{"kind":"expression","expression":{"expr_id":"2165","doc_id":"2165","label":"Companies (Amendment) Law 2018","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/bill\/2018\/37\/eng@2018-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/bill\/2018\/37\", \"expression\": \"\/akn\/ky\/bill\/2018\/37\/eng@2018-01-01\", \"manifestation\": \"\/akn\/ky\/bill\/2018\/37\/eng@2018-01-01.pdf\"}, \"pdf\": {\"md5\": \"fac1363f3a6b514a1515ab348d5b532e\", \"path\": \"\/Users\/q\/kyleg-data\/working\/BILLS\/2018\/2018-0037\/2018-0037.pdf\", \"pages\": 11, \"filename\": \"2018-0037.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2837, \"paragraph_count\": 6, \"text_char_count\": 16396}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": null, \"doc\": null, \"bill\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Gazette No. 81dated 24th October, 2018. A BILL FOR A LAW TO AMEND THE STAMP DUTY LAW (2013 REVISION) TO PROVIDE FOR STAMP DUTY ON LINKED PROPERTY TRANSACTIONS; TO CHANGE THE EXEMPTION FROM STAMP DUTY RELATING TO THE PURCHASE OF PROPERTY BY FIRST TIME CAYMANIAN BUYERS; TO INCREASE THE THRESHOLD OF THE STAMP DUTY EXEMPTION FOR FIRST TIME CAYMANIAN PROPERTY BUYERS; AND FOR INCIDENTAL AND CONNECTED PURPOSES The Stamp Duty (Amendment) Bill, 2018 THE STAMP DUTY (AMENDMENT) BILL, 2018 MEMORANDUM OF OBJECTS AND REASONS This Bill seeks to amend the Stamp Duty Law (2013 Revision) (\u2018the principal Law\u201d) in order to eliminate the growing practice of reducing stamp duty due to Government by means of linked property transactions. A linked property transaction is a transaction where a development scheme links the purchase of raw land to the subsequent construction of a dwelling. Stamp duty is paid on the transfer of the raw land but no stamp duty is owed on the dwelling which is subsequently built on that land. The Bill also increases the threshold for the exemption granted to Caymanians (including to Caymanians who are purchasing property as joint proprietors or as proprietors in common) who are purchasing their first property. The exemption will also now relate not to property bought for a first owner occupied home but to property bought in the Islands for the first time by a Caymanian. Clause 1 provides the short title to the legislation. Clause 2 provides that this Bill shall come into force upon publication in the Gazette but the amendments made shall have effect only in relation to - (a) any land transaction which is executed on or after the 1st day of January, 2019; and (b) any request for a concession, waiver, refund, abatement or any other type of request which can be made under the principal Law and which is made on or after the 1st day of January, 2019. Clause 3 amends section 2 of the principal Law to provide definitions which relate to linked property transactions. Defined are the terms \u201cconnected person\u201d, \u201cdevelopment scheme\u201d, \u201clinked property transaction\u201d and \u201crelative\u201d. Thus, for example a \u201clinked property transaction\u201d is defined as follows - \u201clinked property transaction\u201d means - (a) there are more than one transaction relating to the conveyancing and transfer of immovable property; (b) the transactions are between the same buyer and seller (\u201cthe developer\u201d) or between their connected persons; (c) payment on each transaction can be made in one payment or divided into two or more payments at the election of the buyer or the developer; and The Stamp Duty (Amendment) Bill, 2018 (d) the transactions are part of a single arrangement or development scheme or part of a series of transactions.\u201d. Clause 4 amends section 20 of the principal Law to clarify that the Minister of Finance may refund the whole or any part of stamp duty paid. Clause 5 amends Schedule 1 of the principal Law to provide for stamp duty on linked property transactions and to change the exemption on property bought for the first time by Caymanians. Under the head of duty entitled \u201cCONVEYANCE OR TRANSFER of any immovable property\u201d it is provided under clause 5 as follows - \u201c(10) Notwithstanding paragraph (2) where land (other than land included in the Table to paragraph (1)) is transferred to a person who is a Caymanian for the purpose of that person\u2019s first immovable property - (a) there is no charge to duty on the instrument effecting such transfer if - (i) in the case of land with a building, the consideration is $400,000 or less; or (ii) in the case of land without a building, the  consideration is $150,000 or less; and (b) duty at the rate of 2% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $400,000 but does not exceed $500,000; or (ii) in the case of land without a building, the consideration exceeds $150,000 but does not exceed $200,000; and (c) duty at the rate of 7.5% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $500,000; or (ii)  in the case of land without a building, the consideration