The Cayman Islands government has announced that its open-ended stamp duty concessions on infrastructural land and building permit fees are to be extended indefinitely.
These concessions were granted in November 2001 to encourage commerce in the real estate sector after the 9/11 terrorist attack on the United States of America.
Consequently, stamp duty was cut across the board to 5% from 7.5% on most of Grand Cayman and to 9% in prime property areas such as Seven Mile Beach. Infrastructural fund and building permit fees were cut by 50%.
The concessions were subject to renewal every six months, but in January of 2004 government made the allowance indefinite and subject to change by Cabinet whenever it chooses to do so.
Following a meeting of the Cabinet on Tuesday 11th October, Financial Secretary Kenneth Jefferson announced that the stamp duty concession will continue for "the time being", whilst coming under "periodic review."
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