time Caymanian buyers of properties valued up to CI$550,000 will no longer be required to pay stamp duty, regardless of the property’s location. This marks a departure from previous regulations, which imposed reduced stamp duty rates in most areas, excluding certain zones in and around West Bay and George Town, such as Seven Mile Beach and parts of Eastern Avenue and South Church Street. Now, properties and land across the entire Cayman Islands are treated equally, making homeownership more accessible for Caymanians.

Key Highlights of the New Regulations:

• Full Exemption: First-time Caymanian buyers purchasing homes valued at up to CI$550,000 or land valued at up to CI$250,000 are exempt from stamp duty.
• Reduced Rates for Higher Values: For homes priced between CI$550,000 and CI$650,000, stamp duty is assessed at 3.75% on the amount exceeding CI$550,000. Similarly, for land valued between CI$250,000 and CI$350,000, the 3.75% rate applies to the amount over CI$250,000.
• Standard Rate: Properties valued above CI$650,000 or land over CI$350,000 are subject to the standard stamp duty rate of 7.5%.

It’s important to note that stamp duty for nonCaymanian buyers remains at 7.5%.