BUYING OWNERSHIP & COSTS Bahamas Real Estate

STAMP Tax

All real estate transactions in the Bahamas are subject to a Government Stamp Tax. This is essentially a transfer tax levied on all property sales. The buyer is responsible for paying one half of this Tax and the seller is responsible for paying the other half.

Stamp Tax on transactions valued at:

  • $20,000.00 or less 4% *
  • $20,001 to $50,000.00 6% *
  • $50,001 to $100,000.00 8% *
  • Exceeds $100,000.00 10%*

    • *Buyer only responsible for one half unless otherwise stated.

ANNUAL REAL PROPERTY TAX

The Annual Real Property is based upon the most recent selling price of the property. On residential owner-occupied properties the graduated rate of taxation is as follows:

  • The first $250,000 of value: Exempt
  • On the portion of value between $250,000 and $500,000: 0.75%
  • On the value more than $500,000: 1%
  • Maximum tax payable annually: $50,000

VACANT LAND

  • On the portion of value that does not exceed $7,000: $100.00
  • On the portion of value which exceeds $7,000: 1.5%

LEGAL FEES

Both buyer and seller need legal representation by a Bahamian attorney.

REAL ESTATE COMMISSIONS

  • Developed property: 6%
  • Undeveloped property (vacant land): 10%

PERMANENT RESIDENCE STATUS

Overseas persons investing in a residence valued at $500,000 and over, may apply to the Department of Immigration for Permanent Residency status. Holding a Permanent Residence certificate can lead to significant tax advantages in your home country. Accelerated Consideration for a Permanent Residence certificate is offered to Purchasers of residences (homes or condos.) of $1,500,000. or more.

ANNUAL HOMEOWNERS RESIDENCE CARD

Available to any homeowner in the Bahamas. Obtained from the Director of Immigration, it allows the permit holder, and family, to enter and remain in The Bahamas for the period of the permit.

SHIPPING FURNITURE AND HOUSEHOLD ITEMS

Easily handled by a shipping or airfreight company which makes moving and decorating quite easy. A detailed inventory of items with appoximate value is needed and we suggest using local customs prior to clearing your items.

FINANCING

Local banks offer Bah$ and US$ Mortgages to finance the purchase of a home or property in the Bahamas.

DAMIANOS SOTHEBY'S INTERNATIONAL REALTY - LIKE NO OTHER

BUILDING LONG LASTING RELATIONSHIPS WITH SELLERS & BUYERS SINCE 1945.


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