As a buyer in the Bahamas real estate market, you should have a thorough understanding of the details involved in purchasing property. This includes knowing about local laws and regulations, taxes, financing options, and potential hidden costs.
The Bahamas real estate market is constantly evolving and can be complex for buyers, making it essential to work with a knowledgeable and reputable agency like Kikivarakis Properties. With our extensive experience and expertise in the local market, we can guide you through the process of buying a property in the Bahamas, ensuring that you make informed decisions every step of the way.
Don't risk facing unexpected challenges or costs when buying property in the Bahamas. Trust Kikivarakis Properties to provide you with all the necessary information and support needed to make your real estate journey a smooth and successful one. Let us help you find your dream property in this beautiful and vibrant country, while also ensuring that you have all the details and knowledge necessary for a confident purchase of Bahamas real estate for sale.
Discover more below, and contact us if you have any questions.
Non-Bahamians and all companies incur 10% Value Added Tax (VAT) on transactions.
4% Value Added Tax (VAT) applicable on all property transactions valued more than $300,000 but less than $500,000.
The stamp duty / VAT is generally split equally between the purchaser and the vendor. This is typical but is subject to change during negotiations if the buyer and seller agree to a different deal structure.
The first $250,000 in the value of owner-occupied residential property is exempt from RPT. On the portion of the value of owner-occupied properties between $250,000 and $500,000, the rate is 0.75% On the portion over $500,000, the tax rate is 1% There is a ceiling of $60,000 for RPT on an owner-occupied home
For unimproved Bahamas property other than that exempt under the provisions of the Real Property Tax Act (section 39):
Bahamas property owned by Bahamians and situated in the Family Islands is exempt from Real Property Tax.
Also exempt from Real Property Tax:
A 10 % Value Added Tax (VAT) is charged on all good and services.
Legal fees are an average of 2% of the purchase price.
6% on improved/developed property and 10% on vacant property.
*In The Bahamas the seller is typically responsible for paying the real estate commissions. This is subject to change during negotiations if the buyer and seller agree to a different deal structure.
The information presented above is provided as a quick guide only and is subject to governmental changes. Always confirm current policies and laws with your attorney who will have the latest updates!
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