SELLING REAL ESTATE IN THE BAHAMAS
Once you have decided to sell your home, you will want to make any reasonable improvements or upgrades that would make the home most appealing to the buyers. In some circumstances, you may wish to sell ‘as is’, in which case, simply having the property neatly landscaped, removing clutter from and giving the home a good deep cleaning, may be all that is necessary before placing it on the market. More major repairs may result in a quicker sale but it is up to the seller to evaluate the expense versus what amount of value would be added.
At Bahamas Choice Real Estate our Real Estate Professionals will be happy to guide you through the necessary improvements and recommend Appraisers, Contractors or Inspectors to determine the best asking price for your property.
We will market your home to the right audience, provide feedback from all showings and open houses.
Professional Fee to Realtors:
6% plus applicable Value Added Tax (VAT) to Realtors on improved property and 10% plus applicable Value Added Tax (VAT) on undeveloped land.
Professional Fee to Attorneys:
Buyers and Sellers need attorneys – Normally 2.5% plus Value Added Tax (VAT)
Government Conveyance Stamp Taxes when Selling your Property:
Property under $100,000 is taxed at the reduced rate of 2.5%, usually split between Seller and Buyer, unless otherwise agreed
Property over $100,000 is taxed at 10% , usually split between Buyer and Seller, unless otherwise agreed
Real Property Tax, billed annually:
The first $250,000 of owner-occupied residential property is exempt
Between that $250,000 and $500,000 the rate is 0.75%
On the portion over $500,000 the tax rate is 1%
There is a maximum tax ceiling of $50,000 per annum
Unimproved Vacant Land: (Bahamians not required to pay this on any island unless improvements increase the value of the land by $5,000 or more)
A fee of $100.00 per year up to $7,000
A tax of 1.5% per annum is applied to market value over $7,000
Unimproved Commercial Property:
Tax of 1% per annum of the market value up to $500,000
Tax of 2% of the market value on the part in excess of $500,000
Approved Commercial Farm Land
Bahamas property used for charity or public service
All property in Freeport on Grand Bahama
Should you decide to Purchase a home, an investment of $750,000 can qualify you to apply for a Bahamas Permanent Residency permit. If the purchase is over $1.5 million you can request expedited consideration. Persons usually resident in that household may also be included on the Bahamian Residency certificate.
Entry Visas: feel free to visit this site https://ww.bahamas.com/entry-requirements
Ensure that your attorney register the purchase of your home with the Exchange Control Department of the Central Bank and at the Registrar General’s office.
Your Real Estate Professional can help with information on relocation, schools, churches, transportation, hospitals, telephone providers, cable/internet, electricity, water and more.
Note: Information offered is subject to change in the law, and there may be increase or decrease of applicable percentages. Your attorney will advise you of the most up to date payments or legal requirements. Bahamas Choice Real Estate, Ltd is not responsible for any omissions or additions. All information is current as of July 2020.
Our Estate Professionals are familiar with the Islands of The Bahamas and will work to find your special place on whichever island the search may lead!
Our Mission: ‘Convert Customers into Lifetime Clients’
Our Vision: ‘Increased Business due to High Performance’
Our Focus: ‘Completing the Mission and Vision.’
Meet the Team at Bahamas Choice Real Estate