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Cayman Islands duty concessions extended for another 12 months

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  • the import duty concessionary rate of 12.5 cents per gallon for the importation of motor gasoline to Cayman Brac;
  • the 100% import duty waiver on building materials imported to Cayman Brac and Little Cayman;
  • the flat 15% import duty rate on building materials imported to Grand Cayman; and
  • the 100% stamp duty waiver, in respect of land purchases on Cayman Brac.
  1. The stamp duty waiver will be for the development of accommodation dwelling (homes and apartments) and any other physical structure from which a business – whatsoever the nature of the business – can be carried on;
  2. The stamp duty waiver will be granted to both individuals and legal entities;
  3. Development is defined as construction being completed within two years of the purchase of the property;
  4. Completion is defined as when the development is fit for occupancy; and
  5. If the development of the property is not completed within two years and in the absence of a reasonable excuse, applicants are required to either pay the stamp duty in full plus a penalty of 10% of the stamp duty or request a further extension from the Honourable Minister for Finance & Economic Development in order to complete the development of the property.

Published December 29, 2014

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