exceeds $200,000. (11) Notwithstanding paragraph (2) where land (other than land included in the Table to paragraph (1)) is transferred to two or not more than ten persons who are Caymanian as a result of a purchase of that land by those persons where that land is the first immovable property of each of those persons - (a) there is no charge to duty on the instrument effecting such transfer if - The Stamp Duty (Amendment) Bill, 2018 (i) in the case of land with a building, the consideration is $500,000 or less; or (ii) in the case of land without a building, the consideration is $300,000 or less; and (b) duty at the rate of 2% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $500,000 but does not exceed $600,000; or (ii) in the case of land without a building, the consideration exceeds $300,000 but does not exceed $350,000; and (c) duty at the rate of 7.5% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $600,000; or (ii)  in the case of land without a building, the consideration exceeds $350,000.\u201d. However, because of differing interpretations of the above exemption, a new paragraph (11) provides that the exemption afforded by this head of duty relates only to property which a Caymanian is purchasing for the first time in the Islands; and where the Caymanian had purchased other property in the Islands but was not a Caymanian at the date of purchase, the exemption under this head of duty shall not apply. Clause 5 also inserts a new head of duty which deals with stamp duty on linked property transactions. Where the total value of a linked property transaction is worth $300,000 or less, stamp duty is payable only once and it will be 3% of the total value. However, where the total value is over $300,000 stamp duty may be paid in 2 instalments and each time the duty payable will be 3.75% of the total value of the linked property transaction. The Stamp Duty (Amendment) Bill, 2018 THE STAMP DUTY (AMENDMENT) BILL, 2018 ARRANGEMENT OF CLAUSES\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Application of this Law\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 2 -  definitions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 20(6) - time for stamping of instruments\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of the Schedule The Stamp Duty (Amendment) Bill, 2018 A BILL FOR A LAW TO AMEND THE STAMP DUTY LAW (2013 REVISION) TO PROVIDE FOR STAMP DUTY ON LINKED PROPERTY TRANSACTIONS; TO CHANGE THE EXEMPTION FROM STAMP DUTY RELATING TO THE PURCHASE OF PROPERTY BY FIRST TIME CAYMANIAN BUYERS; TO INCREASE THE THRESHOLD OF THE STAMP DUTY EXEMPTION FOR FIRST TIME CAYMANIAN PROPERTY BUYERS; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. 1. This Law may be cited as the Stamp Duty (Amendment) Law, 2018. 2. This amending Law shall come into force upon publication in the Gazette but the amendments made by this amending Law shall have effect only in relation to - (a) any land transaction which is executed on or after the 1st day of January, 2019; and (b) any request for a concession, waiver, refund, abatement or any other type of request which can be made under the principal Law and which is made on or after the 1st day of January, 2019. Short title Application of this Law The Stamp Duty (Amendment) Bill, 2018 3. The Stamp Duty Law (2013 Revision), in this Law referred to as \u201cthe principal Law\u201d, is amended in section 2 by inserting the following definitions in their appropriate alphabetical sequence - \u201c \u201cconnected person\u201d includes - (a) in the case of an individual, a relative or a person with whom the individual contracts to provide building services to a third party on behalf of the individual; (b) if the person is a director or a shareholder of a company or partner of a firm, another director or shareholder of that company or another partner of that firm or a relative of any of them; (c) if the person is a beneficiary, member, trustee, director, officer or employee of any legal entity (other than a company, partnership or firm), another beneficiary, member, trustee, director, officer or employee of any legal entity (other than a company, partnership or firm) or a relative of any of them; (d) if the person is a company - (i) companies and groups of companies who are connected in business; or (ii) companies and groups of companies who have the same or some of the same directors or shareholders or the same or some of the same persons connected with such directors or shareholders; (e) if the person is a partnership or firm - (i) a partnership or firm and groups of partnerships or firms who are connected in business; or (ii) partnerships or firms and groups of partnerships or firms who have the same or some of the same partners, or the same or some of the same persons connected with such partners; and (f) if the person is a legal entity other than a company, partnership or firm - (i) a legal entity and groups of legal entities who are connected