• 2.5 % government stamp duty on all real estate transactions valued under $100,000
• A total tax of 10% on all real estate transactions valued at $100,000 and over. This includes the 2.5 % government stamp duty.
• VAT registrants will be able to claim as a credit or net off the 7.5 % VAT on commercial property sales valued at over $100,000
Subject to change at any time.The stamp duty is generally shared equally between buyer and seller – unless otherwise agreed upon.
This is intended as a guide only. Please consult your lawyer if you are interested in selling your Bahamas property.
Real estate commissions as established by the Bahamas Real Estate Association are as follows:
Bahamas Bar Association legal fees in respect of the sale and purchase of real estate and the scale fees are:
A Value Added Tax (VAT) of 7.5% is applied on real estate services, such as appraisals, legal fees, commissions and insurance.
These are the main costs in buying and selling real estate. Other costs may –but not necessarily - include converting from Bahamian to U.S. currency and vice versa, and appraisal and surveying fees.
Laws are subject to change.
The condition of your Bahamas home will more than likely affect the likelihood of a quick sale.
Sellers often overlook eyesores that they're used to. The kids dirty fingerprints on the walls may have become part of the landscape, as have the withering house plants.
People can be turned off by just these little things. Here are a few tips to help prepare your home for a sale.
Touch up the paint, replace light bulbs, patch up any holes and make sure kitchen/bathroom faucets don't drip.
Take care that you're not selling a "fixer-upper": from replacing light bulbs to touching up the paint, be sure to present your home in turn key condition.
Be sure repair costs don't outweigh the benefits.
Paint rooms neutral colors. The colour you love may be the colour a prospect hates.
Give your Bahamas home a good spring cleaning both inside and out before someone sees it. This includes cleaning windows, dusting, polishing floors, cleaning the fridge, cleaning the grout, mirrors, tubs and sinks. Get rid of any pet odors.
Try this: Invite a friend or neighbor take on a buyer's role. Let them tell you whether or not your home is inviting, clean and well maintained. And encourage them to be honest.