Living There
November 24, 2016
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$1,250 or even more as the applicable rates depend on the profits.
Stamp Duty on Leasing
Stamp duties are due when leasing real properties in the Bahamas. The duty is levied on the annual rent and the rates vary depending on the duration of the lease.
STAMP DUTY ON LEASING |
|
| DURATION OF THE LEASE | |
| Up to 7 years | |
| 7 years - 35 years | |
| 35 years - 100 years | |
| Over 100 years | |
| Source: Global Property Guide | |
CAPITAL GAINS
There are no capital gains taxes in the Bahamas.
PROPERTY TAX
Real Property Tax
Real property taxes are imposed on the assessed market value of the property. The tax rates vary depending on the property's classification and value.
TAX ON OWNER-OCCUPIED PROPERTIES |
|
| TAX BASE, US$ | 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 | |
Comments
Be the first to comment on this article!
Login or Register to submit a comment!
In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.