News
Stamp Duty Exemption Extended
August 11, 2009
The Office of the Tax Commissioner has issued a notice as follows:
Effective June 26th, 2009, relating to the exemption from Stamp Duty for first time home owners where the purchase price is $750,000 or less, the Minister of Finance, the Hon. Paula A. Cox, JP, MP has issued a statement as follows:
"Upon reflecting further on the intent of the policy which was to assist qualifying Bermudians in making their first real estate purchase, I was persuaded that it was not fair to exclude a Bermudian from the benefit on the basis that he or she was married to a non-Bermudian.
Accordingly, I am pleased to announce that the Regulations have been amended so that Bermudians with non-Bermudian spouses may apply for the benefit. In the event that all of the other conditions are met - none of which have been changed - then their applications should be successful."