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Relief for first-timers: Stamp duty concessions head to LA

Government is planning to make changes to the Stamp Duty Law to help Caymanian first-time buyers get on the property ladder.
An amendment to the law is to be introduced in the LA’s November session and it is seeking a substantial increase in the threshold for stamp duty concessions.
The proposed amendment will raise the threshold on raw land purchases from $100, 000 to $150, 000 and from $300,000 to $400,000 for apartments, condos, or houses.
“So we are raising the thresholds to ensure that because of the increase in prices in real estate over the years. It was proving, I think, to be difficult for people to find properties in the price range where they were looking at in order to gain full advantage of the exemptions,” said Hon. Roy McTaggart, Finance Minister.
For raw land purchases between $150,000 – $200,000 first time buyers will pay a two percent stamp duty.
That two percent rate will also apply for built-up properties valued from $400, 000 to $500, 000.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 18 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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