Depending on your needs and desires, we will be able to assist and direct you along the way making sure that you are provided with all options in the market.
See below for a list of general government fees.
GOVERNMENT TAXES ON CONDO CONVEYANCES
The Government Stamp Duty is 10% of the conveyed purchase price and is shared equally between Vendor and Buyer. Each party pays 5%.
There are a great variety of good law firms in the Bahamas. Condo Vikings will be able to give advice and direct you as a buyer to make sure that you get the best legal advice possible and at a reasonable rate.
Legal fees typically vary from 1-2% based on the purchase price of the condo.
ANNUAL PROPERTY TAXES
The annual property taxes are based on the conveyed purchase price based on the scale below.
$0 – $250,000: 0% (The First $250,000 on owner occupied residential property is tax exempt)
$250,000 – $500,000: 0.75%
Above $500,000 (1%)
Once you choose Condo Vikings, our team will guide you and offer advice with anything you may need to get settled on the island.
Real Estate Commission
Real estate commission for developed property is 6% and for undeveloped land its is 10%. Real Estate Commission is paid by the Vendor.
Value Added Tax
VAT of 12% is to be paid on Services such as Legal Fees as well as the Commission.