The Bahamian government charges a stamp tax on all real estate sales or transfers. Under the Stamp Tax Act, this tax is split between the buyer and the seller unless otherwise specified or agreed to by both parties. The amount of the tax varies according to the value and they are as follows:

• Up to and including $20,000 – 2%
• From $20,000.01 to $50,000 – 4%
• From $50,000.01 to $100,000 – 6%
• From $100,000.01 to $250,000 – 8%
• From $250,000.01 and over – 10%

The Bahamas Real Estate Association establishes Real Estate commissions and they are as follows:

• Undeveloped land – 10%
• Developed property (homes, condominiums) – 6%

Lawyers’ fees by the Bahamas Bar Association for handling the sale and purchase of real estate and the scale fees are as follows:

• 2 ½ % of sale price

There are the principle costs in buying and selling real estate. There are other considerations and expenses related such as the conversion from Bahamian Dollars to U.S Dollars and vice versa, surveying fees if boundary markers are not in place or a survey plan is needed. Appraisal or valuation if required is charged by the extent of the job.

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