The Valuation & Estates Office (VEO) provides a comprehensive range of professional valuation and real estate services to Government. It comprises a small professional team of Chartered Surveyors who are members of the Royal Institution of Chartered Surveyors – the RICS – which is one of the most respected and high profile global organisations representing qualified property professionals who are involved in land valuation, real estate, construction, planning and environmental matters. The RICS is an independent, not for profit organisation whose purpose is to maintain and uphold the professional standards of its members worldwide.
The VEO undertakes the following functions:
The assessment and adjudication of the valuation of land and buildings for Stamp Duty purposes under the Stamp Duty Law and Land Holding Companies Share Transfer Tax Law. The VEO has collated extensive records on all property transfers by way of purchase or lease that have occurred on the three Cayman Islands. Stamp Duty advice, fees and general information is available on the Stamp Duty information page.
All valuation work is undertaken by the VEO on behalf of the Government for the acquisition or disposal of property under The Governor (Vesting of Lands) Law & The Lands Acquisition Act.
The VEO, acting as agent of the National Roads Authority, provide compensation estimates for road schemes. In accordance with the Provisions of the Roads Law (2005 Revision), the VEO working closely with the Survey Section negotiates and settles claims with Land owners affected by new road schemes. Road Claims guidance, forms and general information is available on the Road Compensation information page.
Acquisition of Property and Leases
The VEO acquires both land and buildings for the Government by way of negotiated agreement and also procures all rented accommodation for Government Departments.
Disposal and Letting of Crown Land
All Crown property that is surplus to Government requirements is sold or let by the VEO to the private sector.
The VEO manages the Crown Estate of owned and leased properties, carrying out lease renewals and rent reviews for other Government Departments, Ministries & Portfolios and deals with licences, rights of way & easements.
General Property Advice
The VEO is responsible for providing general professional property advice to Government Departments, the Statutory Authorities, Ministries and Portfolios but regrettably is unable to provide professional advice to any external companies, organisations or individuals.
Government Property Valuation Panel
The VEO appoints private sector valuation firms to undertake valuations on behalf of the Government.
The firms listed below have demonstrated that they meet the minimum professional qualification and experience criteria and have been re-appointed to the Cayman Islands Government Valuation Panel for the 2016/2017 financial period:
- BCQS International
- DDL Studio
- Integra Realty Resources (IRR) - Caribbean
- JEC Property Consultants Ltd.
- Bould Consulting Ltd.
- Blue Point Consultants Ltd.
- Quayside Surveyors
- Paul Key Valuers
In order to be included on the Valuation Panel, each firm has undertaken that all valuations are to be completed by RICS Registered Valuers and that each report must be countersigned by appropriately qualified Chartered Valuation Surveyors.