Cayman Islands government responds to Cayman Islands lawyer re stamp duty law
- Presently, the prevailing rates of Duty are 5% of the annual rent on
- From the Lands & Survey / PLAHI and Finance perspective, enforcement is a key issue regarding collection of Stamp Duty on leases. Almost all leases submitted for Registration / Duty are received from lawyers acting on behalf of client companies and who are under a fiduciary duty to comply with the law; most leases submitted are thus for commercial, not residential premises. Also, it is usually the landlord’s lawyer who will arrange payment (probably having invoiced the tenant), knowing liability will ultimately lie with the ‘owner’ if the tenant does not pay and cannot be traced.
Published March 15, 2016
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