Cabinet has approved a slate of duty abatements, including a building materials duty cut for Grand Cayman and several targeted concessions for the Sister Islands.
The concessions package, given the green light on 31 December, extends the flat 15% import duty rate on building materials imported to Grand Cayman to 31 December 2030.
A 100% import duty waiver on building materials for Cayman Brac and Little Cayman will also continue.
In addition, a 100% import duty waiver on gasoline imported to Cayman Brac will be extended to Little Cayman, a government press release said on 14 January.
Further concessions granted to Cayman Brac include:
- A 100% stamp duty waiver on undeveloped land purchases under the value of $2 million
- A reduced rate of 3% stamp duty on developed properties under the value of $2 million
- A 100% import duty waiver on household appliances imported to Cayman Brac to include fridges, dishwashers, water heaters, pumps, washers, dryers, ranges, cook tops and ovens
Finance minister Rolston Anglin said: “This package supports economic activity in Cayman Brac in a responsible and targeted way, helping to maintain stability and encourage continued investment.”
He added that the concessions form part of the government’s broader commitment to strengthen economic activity and support sustainable development in the Sister Islands.
The 100% stamp duty waiver for undeveloped land in Cayman Brac comes with the following conditions:
- The property must be developed, within two years of grant of a stamp duty waiver, with a building which requires planning approval and a certificate of occupancy to occupy
- If the property is not developed within the two-year period, the applicant may apply to the minister for finance and economic development for an extension of the concession for up to a further two years
- If the property is not developed within two years of approval or further period approved by the minister for finance and economic development the stamp duty originally waived is payable in full plus a penalty of 10%
- A restriction shall be placed on the property prohibiting the transfer until all conditions of the waiver are met
Cabinet exercises its authority to grant import duty waivers under Section 52 of the Customs and Border Control Act (2024 Revision).
The new concessions extend and adjust measures first introduced in 2011 and subsequently extended in 2015 and 2020.
