BUYING OWNERSHIP & COSTS Bahamas Real Estate

STAMP DUTY

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

Stamp Duty on transactions valued at:

  • $20,000.00 or less 4% *
  • $20,001 to $50,000.00 6% *
  • $50,001 to $100,000.00 8% *
  • $100,001 to $250,000.00 10%*
  • $250,001 and over 12%*
  • First time purchasers of dwelling houses (includes condos) in the Bahamas valued at $500,000 and less (to be used exclusively by the owner as a first-time dwelling), may apply to the Minister of Finance for an exemption of the Government Stamp Tax.

    • *Buyer only responsible for one half

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: 0%
  • On the portion of value between $250,000 and $500,000: 0.75%
  • On the portion of value between $500,000 and $5,000,000: 1%
  • On the portion of value In excess of $5,000,000: 0.25%

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 - and promised by Government to be responded to in 21 days providing all the necessary documentation has been presented to the Ministry of Immigration at the time of the application.

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.

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 OVER 66 YEARS SINCE 1945.


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