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Joey Hew’s Motion Paved the Way for Expanded Stamp Duty Relief for Caymanians

Joey Hew’s Motion Paved the Way for Expanded Stamp Duty Relief for Caymanians
04 February 2025, 05:12 AM
Politics & Government

More Caymanians will now have a fairer chance at homeownership following expanded stamp duty concessions that build on the private member’s motion introduced by Opposition Leader Joseph “Joey” Hew.

Hew led the charge last year by bringing forward a motion that broadened stamp duty relief for Caymanian buyers, making it easier to purchase first and second homes. The new regulations go further by extending these concessions island-wide, including the Seven Mile Beach corridor and other areas that were previously excluded from duty relief, such as parts of Eastern Avenue and South Church Street. These areas, historically exempt from stamp duty concessions, now provide Caymanians with expanded opportunities to purchase homes with reduced financial barriers.

The updated policy also raises the threshold for duty-free home purchases. Caymanian first-time buyers can now secure homes up to $550,000 ($600,000 for couples or small groups) without paying stamp duty. For purchases exceeding these thresholds, Caymanians will pay half the previous stamp duty rate, as the duty has been reduced from 7.5% to 3.75%. This 50% reduction significantly lowers upfront expenses, making it easier for Caymanians to take the first step toward owning a home.

Hew welcomed the expansion but emphasized that more must be done to address broader housing affordability issues.

“I’m pleased to see the government expand on the proposal we put forward in Parliament last year, and I will continue advocating for policies that reduce the financial burden on our people. Cutting stamp duty in half for many Caymanians is a step in the right direction, but it is only one piece of the puzzle. Homeownership should be within reach for every Caymanian, not just a privilege for a few.” Hew said.

The solutions-focused PPM will continue putting forward comprehensive housing policies that go beyond tax relief. The party encourages Caymanians to take advantage of the expanded concessions while also engaging in the broader conversation about sustainable housing solutions for Caymanians.