INDIVIDUAL TAXATION

There are no income taxes and capital gains taxes in the Cayman Islands. However, stamp duties are payable on most legal transactions, including leasing and selling real property.

RENTAL INCOME

Stamp Duty

Stamp duty is payable on leases of real property.

Tourist Accommodation Tax

Owners leasing properties to tourists are liable pay to tourist accommodation tax levied at 10% on the gross rent without any deductions. For timeshare properties, the daily charge is US$10 for each occupied room.

CAPITAL GAINS
No capital gains tax is levied in the Cayman Islands.

Stamp Duty on Transfer of Property

Stamp duty is payable on conveyance on sale of real property. The general rate is 6% but a higher rate of 7.5% is imposed along the Seven Mile Beach area.

PROPERTY TAX

No property taxes are levied in the Cayman Islands

RESIDENCY
Individuals who wish to become permanent residents in the Cayman Islands must apply for permanent residential status after six months' initial residence in the islands. Individuals of independent means are required to pay a one-time fee of CID15,000 (US$17,775) on grant of permanent residency. Permanent residential status entitles the holder to enter and reside in the islands at will, provided he does not engage in gainful employment without approval.