Cost and Fees Bahamas Government Stamp Tax on Property ConveyancesA graduated tax is payable on the conveyance of all real property in the Bahamas based on the selling price:
Up to and including $20,000- 4%
From $20,000.01-$50,000.00-6%
From $50,000.01-100,000.00-8%
From $100,00.01-250,000.00-10%
Over $250,000.01-12%
Buyer and seller normally split the Government stamp tax. Real Estate CommissionsUnimproved 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 real estate commissions. Legal Fees in the BahamasLegal 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. Real Property TaxUnless otherwise exempted:
Property Tax is charged annually at a rate of 3/4% of the full market value of the property from $250,000 to $500,000
On that portion in excess of $500,000 up to $5,000,000 the rate of tax is 1% of the full market value of the property.
Over $5,000,000 the rate of tax is .25% For owner occupied 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 2% of the full market value.
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