Stamp Duties Amendment (No. 2) Act 2023

What this bill does

This bill changes stamp duty rules to help first-time homebuyers in Bermuda. It increases the exemption from $750,000 to $1,000,000, meaning first-time buyers won't pay stamp duty on the first $1 million of their home's purchase price, and it also reduces stamp duty costs for mortgage transfers and refinancing.

If passed (voted YES)

• First-time homebuyers won't pay any stamp duty on homes costing up to $1 million (previously only $750,000)
• First-time buyers purchasing homes over $1 million will save money by not paying stamp duty on the first $1 million portion
• Homeowners transferring or refinancing mortgages will pay reduced stamp duty, with no fees on the first $1 million of the mortgage amount

If rejected (voted NO)

• First-time homebuyers would continue paying stamp duty on home purchases over $750,000
• The current higher stamp duty rates for mortgage transfers and refinancing would remain unchanged
• Homebuying costs would stay at current levels, potentially making homeownership less affordable for first-time buyers

Who it affects

This primarily benefits first-time homebuyers looking to purchase property in Bermuda, especially those buying homes between $750,000 and $1.5 million. It also helps existing homeowners who want to transfer or refinance their mortgages.