STAMP DUTY REDUCED BY A THIRD FOR FOREIGN INVESTORS BUYING IN THE SEVEN MILE BEACH AND GEORGE TOWN AREAS The Financial Secretary of the Cayman Islands has announced that there will be a temporary stamp duty reduction as part of an incentive package to investors to encourage activity within the cayman islands property market and maintain Cayman’s position as one of the world’s most desirable off shore property investment locations. Buyers will save substantial amounts on property purchases from April 1st 2009, when stamp duty will be reduced to 5% for a period of six months. The represents a significant 2.5% reduction from the usual 7.5% payable on purchases in the popular Seven Mile Beach and George Town areas.
There are no income taxes, annual property taxes, and inheritance or capital gains taxes in the Cayman Islands so unfortunately these cannot be reduced any further. However the Financial Secretary has simultaneously announced reductions in the import duty rates for building materials to help stimulate the local cayman property industry. The Cayman Islands have positioned themselves as the ultimate Caribbean island offering residents and visitors fabulous beaches, a safe and relaxed atmosphere with world class infrastructure and the highest standard of living in the region. Their economical and social stability have buffered the islands from any cayman property price fluctuations over the years and instead have shown gradual and steady appreciation in value, unlike the major markets in the world.
for more details: www.irg.ky
Press Release Contact Details:
P.O. Box 2390GT, Grand Cayman, KY1-1105 Cayman Islands Phone: 345-623-1111
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