Social security tax

Gift, wealth, estate, and/or inheritance

Real estate tax

Sales/VAT tax

Unemployment tax

Other tax

Foreign financial assets

Are there social security/social insurance taxes in the Cayman Islands? If so, what are the rates for employers and employees? 

None.

None.

There is no direct form of real estate tax levied annually within the Cayman Islands. There is only a one-time stamp duty on all transactions involving land at time of purchase.

The stamp duty concession granted by the government to stimulate the real estate and construction industries has been extended.

The rate of stamp duty payable is dependent on the location of the property and whether or not the individual has Caymanian citizenship. Stamp duty is 7.5 percent. Reduced rates are also available for first time Caymanian purchasers. In essence, it is a government assessment on actual real estate at the time ownership transfers. Please visit Cayman Land Info for further information.

When calculating the stamp duty, furnishings are deducted from the sale price.

There is 1 percent stamp duty payable on mortgages up to KYD300,000 and 1.5 percent on mortgages above this amount.

Transfers in consideration of natural love and affection, for example, transfers between spouse and spouse or parent and child, may be approved by the financial secretary for payment of minimal stamp duty. 

Additionally, when an individual desires to transfer title to a company of which they are the sole beneficial owner, the Financial Secretary may approve a deduction of the full amount of all stamp duty on such transfer.

None.

None.

Are there additional taxes in the Cayman Islands that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on. 

Import duty, which averages 22 percent, is waived on personal effects taken into the Cayman Islands subject to the provision that the personal effects must be in the Cayman Islands within 6 months of an individual taking up residence in the Cayman Islands. This waiver does not apply to motor vehicles for which customs duty of between 29.5 percent and 42 percent is payable, based on the book value of the vehicle, plus shipping and insurance charges.

Is there a requirement to declare/report offshore assets (e.g. foreign financial accounts, securities) to the country/territory’s fiscal or banking authorities?

There is no requirement to declare foreign financial accounts.

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