Bahamas: Taxes and Costs
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Last Updated: Jul 26, 2006
Bahamas impose little tax
The Bahamas lacks any form of taxation on income, sales, estates or inheritances. The only direct tax is a real 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.
REAL PROPERTY TAX SCHEDULE |
|
| PRPOPERTY VALUE, US$ | MARGINAL TAX RATE |
| OWNER- OCCUPIED PROPERTIES (Residential Properties) | |
| Up to US$250,000 | nil |
| US$250,000 ? US$500,000 | 1% on band over US$250,000 |
| Over US$500,000 | 1.5% on all value over US$500,000 |
| VACANT LAND OWNED BY NON- BAHAMIANS | |
| Up to US$3,000 | US$30 |
| US$3,000 ? US$100,000 | 1% on band over US$3,000 |
| Over US$100,000 | 1.5% on all value over US$100,000 |
| OTHER PROPERTIES | |
| Up to US$500,000 | 1% |
| Over US$500,000 | 2% on band over US$500,000 |
There are no capital gains taxes in Bermuda.
Bahamas - more data and information
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