Buying Undeveloped Land in the Bahamas
Today, the Bahamas, is perfectly located--less than 100 miles of the coast of
Florida, a few hours by ship or twenty minutes by plane. Only a few hours by
ship or twenty minutes by plane, the Bahamas serves as the perfect location to
build your second home, and under new legislation it is easy for foreigners to
become permanent Bahamian residents.
Fees Associated with Purchasing Property in the Bahamas
The Bahamas Government charges a stamp tax on all real estate
sales or transfers. This tax is traditionally split 50/50 between buyer
and seller, unless otherwise specified or agreed to by both parties.
The stamp tax is levied as follows:
| Government Stamp Tax on Property
Sales/Transfers |
% of Sale Price |
| Up to $20,000 |
2% |
| $20,000.01 to $50,000 |
4% |
| $50,000.01 to $100,000 |
6% |
| $100,000.01 to $250,000 |
8% |
| $250,000.01 and over |
10% |
Lawyer Fees (required) in respect of the sale and purchase of real
estate and the scale fees are usually 2.5 % of sale price.
If you use a broker to sell your property (optional), real estate
commissions are typically paid by the seller (and vary depending on the
agreement between the broker and seller).
| Real Estate Broker Commissions |
% of Sale Price |
| Undeveloped land |
10% |
| Developed property (homes, condos) |
6% |
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Talk, ask questions, and discuss the Bahamas for free on our online Bahamas
Discussion Boards. |
Winter Escape to Sunny Grand Bahama
Winter snows can be beautiful...but for only a moment. Then the bitter cold
and slushy ice take over making winter no fun place to be. Except for in the
Bahamas that is.
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