Tag: duty concessions
Caymanians offered significant stamp duty waivers
(CNS): The Cayman Islands Government is rolling out a new stamp duty concessions package for Caymanians buying property, including second homes or a piece of land. Speaking in parliament last week, just moments before the resignation of his labour minister, who criticised the premier for what he said were his poor leadership skills, Wayne Panton […]
Duty waivers extended for wealthy developer
(CNS): The wealthy developer behind the Watermark Cayman Residences, one of a series of luxury Seven Mile Beach condos, has been given an extension on the generous duty concession package for the project. Finance ministry officials told CNS that not all of the 100% waiver on over $8.2 million worth of materials had been used […]
Gov’t cuts duty on energy-efficient goods
(CNS): The government has cut the duty on a range of energy-efficient devices and materials to encourage the insulation of homes to reduce electricity consumption. The Customs and Tariff Act will be amended to eliminate the duty for spray polyurethane foam insulation, polyurethane foam sheets, low e-film for windows, smart thermostats and smart home energy […]
Angry Beach Bay residents rail against developers
(CNS): Residents in the Beach Bay area expressed their anger and frustration over a proposed major resort development in their quiet residential community when they came face to face with a representative for the overseas developers at a meeting Tuesday evening. The ever-changing hotel project by SJP Development first received planning permission in 2017 but […]
PACT preparing new policy on duty waivers
(CNS) The Cayman Islands Government is working on a new policy that is likely to upend the traditional approach to duty waivers and other concessions. Premier Wayne Panton told CNS that past administrations had given up revenue in exchange for jobs or to boost economic activity. But Cayman’s priorities have changed, he said, and PACT […]
QC argues hospital case has no business in court
(CNS): Doctors Hospital has brought an academic question to the court challenging the government’s deals with two medical tourism facilities but it has no standing to bring any legal case, Tom Hickman QC argued on Wednesday. The British lawyer has been hired by the Attorney General’s Chambers to respond to the judicial review brought by […]
IT millionaire seeks winding up of 7MB resort
(CNS): IT millionaire Jerry Beck, who successfully sued the developers of the Margaritaville Resort (now Palmar) on the West Bay Road, is seeking the winding up of MV Cayman Ltd, which owns the resort. Known as HHG Cayman Ltd when it redeveloped the Old Treasure Island Resort, MV Cayman Ltd is owned by Hugh Hart, […]
Pageant Beach Hotel got CI$10M duty waiver
(CNS): Documents released by the finance ministry have revealed that the developers behind the proposed hotel on the Pageant Beach site in George Town were given a 100% duty waiver on the project for up to $10 million worth of goods. CNS has been battling for a year to get access, via a freedom of […]
Environment fund lost $$$ on Beach Bay coastal works
(CNS): The Environmental Protection Fund is missing tens of thousands of dollars because the relevant coastal works fees for a proposed hotel were waived due to a concession deal between the developers and the Cayman Islands Government. The controversial Beach Bay project in the Lower Valley area, which has advanced very little over the six […]
Dart gets waivers on decade old Ryan deal
(CNS): Fujigmo, a company once owned by Michael Ryan, the developer of the Ritz-Carlton, Grand Cayman, was still receiving duty concessions on golf carts and materials for the North Sound Golf Club a decade after the deal was signed with government relating to the SafeHaven development. Dart now owns the club, and although the original […]
Local boutique B&B struggled for concessions
(CNS): The local owner of The Cottages, a small boutique style B&B resort in East End, battled to get modest duty concessions for her development, even as some of Cayman’s wealthiest developers were getting concessions worth millions of dollars. During the course of Cayman News Services’s efforts to get government to release all of the […]
