Information on Selling Costs - Damianos Sotheby's International Realty

GOVERNMENT STAMP TAX
The Bahamian government charges a stamp tax on all real estate sales or transfers. Under the Stamp Tax Act, this tax is paid on every sale and split equally between buyer and seller unless otherwise agreed upon. The rate is as follows, on any sale:
Up to $20,000	4%
From $20,000 to $50,000	6%
From $50,000 to $100,000	8%
From $100,000 to $250,000	10%
From $250,000 and over	12%
First time purchasers of dwelling houses (includes condos) in the Bahamas valued at $500,000 and less (to be used exclusively by the owner as a first-time dwelling), may apply to the Minister of Finance for an exemption of the Government Stamp Tax.

REAL PROPERTY TAX
Residential Property
First $250,000	0%	First $500,000	1%
$250,000 to $500,000	0.75%	Amount over $500,000	2%
$500,000 to $5 Million	1%
Amount over $5 Million	0.25%

Vacant Land
Up to $7,000	$100
Amount over $7,000	1.5%

LEGAL FEES
Both buyer and seller need legal representation by a Bahamian attorney.

REAL ESTATE COMMISSIONS
Developed property	6%
Undeveloped property (raw land)	10%

PERMANENT RESIDENCE STATUS
Overseas persons investing in a residence valued at $500,000 and over, may apply to the Department of Immigration for Permanent Residency status. Holding a Permanent Residence certificate can lead to significant tax advantages in your home country.

ANNUAL HOMEOWNERS RESIDENCE CARD
Available to any homeowner in the Bahamas. Obtained from the Director of Immigration, it allows the permit holder, and family, to enter and remain in The Bahamas for the period of the permit.

There are the principle costs in buying and selling real estate. There are other considerations and expenses related such as the conversion from Bahamian Dollars to U.S Dollars and vice versa, surveying fees if boundary markers are not in place or a survey plan is needed. Appraisal or valuation if required is charged by the extent of the job.

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