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%|