Buyers and Sellers
First time property buyers who are not Bahamian will only have to register their purchase with the government. This is if the property is less than 5 acres and will be used for a single family residence. If a Non-Bahamian is purchasing property that will be used for commercial or multi family and/or is larger than 5 acres, one would need to apply to the government for a permit. Not too worry. This is something that I as well as your attorney will help you with.
Government Stamp Duty is payable on all property conveyance. This is on a graduated scale for the following values:
• Up to and including $20,000.00 – 2%
• $20,001 to $50,000.00 – 4%
• $50,001 to $100,000.00 – 6%
• $100,001 to $250,000.00 – 8%
• $250,001 and over – 10%
The Government Stamp Duty is generally and equally shared between Seller and Buyer.
Bahamians, who are first time home owners are exempt from Stamp Duty if the house is valued under $500,000.
The Real Estate Commission Rates are set by the Bahamas Real Estate Association.
Undeveloped Land- 10%
Developed (homes, town houses etc)- 6%
Legal fees are assumed at 2.5%
The first $500,000 on owner occupied property belonging to Bahamians and Permanent Residents is exempt from property taxes.
The portion over $500,000 is 1% annually
Unimproved Property-
On the part of the market value that does not exceed $3,000 -$30.00
On the part that exceeds $3,000 but not $100,000- 1% annually
On the portion above $100,000- 1.5% annually
For Other property including the ones that are not owner exempt-
The part of the value that does not exceed $500,000- 1% annually
The part of the value that exceeds $500,000- 2% annually
Those who invest in excess of $500,000 will receive special consideration for permanent residency.