in business; or (ii) legal entities and groups of legal entities who have the same or some of the same beneficiaries, members, trustees, directors, officers or employees or the same or some of the same persons connected with such beneficiaries, members, trustees, directors, officers or employees; \u201cdevelopment scheme\u201d means - (a) a scheme - Amendment of section 2 of the Stamp Duty Law (2013 Revision )- definitions The Stamp Duty (Amendment) Bill, 2018 (i) to develop land by a seller (\u201cthe developer\u201d) where bare land is sold by that developer to any person (\u201cthe buyer\u201d); and (ii) there is a building agreement or any other similar agreement between the developer and the buyer that the developer or a a connected person of the developer will develop that bare land into a house, strata condominium or other building for that buyer or a connected person of that buyer; or (b) a scheme where there is planning approval relating to land for the construction of buildings; \u201clinked property transaction\u201d means - (a) there are more than one transaction relating to the conveyancing and transfer of immovable property; (b) the transactions are between the same buyer and seller (\u201cthe developer\u201d) or between their connected persons; (c) payment on each transaction can be made in one payment or divided into two or more payments at the election of the buyer or the developer; and (d) the transactions are part of a single arrangement or development scheme or part of a series of transactions; and \u201crelative\u201d in relation to a person, means a person\u2019s husband, wife, brother, sister, uncle, aunt, nephew, niece or other lineal ancestor or descendant, step-child or adopted child;\u201d. 4. The principal Law is amended in section 20(6)(a) by inserting after the word \u201cwaive\u201d the words \u201c, refund\u201d. 5. The principal Law is amended in the Schedule as follows - (a) Under the head of duty entitled \u201cCONVEYANCE OR TRANSFER of any immovable property\u201d by repealing paragraphs (10) and (11) and by substituting the following paragraphs - \u201c(10) Notwithstanding paragraph (2) where land (other than land included in the Table to paragraph (1)) is transferred to a person who is a Caymanian as a result of the purchase of that land by that person for the purpose of that person\u2019s first immovable property- (a) there is no charge to duty on the instrument effecting such transfer if - Amendment of section 20(6 )- time for stamping of instruments Amendment of the Schedule The Stamp Duty (Amendment) Bill, 2018 (i) in the case of land with a building, the consideration is $400,000 or less; or (ii) in the case of land without a building, the consideration is $150,000 or less; and (b) duty at the rate of 2% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $400,000 but does not exceed $500,000; or (ii) in the case of land without a building, the consideration exceeds $150,000 but does not exceed $200,000; and (c) duty at the rate of 7.5% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $500,000; or (ii)  in the case of land without a building, the consideration exceeds $200,000. (11) Notwithstanding paragraph (2) where land (other than land included in the Table to paragraph (1)) is transferred to two or not more than ten persons who are Caymanian as a result of a purchase of that land by those persons where that land is the first immovable property of each of those persons - (a) there is no charge to duty on the instrument effecting such transfer if - (i) in the case of land with a building, the consideration is $500,000 or less; or (ii) in the case of land without a building, the consideration is $300,000 or less; and (b) duty at the rate of 2% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $500,000 but does not exceed $600,000; or (ii) in the case of land without a building, the consideration exceeds $300,000 but does not exceed $350,000; and (c) duty at the rate of 7.5% of the consideration is chargeable on the instrument if - (i) in the case of land with a building, the consideration exceeds $600,000; or (ii)  in the case of land without a building, the consideration exceeds $350,000. The Stamp Duty (Amendment) Bill, 2018 (12) The exemption afforded by this head of duty relates only to property which a Caymanian is purchasing for the first time in the Islands; and where the Caymanian had purchased other property in the Islands but was not a Caymanian at the date of purchase, the exemption under this head of duty shall not apply. (13) A grant of concession afforded by this head of duty shall be subject to such conditions as the Minister of Finance may think fit to impose in order to prevent exploitation of those provisions by persons who are not bona fide first time property purchasers. (14) For the purposes of this head of duty, \u201cCaymanian\u201d has the meaning assigned to it in the Immigration Law (2015 Revision).