BUYING PROPERTY IN THE BAHAMAS

If your are a non-Bahamian and wish to purchase a property or land, your investment will have to be authorised by The Investments Board. Your lawyer will be able to organise this.

Real Estate Agents in The Bahamas normally charge 10% commission for undeveloped property and 6% for residential and commercial property.

Government stamp duty is also payable on all property transactions on a graded scale.

$0 - $20,000 4% stamp duty
$20,000.01 - $50,000 6% stamp duty
$50,000.01 - $100,000 8% stamp duty
$100,000 + 10% stamp duty

There are annual taxes imposed by The Bahamian Government for land and property ownership as follows:

Owner occupied residential property
Up to $250,000 market value is exempt. More than $250,000 and not exceeding $500,000 is 0.75% and over $500,000 of market value is 1%.

Vacant land owned by non-Bahamians
First $3,000 of market value is $30. More than $3,000 is 1.5%.

Commercial properties
First $500,000 of market value is 1%. More than $500,000 of market value is 2%.