Bahamas Real Estate Taxes and Fees
Here are the various Bahamas real estate taxes and fees that you will have when you purchase Bahamas real estate property. Inclusive of Bahamas Government Stamp Tax, Bahamas Real Estate Commissions, Bahamas Real Estate Legal Fees and Bahamas Real Property Tax / Bahamas Real Estate Tax.
Bahamas Real Estate Taxes and Fees
Bahamas Government Stamp Tax on Property Conveyances
A graduated government stamp tax is payable on the conveyance of all real estate 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 Bahamas real estate Government stamp tax.
Bahamas 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 the Bahamas real estate commissions.
Bahamas Real Estate Legal Fees
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.
Bahamas Real Property Tax / Bahamas Real Estate Tax and Fees
Unless otherwise exempted:
Bahamas Real Property Tax is charged annually at a rate of 3/4% of the full market value of all real estate property from $250,000 to $500,000
On that portion in excess of $500,000 the rate of real estate tax is 1% of the full market value of the property.
For owner occupied Bahamas real estate 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.
- For unimproved property owned by a non-Bahamian the first $3,000 of the full market value is $30.
- For unimproved property owned by a non-Bahamian the rate of tax is 1% of the full market value ranging from $3,000 to $100,000.
- In excess of $500,000, the rate of tax is 1.5% of the full market value.
***The maximum annual Bahamas real estate property tax shall not exceed $35,000.
Got Question about the cost and fees for buying, selling or leasing Bahamas real estate tax and fees just ask Glenn directly at 1-242-327-2453 or 1-501-588-4621 or email:glenn@wwongrealty.com
![](“http://luxury-homes-bahamas.com/wp-content/uploads/2012/10/Caves-Height-.jpg")
