Costs and Fees
Bahamas Government Stamp Tax on Property Conveyances
A graduated tax is payable on the conveyance of all real property in the Bahamas based on the selling price:
Up to and including $20,000- 2%
From $20,000.01-$50,000.00-4%
From $50,000.01-100,000.00-6%
From $100,00.01-250,000.00-8%
Over $250,000.01-10%
Buyer and seller normally split the Government stamp tax.
Real Estate Commissions
Unimproved property: 10% of the sales price.
Improved property: 6% of the sales price,
Commercial property or building:6% of the sales price
Business: 10 % of the sales price.
Seller is normally responsible for real estate commissions.
Legal Fees in the Bahamas
Legal fees can vary, but average around 2.5% of the selling price of the property. There is also a small recording fee when the title deeds are recorded at the Public Registry.
Buyer and Seller are normally responsible for their own attorney fees.
Real Property Tax
Unless otherwise exempted:
Property Tax is charged annually at a rate of 3/4% of the full market value of the property from $250,000 to $500,000
On that portion in excess of $500,000 the rate of tax is 1% of the full market value of the property.
For owner occupied property the first $250,000 is tax exempt.
Unimproved property is tax exempt if owned by a Bahamian.
Property owned by a Bahamian in the family islands is also tax exempt.
The maximum annual tax for a property shall not exceed thirty five thousand dollars.
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ERA Dupuch Real Estate Bahamas.
Bahamas Real Estate.
1000 Island Properties. Single source directory of Bahamas Real Estate listings.Offering luxury homes, beachfront property, residential real estate
and commercial real estate in the Bahamas.
Offices in Nassau, Hope Town Abaco, Marsh Harbour Abaco
The Bahamas Property Specialists.
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