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| The following
gives an overview of relevant details of property purchase
in the Bahamas, however this does not cover all eventualities,
and prospective purchases should secure the services of a
conveyance lawyer. |
| Non
-Bahamians are permitted to purchase developed or undeveloped
property, but will be required to register the purchase with
the Foreign Investment Board. Property is generally sold Freehold.
Property when purchased by non-Bahamians should be registered
with the Exchange Control Department of the Central Bank of
the Bahamas, to ensure repatriation of proceeds in the event
of sale. |
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| Costs |
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Real
Estate Commission -
Developed property - 6%
Undeveloped property - 10%
Stamp Duty - Split equally between Vendor and Purchaser.
Up to $19,999 - 2%
$20,000 - $49,999 - 4%
$50,000 - $99,999 - 6%
$100,000 - $249,999 - 8%
$250,000 or over - 10% |
Property
Tax - Owner Occupied
First $100,000 - Nil
Next $400,000 - 1%
Over $500,000 - 1.5%
Property Tax - Other
First $100,000 - 1%
Next $400,000 - 1%
Over $500,000 - 2% |
| Legal
fees |
| Generally 2.5% on first $500,000,
reducing to 2% for the next $250,000 and further reducing to
1% for the next $4,000,000. In addition purchasers will be responsible
for a per page charge of $3.50 for recording fees, and the cost
of the purchase registry. |
| No guarantee is provided that
the cost information provided on this page is correct, and purchasers
of property in the Bahamas are urged to consult a Lawyer |
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