\u201d; and (b) by inserting after the head of duty entitled \u201cCONVEYANCE OR TRANSFER of any immovable property\u201d the following head of duty - \u201cCONVEYANCE OR TRANSFER of any immovable property within a development scheme and forming part of a linked property transaction - (1) The charge to duty on a conveyance or transfer of immovable property which is part of a linked property transaction is, where the total value of the linked property transaction is $300,000 or less, 3% of the total value of the linked property transaction. (2) The charge to duty on a conveyance or transfer of immovable property which is part of a linked property transaction is, where the total value of the linked property transaction is more than $300,000, 7.5 % of the total value of the linked property transaction. (3) The charge to duty on an agreement to convey or transfer bare land in the first part of a linked property transaction is, where the total value of the linked property transaction is more than $300,000, 3.75% of the total value of the linked property transaction, payable within 45 days of the date the agreement is first signed by the buyer. The Stamp Duty (Amendment) Bill, 2018 (4) The charge to duty on a conveyance or transfer of immovable property in the second part of a linked property transaction is, where the total value of the linked property transaction is more than $300,000, 3.75% of the total value of the linked property transaction, payable within 45 days of the date the conveyance or transfer is first signed by the buyer. (5) For the purposes of this paragraph, under a building agreement or such other type of agreement, in calculating the value of immovable property, the value shall include any fixtures on the developed land which is specified in any such agreement in relation to that land such as tiles, plumbing and air condition units or other similar fixtures.\u201d. Passed by the Legislative Assembly the    day of                       , 2018. Speaker. 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A linked property\ntransaction is a transaction where a development scheme links the purchase of\nraw land to the subsequent construction of a dwelling. Stamp duty is paid on the\ntransfer of the raw land but no stamp duty is owed on the dwelling which is\nsubsequently built on that land.\nThe Bill also increases the threshold for the exemption granted to Caymanians\n(including to Caymanians who are purchasing property as joint proprietors or as\nproprietors in common) who are purchasing their first property. The exemption\nwill also now relate not to property bought for a first owner occupied home but to\nproperty bought in the Islands for the first time by a Caymanian.\nClause 1 provides the short title to the legislation.\nClause 2 provides that this Bill shall come into force upon publication in the\nGazette but the amendments made shall have effect only in relation to -\n(a)\nany land transaction which is executed on or after the 1st day of\nJanuary, 2019; and\n(b) any request for a concession, waiver, refund, abatement or any\nother type of request which can be made under the principal Law\nand which is made on or after the 1st day of January, 2019.\nClause 3 amends section 2 of the principal Law to provide definitions which\nrelate to linked property transactions. Defined are the terms \u201cconnected person\u201d,\n\u201cdevelopment scheme\u201d, \u201clinked property transaction\u201d and \u201crelative\u201d.\nThus, for example a \u201clinked property transaction\u201d is defined as follows -\n\u201clinked property transaction\u201d means -\n(a)\nthere are more than one transaction relating to the conveyancing\nand transfer of immovable property;\n(b) the transactions are between the same buyer and seller (\u201cthe\ndeveloper\u201d) or between their connected persons;\n(c)\npayment on each transaction can be made in one payment or\ndivided into two or more payments at the election of the buyer or\nthe developer; and\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n3\n(d) the transactions are part of a single arrangement or development\nscheme or part of a series of transactions.\u201d.\nClause 4 amends section 20 of the principal Law to clarify that the Minister of\nFinance may refund the whole or any part of stamp duty paid.\nClause 5 amends Schedule 1 of the principal Law to provide for stamp duty on\nlinked property transactions and to change the exemption on property bought for\nthe first time by Caymanians.