(CMR) As part of strategies to yield additional revenue for 2024 and 2025, the United People's Movement is contemplating increasing the stamp duty for “high-end” geographical areas in Grand Cayman.
This announcement was made by Premier Hon. Juliana O'Connor-Connolly during her budget presentation last Friday, 8 December.
CMR understands that on the high end, the increase could be by 15%, while on the low end, it could be by 10%.
This announcement has caused concerns among local developers and realtors, some of whom have reached out to CMR. While many Caymanians may not purchase these properties, its effects could eventually trickle down to Caymanians. This price could become less attractive for buyers as stamp duty comes directly out of pocket because banks do not cover stamp duty.
The increased stamp duty will be among new revenue measures projected to yield additional revenues of $52.0 million in 2024 and $80.0 million in 2025.
Other measures include administrative and regulatory-related fees, which are charged by the General Registry, the Department for International Tax Compliance, the Cayman Islands Monetary Authority, and the Department of Commerce and Investment.
The Government is also looking to increase work permit application fees; the import duty rate on hybrid and electric vehicles with a value of more than $70,000; and the environmental tax payable with respect to hybrid and electric vehicles with a cost, insurance, and freight value (CIF) of $80,000 or more.
The measures also include an increase in Customs fines and procedural fines; and an increase in the fees for immigration-related visas and extensions.