Organization : Lands & Survey Department
Facility : Land Valuation
Country : Cayman Islands
Website : https://www.caymanlandinfo.ky/support/frequently-asked-questions
What is Cayman Islands Land Valuation?
Cayman Islands land valuation is the process of determining the official or market value of a parcel of land or property. It is typically conducted by independent chartered surveyors or approved firms from the Government Property Valuation Panel to assess market worth, secure bank financing, or calculate one-time government stamp duties.
Related / Similar Facility : Cayman Islands Compensation For Road Schemes
FAQ On Cayman Islands Land Valuation
Frequently Asked Questions FAQ On Cayman Islands Land Valuation
Is Stamp Duty payable on the amount I have paid for a property, or the Market Value?
Stamp Duty is payable on the higher of the consideration (the amount you pay) or the Market Value. The Lands & Survey Department has a team of experienced Chartered Valuation Surveyors who automatically assess the Market Value of all property sales within the Cayman Islands. Should your property be worth more than you are paying for it one of our Surveyors will contact you to request further information, or notify you of the re-assessment value.
My Company is Caymanian owned, will my company benefit from the Stamp Duty discounts & waivers?
Interests in property held in the name of a Company do not qualify for reduced rates of Stamp Duty, regardless of the ownership of the company.
What rate of Stamp Duty do I pay on the purchase of a property?
The rate of Duty will depend on the location and whether the purchaser is Caymanian. Further alterations will depend on whether a Caymanian is purchasing property for owner occupation for the first time, based on the Purchase Price / Market Value (whichever is higher). Further details can be found here.
Is Stamp Duty payable on a Lease?
Yes. Click here for further details, and please note that under the Law financial penalties exist for late registration of Leases.
I am Caymanian. Am I entitled to a reduced Stamp Duty rate?
Depending on where the property you purchase is located you may be eligible for a reduced rate of Stamp Duty. , however. When you submit your documents to Lands & Survey you must provide specific Notorised evidence that you qualify for the reduced rate (see Caymanian Status Evidence)
Cayman Islands Lands & Survey Department Contact
Grand Cayman Office: 133 Elgin Avenue, George Town, P.O. Box 120 Grand Cayman KY1-9000
Brac Office: #255 Bight Road, Cayman Brac
Grand Cayman Office: +1 345-244-3420
Brac Office: +1 345-244-3637/3639/3641
Email : landsurv.info [at] gov.ky