\nUnder the head of duty entitled \u201cCONVEYANCE OR TRANSFER of any\nimmovable property\u201d it is provided under clause 5 as follows -\n\u201c(10)\nNotwithstanding paragraph (2) where land (other than land\nincluded in the Table to paragraph (1)) is transferred to a person who is a\nCaymanian for the purpose of that person\u2019s first immovable property -\n(a)\nthere is no charge to duty on the instrument effecting such\ntransfer if -\n(i)\nin the case of land with a building, the consideration is\n$400,000 or less; or\n\n(ii) in the case of land without a building, the  consideration is\n\n$150,000 or less; and\n(b) duty at the rate of 2% of the consideration is chargeable on the\ninstrument if -\n(i)\nin the case of land with a building, the consideration\nexceeds $400,000 but does not exceed $500,000; or\n(ii) in the case of land without a building, the\nconsideration exceeds $150,000 but does not exceed\n$200,000; and\n(c)\nduty at the rate of 7.5% of the consideration is chargeable on the\ninstrument if -\n(i)\nin the case of land with a building, the consideration\nexceeds $500,000; or\n(ii)  in the case of land without a building, the\nconsideration exceeds $200,000.\n(11) Notwithstanding paragraph (2) where land (other than land\nincluded in the Table to paragraph (1)) is transferred to two or not\nmore than ten persons who are Caymanian as a result of a purchase of\nthat land by those persons where that land is the first immovable\nproperty of each of those persons -\n(a)\nthere is no charge to duty on the instrument effecting such\ntransfer if -\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n4\n(i)\nin the case of land with a building, the\nconsideration is $500,000 or less; or\n(ii) in the case of land without a building, the\nconsideration is $300,000 or less; and\n(b) duty at the rate of 2% of the consideration is chargeable on\nthe instrument if -\n(i)\nin the case of land with a building, the\nconsideration exceeds $500,000 but does not\nexceed $600,000; or\n(ii) in the case of land without a building, the\nconsideration exceeds $300,000 but does not\nexceed $350,000; and\n(c)\nduty at the rate of 7.5% of the consideration is chargeable\non the instrument if -\n(i)\nin the case of land with a building, the\nconsideration exceeds $600,000; or\n(ii)  in the case of land without a building, the\nconsideration exceeds $350,000.\u201d.\nHowever, because of differing interpretations of the above exemption, a new\nparagraph (11) provides that the exemption afforded by this head of duty relates\nonly to property which a Caymanian is purchasing for the first time in the Islands;\nand where the Caymanian had purchased other property in the Islands but was not\na Caymanian at the date of purchase, the exemption under this head of duty shall\nnot apply.\nClause 5 also inserts a new head of duty which deals with stamp duty on linked\nproperty transactions. Where the total value of a linked property transaction is\nworth $300,000 or less, stamp duty is payable only once and it will be 3% of the\ntotal value. However, where the total value is over $300,000 stamp duty may be\npaid in 2 instalments and each time the duty payable will be 3.75% of the total\nvalue of the linked property transaction.\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n5\nTHE STAMP DUTY (AMENDMENT) BILL, 2018\nARRANGEMENT OF CLAUSES\n1.\nShort title\n2.\nApplication of this Law\n3.\nAmendment of section 2 -  definitions\n4.\nAmendment of section 20(6) - time for stamping of instruments\n5.\nAmendment of the Schedule\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n6\nCAYMAN ISLANDS\n\nA BILL FOR A LAW TO AMEND THE STAMP DUTY LAW (2013\nREVISION) TO PROVIDE FOR STAMP DUTY ON LINKED PROPERTY\nTRANSACTIONS; TO CHANGE THE EXEMPTION FROM STAMP\nDUTY RELATING TO THE PURCHASE OF PROPERTY BY FIRST\nTIME CAYMANIAN BUYERS; TO INCREASE THE THRESHOLD OF\nTHE STAMP DUTY EXEMPTION FOR FIRST TIME CAYMANIAN\nPROPERTY BUYERS; AND FOR INCIDENTAL AND CONNECTED\nPURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nThis Law may be cited as the Stamp Duty (Amendment) Law, 2018.\n2.\nThis amending Law shall come into force upon publication in the Gazette\nbut the amendments made by this amending Law shall have effect only in relation\nto -\n(a)\nany land transaction which is executed on or after the 1st day of\nJanuary, 2019; and\n(b) any request for a concession, waiver, refund, abatement or any\nother type of request which can be made under the principal Law\nand which is made on or after the 1st day of January, 2019.\nShort title\nApplication of this Law\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n7\n3.\nThe Stamp Duty Law (2013 Revision), in this Law referred to as \u201cthe\nprincipal Law\u201d, is amended in section 2 by inserting the following definitions in\ntheir appropriate alphabetical sequence -\n\u201c \u201cconnected person\u201d includes -\n(a)\nin the case of an individual, a relative or a person with whom the\nindividual contracts to provide building services to a third party\non behalf of the individual;\n(b) if the person is a director or a shareholder of a company or\npartner of a firm, another director or shareholder of that company\nor another partner of that firm or a relative of any of them;\n(c)\nif the person is a beneficiary, member, trustee, director, officer\nor employee of any legal entity (other than a