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(CNS): The Cayman Islands Government is rolling out a new stamp duty concessions package for Caymanians buying property, including second homes or a piece of land. Speaking in parliament last week, just moments before the resignation of his labour minister, who criticised the premier for what he said were his poor leadership skills, Wayne Panton detailed the expanded duty exemptions for local people.
The new deal revises the existing concessions for prospective local homeowners, which Panton said would save them tens of thousands of dollars in duties, making it easier for more Caymanian families to own their own homes. Wearing his minister of finance hat, Panton explained that the plan expands the threshold for concessions to buy either raw land or residential property and introduces a new tier of concessions for Caymanians purchasing a second property.
Caymanians purchasing their first parcel of raw land valued up to CI$250,000 will pay no stamp duty. Where the…
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