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WITH EFFECT FROM OCTOBER 1ST 2008, the stamp duty applicable on deeds executed for the transfer of residential properties will be as follows –

RESIDENTIAL PROPERTY – LAND ONY

The sale of residential land valued at $450,000 or less shall be EXEMPT from Stamp Duty.

  • For every dollar of the first $200,000 in excess of $450,000 – 2%
  • For every dollar of the next $200,000 in excess of $650,000 – 5%
  • For every dollar thereafter in excess of $850,000 – 7%

RESIDENTIAL PROPERTY – LAND + A DWELLING HOUSE (APARTMENT, CONDO, VILLA, TOWN HOUSE etc)

The sale of residential properties valued at $850,000 or less SHALL BE EXEMPT from stamp duty.

The following rates of stamp duty SHALL BE payable on the sale or other disposal of residential properties (with dwelling house) whose values exceed $850,000:

  • For every dollar of the first $400,000 in excess of $850,000 – 3%
  • For every dollar of the next $500,000 – 5%
  • For every dollar thereafter – 7.5%

N.B: RATES FOR COMMERCIAL / AGRICULTURAL PROPERTIES REMAIN UNCHANGED.

The amount of stamp duty is usually a percentage of the value of the transaction you are undertaking.

Your attorney usually prepares the documents that require stamping and will make payment on your behalf.  The documents are presented to the Inland Revenue Division by the attorney for stamping together with the necessary fees. The documents will be processed & stamped.

You must pay Stamp Duty when buying real estate or a home.  Your attorney that is involved in these transactions can tell you which documents require stamping.

Stamp Duty is a tax that you must pay when carrying out certain transactions that require legal documents. Deeds of Conveyance, Deeds of Mortgage, Release of Mortgage Loan, Deeds of Lease, and any other deeds, require “stamping”, which means you must pay duty.