company,\npartnership or firm), another beneficiary, member, trustee,\ndirector, officer or employee of any legal entity (other than a\ncompany, partnership or firm) or a relative of any of them;\n(d) if the person is a company -\n(i)\ncompanies and groups of companies who are connected in\nbusiness; or\n(ii) companies and groups of companies who have the same or\nsome of the same directors or shareholders or the same or\nsome of the same persons connected with such directors or\nshareholders;\n(e)\nif the person is a partnership or firm -\n(i)\na partnership or firm and groups of partnerships or firms\nwho are connected in business; or\n(ii) partnerships or firms and groups of partnerships or firms\nwho have the same or some of the same partners, or the\nsame or some of the same persons connected with such\npartners; and\n(f)\nif the person is a legal entity other than a company, partnership or\nfirm -\n(i)\na legal entity and groups of legal entities who are connected\nin business; or\n(ii) legal entities and groups of legal entities who have the same\nor some of the same beneficiaries, members, trustees,\ndirectors, officers or employees or the same or some of the\nsame persons connected with such beneficiaries, members,\ntrustees, directors, officers or employees;\n\u201cdevelopment scheme\u201d means -\n(a)\na scheme -\nAmendment of section 2\nof the Stamp Duty Law\n(2013 Revision )-\ndefinitions\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n8\n(i)\n to develop land by a seller (\u201cthe developer\u201d) where bare\nland is sold by that developer to any person (\u201cthe buyer\u201d);\nand\n\n(ii) there is a building agreement or any other similar agreement\n\nbetween the developer and the buyer that the developer or a\n\na connected person of the developer will develop that bare\n\nland into a house, strata condominium or other building for\n\nthat buyer or a connected person of that buyer; or\n(b) a scheme where there is planning approval relating to land for the\nconstruction of buildings;\n\u201clinked property transaction\u201d means -\n(a)\nthere are more than one transaction relating to the conveyancing\nand transfer of immovable property;\n(b) the transactions are between the same buyer and seller (\u201cthe\ndeveloper\u201d) or between their connected persons;\n(c)\npayment on each transaction can be made in one payment or\ndivided into two or more payments at the election of the buyer or\nthe developer; and\n(d) the transactions are part of a single arrangement or development\nscheme or part of a series of transactions; and\n\u201crelative\u201d in relation to a person, means a person\u2019s husband, wife, brother,\nsister, uncle, aunt, nephew, niece or other lineal ancestor or descendant,\nstep-child or adopted child;\u201d.\n4.\nThe principal Law is amended in section 20(6)(a) by inserting after the word\n\u201cwaive\u201d the words \u201c, refund\u201d.\n5.\nThe principal Law is amended in the Schedule as follows -\n(a)\nUnder the head of duty entitled \u201cCONVEYANCE OR\nTRANSFER of any immovable property\u201d by repealing\nparagraphs (10) and (11) and by substituting the following\nparagraphs -\n\u201c(10)\nNotwithstanding paragraph (2) where land (other\nthan land included in the Table to paragraph (1)) is transferred to\na person who is a Caymanian as a result of the purchase of that\nland by that person for the purpose of that person\u2019s first\nimmovable property-\n(a)\nthere is no charge to duty on the instrument effecting\nsuch transfer if -\nAmendment of section\n20(6 )- time for\nstamping of instruments\nAmendment of the\nSchedule\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n9\n(i)\nin the case of land with a building, the\nconsideration is $400,000 or less; or\n\n(ii) in the case of land without a building, the\n\nconsideration is $150,000 or less; and\n(b) duty at the rate of 2% of the consideration is\nchargeable on the instrument if -\n(i)\nin the case of land with a building, the\nconsideration exceeds $400,000 but\ndoes not exceed $500,000; or\n(ii) in the case of land without a building,\nthe consideration exceeds $150,000\nbut does not exceed $200,000; and\n(c)\nduty at the rate of 7.5% of the consideration\nis chargeable on the instrument if -\n(i)\nin the case of land with a building, the\nconsideration exceeds $500,000; or\n(ii)  in the case of land without a building,\nthe consideration exceeds $200,000.