On Friday, Deputy Premier Paula Cox announced the waiver of stamp duties for first time home buyers purchasing property for less than $750,000 a year. Minister Cox:

I rise this morning to inform Honourable Members about the publication of the Stamp Duties Regulations 2009. These Regulations amend the Stamp Duties Act 1976 and introduce an exemption from the payment of stamp duty on the conveyance of a property for a purchase price of $750,000 or less to a first time homeowner.

Mr. Speaker, Government signaled its intent to bring forth this measure in the 2009/10 Budget Statement. The measure is intended to provide some relief to first time homeowners and to stimulate sales of properties in that price range in these very difficult economic times.

Government considers it to be in the public interest to institute such a measure as it promotes the economic welfare of Bermudians. Indeed it is also part of Government’s social policy agenda.

The dream of home ownership is something that this PLP Government wants to put within reach of more Bermudians. This stamp duty relief will go a long way toward helping put more Bermudian families into their own homes. Bermuda is only 21 square miles and we are committed to making sure that as many Bermudians as possible can own a piece of our treasured rock to call their own.