Buying property in the Bahamas and Property Taxes
Buying in the Bahamas
Rates of Taxes
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The first $250,000 is tax exempt for owner occupied property only.
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On that portion in excess of $250,000 and less than $500,000 the rate of tax is 3/4 % of the market value of the property.
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On that portion in excess of $500,000 the rate of tax is 1% of the market value of the property.
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The maximum annual tax will not exceed $35,000.
First Time Buyers
As of the 1st of January, 2003 to the 1st of January, 2008
- Every application by a person for the exemption of stamp duty on instruments relating to the acquisition and mortgage
of real property valued at $250,000 or less, to be used exclusively by the owner as a first time dwelling house, shall be made
in writing to the minister of finance. Applications shall be accompanied by an affidavit stating that the owner intends to
occupy and reside in the house and there is no other house being held by the owner for which an exemption has already been granted.
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