\n(11) Notwithstanding paragraph (2) where land (other than\nland included in the Table to paragraph (1)) is transferred to two\nor not more than ten persons who are Caymanian as a result of a\npurchase of that land by those persons where that land is the first\nimmovable property of each of those persons -\n(a)\nthere is no charge to duty on the instrument\neffecting such transfer if -\n(i)\nin the case of land with a building, the\nconsideration is $500,000 or less; or\n(ii) in the case of land without a building, the\nconsideration is $300,000 or less; and\n(b) duty at the rate of 2% of the consideration is\nchargeable on the instrument if -\n(i)\nin the case of land with a building, the\nconsideration exceeds $500,000 but does\nnot exceed $600,000; or\n(ii) in the case of land without a building, the\nconsideration exceeds $300,000 but does\nnot exceed $350,000; and\n(c)\nduty at the rate of 7.5% of the consideration is\nchargeable on the instrument if -\n(i)\nin the case of land with a building, the\nconsideration exceeds $600,000; or\n(ii)  in the case of land without a building, the\nconsideration exceeds $350,000.\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n10\n(12) The exemption afforded by this head of duty\nrelates only to property which a Caymanian is purchasing\nfor the first time in the Islands; and where the Caymanian\nhad purchased other property in the Islands but was not a\nCaymanian at the date of purchase, the exemption under\nthis head of duty shall not apply.\n(13) A grant of concession afforded by this head of\nduty shall be subject to such conditions as the Minister of\nFinance may think fit to impose in order to prevent\nexploitation of those provisions by persons who are not\nbona fide first time property purchasers.\n(14) For the purposes of this head of duty,\n\u201cCaymanian\u201d has the meaning assigned to it in the\nImmigration Law (2015 Revision).\u201d; and\n(b) by inserting after the head of duty entitled \u201cCONVEYANCE OR\nTRANSFER of any immovable property\u201d the following head of\nduty -\n\u201cCONVEYANCE OR TRANSFER of any immovable\nproperty within a development scheme and forming part of\na linked property transaction -\n(1) The charge to duty on a conveyance or transfer\nof immovable property which is part of a linked property\ntransaction is, where the total value of the linked property\ntransaction is $300,000 or less, 3% of the total value of the\nlinked property transaction.\n(2) The charge to duty on a conveyance or transfer\nof immovable property which is part of a linked property\ntransaction is, where the total value of the linked property\ntransaction is more than $300,000, 7.5 % of the total value\nof the linked property transaction.\n(3) The charge to duty on an agreement to convey or\ntransfer bare land in the first part of a linked property\ntransaction is, where the total value of the linked property\ntransaction is more than $300,000, 3.75% of the total value\nof the linked property transaction, payable within 45 days of\nthe date the agreement is first signed by the buyer.\n\nThe Stamp Duty (Amendment) Bill, 2018\n\n11\n(4) The charge to duty on a conveyance or transfer\nof immovable property in the second part of a linked\nproperty transaction is, where the total value of the linked\nproperty transaction is more than $300,000, 3.75% of the\ntotal value of the linked property transaction, payable within\n45 days of the date the conveyance or transfer is first signed\nby the buyer.\n(5) For the purposes of this paragraph, under a\nbuilding agreement or such other type of agreement, in\ncalculating the value of immovable property, the value shall\ninclude any fixtures on the developed land which is\nspecified in any such agreement in relation to that land such\nas tiles, plumbing and air condition units or other similar\nfixtures.\u201d.\n\nPassed by the Legislative Assembly the    day of                       , 2018.\n\nSpeaker.\n\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:41:23.88789+00","cms_id":"2018-0037","law_type":"bill","year":"2018","number":"37","title":"Companies (Amendment) Law 2018","status":"bill"},"provenance":{"files":[{"file_id":"6964","expr_id":"2165","kind":"akn_xml","filename":"2018-0037.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2018\/2018-0037\/2018-0037.akn.xml","content_md5":"cf1f45ce2b4a622458310fcc69497615","byte_size":"19519","http_last_modified":null,"fetched_at":"2026-06-22 15:41:23.955248+00"},{"file_id":"4329","expr_id":"2165","kind":"pristine_pdf","filename":"2018-0037.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2018\/2018-0037\/2018-0037.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2018\/2018-0037\/2018-0037.pdf","content_md5":"fac1363f3a6b514a1515ab348d5b532e","byte_size":"133828","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.263089+00"},{"file_id":"4330","expr_id":"2165","kind":"working_pdf","filename":"2018-0037.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2018\/2018-0037\/2018-0037.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2018\/2018-0037\/2018-0037.pdf","content_md5":"fac1363f3a6b514a1515ab348d5b532e","byte_size":"133828","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.263089+00"}],"paragraph_count":23,"latest_history":null},"quality":{"expr_id":"2165","doc_id":"2165","quality_state":"known_issue","quality_score":"51","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; 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