Bahamas Real Estate Information
Listed below are some things that you should know about buying and selling real estate here in the Bahamas.
click for full size view
Government Stamp Tax
Paid on every sale and split equally between buyer and seller unless otherwise agreed upon. The rate is as follows, on any sale:
- Up to $20,000 - 4%
- From $20,000 to $50,000 - 6%
- From $50,000 to $100,000 - 8%
- From $100,000 and over - 10%
- 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.
Real Property Tax
Owner Occupied
- First $250,000 - 0%
- $250,000 to $500,000 - 0.75%
- $500,000 to $5 Million - 1%
- Amount over $5 Million over - 0.25%
Other Property
- First $500,000 - 1%
- Amount over $500,000 - 2%
Vacant Land
- Up to $7,000 - $100
- Amount over $7,000 - 1.5%
Legal Fees
Both buyer and seller need legal representation by a Bahamian attorney. The Bahamas Real Estate Association suggests that you should expect to pay 5% of the purchase price for Legal Fees, that would be 2.5% for the Seller and 2.5% for the Buyer. If both the Buyer and the Seller use the same attorney you can expect to pay a lower fee.
Real Estate Commissions
Paid By The Seller
- Developed Property - 6%
- Undeveloped Property (Raw 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.
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.