Topic: concessions

Almost 900 Caymanian families were able to get their foot on the first rung of the housing ladder through government's stamp duty waiver for first time home buyers.

It is time for Cayman, its elected representatives and its people, to think of some fresh ideas to address the jurisdiction's housing crisis.

Premier Wayne Panton on Friday announced a plan to raise property values for full stamp duty exemptions for Caymanian first-time home buyers.

In recent weeks and months, several policy ideas have been bandied about, from establishing a body to control interest rates, to setting a new minimum wage for the islands, to formalising how import concessions are done. Simon Cawdery takes a look at a number of these policy ideas in a bid to sort out the wheat from the chaff.   

I read with great interest your recent special report on development concessions in the Cayman Islands. While I generally feel the less government involvement...

The building boom that has seen more than a dozen 10-storey office, condo and hotel buildings spring up across Grand Cayman over the past few years has been encouraged and incentivised by the policy decisions of successive governments.

Grand Court Judge Richard Williams has awarded no costs in relation to a legal challenge made last year by Doctors Hospital against the government over duty waivers and other concessions given to Health City.

Government is looking to revisit the granting of concessions to stimulate construction projects after a $350 million drop in development-generated revenue and a decline in planning applications.

Members of the Public Accounts Committee on Wednesday questioned officials on why government still does not have an official policy in place for granting duty waivers and concessions.

The Finance Ministry has been ordered to release documents detailing concessions granted by government for major development projects dating back from 2017.

Doctors Hospital is taking legal action against government over what it describes as “vast and unilateral” financial concessions offered to both Health City and Aster MedCity, a new $350 million hospital planned for West Bay.

After years of repeated calls for a formal policy on government concessions, it appears an official framework to regulate how waivers are granted and who gets them may be making its way to Cabinet for consideration.

Government is investigating the possibility of structured concessions for the development industry to incentivise affordable housing construction.