STAMP DUTIES & TAXES
REAL PROPERTY TAX
With a value that does not exceed $500,000 a tax rate of 1% is applied to the market value.
In excess of $500,000, a rate of 2% of the market value of the property is applied.
Property owned by Bahamians and situated in the Family Islands is exempt from property tax. Property approved as commercial farm land (by the Minister of Agriculture and Marine Resources, and the Minister Finance) may be eligible for property tax exemptions.
Unimproved property owned by Bahamians, meaning property without physical additions or alterations, or any works benefitting the land which have not increased the market value thereof by $5,000 or more;
Places of religious worship; school buildings and their gardens and playing areas;
Property owned by foreign governments;
Property owned by foreign nations used for consular offices or residences of consular officials and employees;
Property used exclusively for charitable or public service from which no profit is derived.
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 $1,500,000. or more – and promised by Government to be responded to in 21 days providing all the necessary documentation has been presented to the Ministry of Immigration at the time of the application.
ANNUAL HOMEOWNERS RESIDENCE CARD
Available to any homeowner in the Bahamas. Obtained from the Director of Immigration, it allows the permit holder, and family, to enter and remain in The Bahamas for the period of the permit.
SHIPPING FURNITURE AND HOUSEHOLD ITEMS
Easily handled by a shipping or airfreight company which makes moving and decorating quite easy.
Local banks offer Bah$ and US$ Mortgages to finance the purchase of a home or property in the Bahamas.