Import duty concessions on Cayman building materials extended for six months
Construction material duty concessions in Cayman are extended for another six months
Land investments experts Crown World (http://www.crownworld.com/) can reveal that the import duty concessions on building materials coming into the Cayman Islands will be extended for another six months. This move, which further stimulates economic activity on the Islands, means that imports of building materials to Grand Cayman will be charged a flat rate of 15% for the period 1 July to 31 December, 2012, instead of the usual 22%, while imports to Cayman Brac and Little Cayman will be 100% duty free.
The six month extension on the building material duty cut, which was announced by Premier McKeeva Bush on Thursday 5th July, 2012, was welcomed by analysts and economists, and is sure to be encouraging news for those looking to buy land in the Cayman Islands. The fact that there is little or no duty to pay on building materials (defined as “All physical components and substances, whether solid or liquid, used in the construction, renovation or restoration and forming a permanent part of any building or related structure.”) will make any construction, development or renovation on the Islands that much more financially attractive.
Premier Bush stated that, “The extension of these concessions is consistent with the Government’s on-going efforts to stimulate growth in the economy...I encourage all developers and other stakeholders to accelerate their construction activity during this further concessionary period.” Stakeholders, indeed, such as those purchasing Cayman land for sale in order to construct, invest and profit.
While Grand Cayman may be the largest and most populated Island, the zero duty on building materials imported to its smaller sister Islands may just pique the interest of the land investor. Those who have previously purchased land investments in Little Cayman and Cayman Brac and who are now poised to start construction will certainly benefit from this six month extension on duty concessions.
To find out how you can profit from investing in Caribbean land, visit the informative Crown World website at http://www.crownworld.com/.
