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Dec 11, 2012

Living There


Bahamas realestate villas houses beachfront

INDIVIDUAL TAXATION

The Bahamas lacks any form of taxation on income, sales, estates or inheritances. The only direct tax is a real property tax.

RENTAL INCOME

Business License

Business licenses are required when leasing property in the Bahamas. Renewed annually, license fees may cost anywhere from US$250 to US$1,250 or even more as the applicable rates depend on the profits.

Stamp Duty on Leasing

Stamp duties are due when leasing real properties in the Bahamas. The duty is levied on the annual rent and the rates vary depending on the duration of the lease.

STAMP DUTY ON LEASING

DURATION OF THE LEASE
TAX RATE
Up to 7 years
1%
7 years – 35 years
2%
35 years – 100 years
5%
Over 100 years
12%
Source: Global Property Guide

If the lessee is a non-Bahamian, stamp duty rates are doubled.

CAPITAL GAINS
There are no capital gains taxes in the Bahamas.


PROPERTY TAX


Real Property Tax

Real property taxes are imposed on the assessed market value of the property. The tax rates vary depending on the property’s classification and value.

TAX ON OWNER-OCCUPIED PROPERTIES
(RESIDENTIAL PROPERTIES)

TAX BASE, US$ TAX RATE
Up to US$50,000 0%
US$50,000 – US$100,000 0.75% on band over US$50,000
Over US$100,000 1% on all value over US$100,000
Source: Global Property Guide

TAX ON OTHER PROPERTIES

TAX BASE, US$ TAX RATE
Up to US$50,000 0.50%
US$50,000 – US$100,000 1.00% on band over US$50,000
Over US$100,000 1.50% on all value over US$100,000
Source: Global Property Guide





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