FEES AND COSTS
GOVERNMENT TAXES ON CONVEYANCES
Government taxes are usually shared equally between buyer and seller in The Bahamas unless otherwise agreed.
First-time home buyers who are Bahamian citizens:
Long Term Leases:
A 10% Value Added Tax (VAT) is charged on real estate services, including appraisals, legal work, commissions, and insurance. Laws and policies are subject to change.
Both buyer and seller need legal representation by a Bahamian attorney. Legal fees vary and it is wise to shop around. Legal fees are also subject to a 10% Government VAT charge.
BAHAMAS REAL ESTATE COMMISSIONS
NB. Real Estate Commissions are usually paid by the Vendor in property sales unless otherwise stipulated and are subject to a 10% Government VAT charge.
ANNUAL REAL PROPERTY TAX RATES
Properties in The Bahamas are subject to an annual Property Tax that is based upon the value of the property and also the status of the owner. The Property Tax office will often request an appraisal of your property to properly calculate the value, and subsequently, the tax due based upon value at todays market prices. Property tax bills are issued in October of each year and are due to be paid by December 31st in the same year to avoid a 5% interest charge.
For Owner Occupied Properties:
For Unimproved property:
In respect of any other property:
For more information on Property Tax contact:
Business Licence/Valuation Unit
P. O. Box N-13
Opening Hours: 9am to 4pm, Monday to Friday
The Bahamas welcomes investment by non-Bahamians and has created a number of policy documents to facilitate the purchase of Bahamian property.
The International Land Holdings Act 1993 in particular aims to ease the purchase of properties in The Bahamas by non-nationals. All that is required is registration with the Investments Board and the Central Bank. The cost of this registration varies from $25 - $100.
Bahamas immigration policy permits a Homeowners Card to non-Bahamian business or home owners. This gives them rights to enter the country at each port along with their spouse and minor children. Non-Bahamians acquiring properties over $1.5 million are also given accelerated consideration for permanent residency status.
A non-Bahamian wishing to purchase undeveloped lands of 5 acres or more (that will not be used for a private residence) will be required to obtain a permit from the Registrar Generals office