Parliament Approves Higher Stamp Duty on Multi‑Million‑Dollar Property Deals

Parliament has approved an increase in stamp duty on high‑value property transfers, raising the rate from 7.5 to 10 percent on deals worth two million dollars or more. Government says the measure, part of its 2026–27 budget, is designed to bolster revenues without affecting ordinary Caymanian homebuyers.

Finance Minister Rolston Anglin described the change under the Landholding Companies Share Transfer Tax Amendment Bill as a targeted adjustment aimed squarely at the top end of the property market. He told lawmakers that stamp duty revenue continues to perform strongly, with collections far exceeding previous expectations.

“The audited financial results for 2024 show that government collected $88.7 million in stamp duty on property transfers, compared to a budgeted $67.5 million,” he said. “Further analysis shows that more than 40 percent of this came from properties valued at two million dollars and above.”

Mr. Anglin said keeping the duty increase confined to those transactions ensures “the ordinary person” is not unduly burdened. He added that buyers at that level can reasonably be asked to contribute more.

Bodden Town West MP Chris Saunders backed the sentiment, arguing that many high‑net‑worth individuals have benefited significantly from investing in Cayman. “We’ve had people come into this country and become millionaires overnight and don’t want to pay anything,” he said, contending that the middle class often bears the heaviest tax load.

Deputy Leader of the Opposition, Kenneth Bryan, while not opposing the bill, cautioned that developers of mid‑range housing might face higher land costs that could filter down to buyers. He also called for more independent economic analysis ahead of future changes to fees and taxes.

Both sides agreed on the need to maintain stable revenues to support key public services as Cayman navigates ongoing economic growth and infrastructure demand.