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Support for Form RL 5: Transfer of Profit

 

Form Required Forms

RL 5 Transfer of Profit
(PDF, 89 Kb, 2 pages)

Document Submission Log
(PDF, 184 Kb, 2 pages)

Use this form:

When you are transferring a right to take the profits from land to another person or entity, such as produce, minerals or animals.  Typical rights include grazing rights and mineral / quarrying extraction. 


Submission Requirements

In submitting this form you should enclose the following (where applicable):

  • Completed submission record, ensuring checklist to the rear of the form is completed
  • Copy of Certificate of Good Standing (companies only)
  • Permission to hold property from Minister of Finance (exempt companies only)
  • Removal of any Restrictions or Cautions (if required)
  • Waiver letter from Minister of Finance (if applicable)
  • Copy of birth/marriage certificates for related parties (if Transfer is for Natural Love & Affection)

Once signed the form should be submitted to the Lands & Survey Department within 45 days of first signature, unless signed outside of the Cayman Islands , to avoid the accrual of late submission penalties.


Fees

Type Registration Stamp Duty
Standard Transaction CI $50
(US $60.97)
Ad-Valorem Duty based on consideration or Market Value, whichever is higher
Transfer for Natural Love and Affection CI $50
(US $60.97)
CI $50
(US $60.97)


Forms (Mandatory)

RL Form must be completed in Duplex format. If you do not have a Duplex Printer, print page 1, reinsert the page to the paper tray, and print page 2.

When completing the RL form ensure that:

  • Full names are stated (or as recorded on the existing Register), with signatures witnessed by a Justice of the Peace, Notary Public or member of authorised Land Registry staff, and correctly dated. Notary Public’s whose commissions do not expire must state so on the Registration Form
  • Full address is stated for the Purchaser, including postal / zip code
  • Amendments are initialed by all parties. The use of correction fluid is not permitted

Information on Specific Transaction Types

    Natural Love and Affection
  • For a transaction to be effected by Natural Love and Affection, no consideration (financial or otherwise) must pass
  • Profits may pass for natural love and affection between:
    • Father or Mother to Daughter or Son
    • Brother and Sister, providing that they have the same parent
    • Grandfather or Grandmother, and Grandson or Granddaughter
  • Profits may pass between extended family members in a single transaction providing that evidence of the relationship chain can be shown. The Stamp Duty fee shall apply separately to each ‘link’ in the relationship chain. i.e., a Transfer from Uncle to Niece would be considered as Uncle – Mother (CI $50), Mother – Daughter (CI $50). No further Registration Fees would be applied.