Buying Undeveloped Land in the Bahamas
Today, the Bahamas, is perfectly located–less than 100 miles of the coast of Florida, a few hours by ship or twenty minutes by plane. Only a few hours by ship or twenty minutes by plane, the Bahamas serves as the perfect location to build your second home, and under new legislation it is easy for foreigners to become permanent Bahamian residents.
Fees Associated with Purchasing Property in the Bahamas
The Bahamas Government charges a stamp tax on all real estate sales or transfers. This tax is traditionally split 50/50 between buyer and seller, unless otherwise specified or agreed to by both parties.
The stamp tax is levied as follows:
|Government Stamp Tax on Property Sales/Transfers||% of Sale Price|
|Up to $20,000||2%|
|$20,000.01 to $50,000||4%|
|$50,000.01 to $100,000||6%|
|$100,000.01 to $250,000||8%|
|$250,000.01 and over||10%|
Lawyer Fees (required) in respect of the sale and purchase of real estate and the scale fees are usually 2.5 % of sale price.
If you use a broker to sell your property (optional), real estate commissions are typically paid by the seller (and vary depending on the agreement between the broker and seller).
|Real Estate Broker Commissions||% of Sale Price|
|Developed property (homes, condos)||6%|