{"id":3843,"date":"2019-10-21T16:02:49","date_gmt":"2019-10-21T16:02:49","guid":{"rendered":"http:\/\/www.dunmorerealty.com\/newsite\/?page_id=3843"},"modified":"2019-10-25T14:09:27","modified_gmt":"2019-10-25T14:09:27","slug":"investors-guide","status":"publish","type":"page","link":"https:\/\/www.dunmorerealty.com\/?page_id=3843","title":{"rendered":"Investor’s Guide"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Closing Costs<\/strong><\/span><\/p>\n

Government Stamp Duty<\/strong><\/span>
\n\u2022 2.5% Government Stamp Duty on all property transactions under<\/span>
\n$100,000.<\/span>
\n\u2022 10% Government Stamp Duty on all property transactions valued at $100,000 or more.<\/span>
\nThe usual practice in the Bahamas is for the tax to be shared equally between buyer and seller unless otherwise agreed upon.<\/span>
\nA 12% Value Added Tax (VAT) is charged on real estate services, including appraisals, legal work and commissions.<\/span>
\nLaws and policies are subject to change.<\/span><\/p>\n

Legal Fees<\/strong><\/span>
\nAttorneys\u2019 fees vary depending on the size and complexity of the<\/span>
\ntransaction.<\/span><\/p>\n

Bahamas Real Estate Commission<\/strong><\/span>
\n(established by the Bahamas Real Estate Association)<\/span>
\n\u2022 Developed property: 6%<\/span>
\n\u2022 Undeveloped property (vacant land): 10%<\/span><\/p>\n

Annual Real Property Tax Rates<\/strong><\/span>
\nThe rates of tax on real property are as follows:<\/span><\/p>\n

Owner-occupied property<\/span> (1st home purchased in the Bahamas,<\/span>
\nincluding vacation rental homes):<\/span>
\n\u2022 The first $250,000 of market value is tax exempt<\/span>
\n\u2022 More than $250,000 and not exceeding $500,000 of market<\/span>
\nvalue is 0.625%<\/span>
\n\u2022 More than $500,000 and not exceeding $5,000,000 of market<\/span>
\nvalue is 1%<\/span>
\n\u2022 More than $5,000,000 of market value is 1\/2%<\/span>
\nUnimproved property:<\/span> (other than unimproved property exempt by<\/span>
\nvirtue of Section 39 of the Real Property Tax Act)<\/span>
\n\u2022 First $7,000 of market value is $100<\/span>
\n\u2022 More than $7,000 of market value 2%.<\/span>
\nOther property:<\/span>
\n\u2022 First $500,000 of market value is 1%<\/span>
\n\u2022 More than $500,000 of market value is 2%<\/span><\/p>\n

Properties Exempt from Real Property Tax:<\/strong><\/span>
\n\u2022 Property owned by Bahamians and situated in the Family Islands are exempt from property tax. Property approved as commercial farm land (by the Minister of Agriculture and Marine Resources and the Minister Finance) may be eligible for property tax exemptions.<\/span>
\n\u2022 Unimproved property owned by Bahamians, meaning property without physical additions or alterations, or any works benefitting the land which have not increased the market value thereof by $5,000 or more;<\/span>
\n\u2022 Places of religious worship; school buildings and their gardens<\/span>
\nand playing areas;<\/span>
\n\u2022 Property owned by foreign governments;<\/span>
\n\u2022 Property owned by foreign nations used for consular offices or<\/span>
\nresidences of consular officials and employees;<\/span>
\n\u2022 Property used exclusively for charitable or public service from<\/span>
\nwhich no profit is derived.<\/span><\/p>\n

Permanent Residence Status<\/strong><\/span>
\nOverseas persons investing in a residence valued at $750,000 and over, may apply to the Department of Immigration for Permanent Residency status. Holding a Permanent Residency certificate can lead to significant tax advantages in your home country. Accelerated consideration for a Permanent Residency certificate is offered to purchasers of a residence (home or condo) of $1,500,000 or more.<\/span><\/p>\n

Annual Homeowners Residence Card<\/strong><\/span>
\nAvailable 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.<\/span><\/p>\n

Shipping Furniture And Household Items<\/strong><\/span>
\nThere are several freight forwarding companies and air freight companies out of Florida that make shipping easy. A detailed inventory of items with approximate value is needed. Using a local customs agent to clear your goods is recommended.<\/span><\/p>\n

Architects, Builders And Decorators<\/strong><\/span>
\nQualified professionals are available for any size of job from remodeling to new construction.<\/span><\/p>\n

Financing<\/strong><\/span>
\nLocal banks offer BSD$ and US$ Mortgages to finance the purchase of a home or property in the Bahamas.<\/span><\/p>\n

Bahamas Government Value Added Tax (VAT)<\/strong><\/span>
\nAs of July 1, 2018 The Bahamas Government has imposed a 12% Value Added Tax (VAT) on Real Estate Commissions and Legal Fees.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text]Closing Costs Government Stamp Duty \u2022 2.5% Government Stamp Duty on all property transactions under $100,000. \u2022 10% Government Stamp Duty on all property transactions valued at $100,000 or more. The usual practice in the Bahamas is for the tax to be shared equally between buyer and seller unless otherwise agreed upon. A 12% Value […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3843","page","type-page","status-publish","hentry"],"aioseo_notices":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=\/wp\/v2\/pages\/3843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3843"}],"version-history":[{"count":11,"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=\/wp\/v2\/pages\/3843\/revisions"}],"predecessor-version":[{"id":4067,"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=\/wp\/v2\/pages\/3843\/revisions\/4067"}],"wp:attachment":[{"href":"https:\/\/www.dunmorerealty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}