What is the fee payable for the transfer of lands and mortgage payments in the Cayman Islands?

What is the fee payable for the transfer of lands and mortgage payments in the Cayman Islands?

• A. Property Tax
• B. Land Transfer Tax
• C. Stamp Duty
• D. Mortgage Fee

Answer: (C)

The correct answer is Stamp Duty, which is a fee imposed on the transfer of ownership of properties and mortgages in the Cayman Islands. This tax is typically calculated based on the sale price of the property or the mortgage amount. In the context of real estate transactions within the Cayman Islands, Stamp Duty serves as a crucial aspect of the process, ensuring that the government collects revenue on property transfers. It is important for individuals engaging in property transactions to be aware of this duty, as it can significantly affect the overall cost of purchasing or remortgaging a property. Other types of fees mentioned in the choices, such as Property Tax, Land Transfer Tax, and Mortgage Fee, may relate to different aspects of property ownership or mortgage servicing but do not specifically denote the tax levied on the transfer or mortgage of land in the same way that Stamp Duty does. Property Tax typically refers to taxes based on property ownership rather than the act of transferring property. Land Transfer Tax is not a common term used in the Cayman Islands for this context, while Mortgage Fee generally pertains to fees associated with obtaining or managing a mortgage rather than the transfer process itself.

The correct answer is Stamp Duty, which is a fee imposed on the transfer of ownership of properties and mortgages in the Cayman Islands. This tax is typically calculated based on the sale price of the property or the mortgage amount.

In the context of real estate transactions within the Cayman Islands, Stamp Duty serves as a crucial aspect of the process, ensuring that the government collects revenue on property transfers. It is important for individuals engaging in property transactions to be aware of this duty, as it can significantly affect the overall cost of purchasing or remortgaging a property.

Other types of fees mentioned in the choices, such as Property Tax, Land Transfer Tax, and Mortgage Fee, may relate to different aspects of property ownership or mortgage servicing but do not specifically denote the tax levied on the transfer or mortgage of land in the same way that Stamp Duty does. Property Tax typically refers to taxes based on property ownership rather than the act of transferring property. Land Transfer Tax is not a common term used in the Cayman Islands for this context, while Mortgage Fee generally pertains to fees associated with obtaining or managing a mortgage rather than the transfer process itself.