Frequently Asked Questions

Yes.

Brokers and sales advisors are licensed by The Bahamas Real Estate Association (BREA). Qualifications for licensing include sitting a written exam. BREA is an international member of The National Association of Realtors (NAR)

• VAT

• Legal fees

• Real estate commission

• 2.5% where the value does not exceed $100,000

• 4% where the value exceeds $100,000 but does not exceed $300,000

• 6% where the value exceeds $300,000 but does not exceed $500,000

• 8% where the value exceeds $500,000 but does not exceed $700,000

• 9% where the value exceeds $700,000 but does not exceed $1,000,000

• 10% where the value exceeds $1,000,000.

Bahamian Citizens purchasing a home for the first time enjoy a VAT a lower rate of VAT on the stamping of their conveyances for purchases under $500,000.

• $0 - $300,000 = 0%

The Bahamas attracts a very wide range of property investors, from large multi-million dollar estates and condo properties to modest homes. The beautiful locations of properties in the Bahamas, coupled with a safe investment climate, have created a demand for investment properties with positive returns. The Bahamian lifestyle is one that draws people back time and time again. Communities here provide extensive lifestyle, fitness, epicurean and social opportunities that are world-class while maintaining the relaxed atmosphere famous to the Caribbean.

Most private and commercial banks offer mortgages to Bahamians, permanent residents and foreign investors. It is advisable to contact your local bank as soon as you decide upon purchasing a property. Your real estate advisor can supply a list of providers.

Owner-occupied property (owner resides and uses exclusively as a dwelling):

• $0 - $300,000 = Exempt

• $300,000 - $500,000 = 0.625%

• Over $500,000 = 1%

Ceiling for Properties valued over $6,000,000 = $120,000

Commercial Properties (more than 4 units that are not owner-occupied):

• $0 - $500,000 = 0.75%

• $500,001 - $2,000,000 = 1%

• Over $2,000,000 = 1.5%

*Bahamian citizens are not taxed on unimproved property in The Bahamas.