Reprinted from the 2010 edition of the Bahamas Handbook

In New Providence, real estate agents charge a 10% commission on the sale of undeveloped property. The commission for developed property, whether residential or commercial, is 6%. Agents charge a 10% commission for Out Island property, whether land, home or commercial properties.

Stamp duty on property conveyances and transfers is as follows:

Up to & including Stamp duty

$0-$20,000 2%

$20,000.01-$50,000  4%

$50,000.01-$100,000  6%

$100,000.01-$250,000  8%

Over $250,000 10%

In property sales, the vendor and purchaser each pay half the stamp duty unless otherwise agreed. The lawyer who prepares the conveyance typically charges a fee of 2-1⁄2­% of the sale price.

Sellers generally pay commission, stamp duty and legal fees. Sometimes property owners list a net sales figure, in which case the agent adds those charges to the price quoted to prospective buyers. Stamp duty on mortgages is payable at a rate of 1% on the amount borrowed.

International Persons Landholding Act, 1993
Amended in 2007, The International Persons Landholding Act, 1993, made it easier for non-Bahamians and companies under their control to own property.

1. A non-Bahamian or permanent resident who purchases or acquires an interest in a condominium or property to be used by him as a single-family dwelling, or for construction of such a dwelling, must apply to the secretary to the Investments Board to register the purchase. Application for Certificate of Registration Form I must be filed with the Bahamas Investment Authority, Office of the Prime Minister. The following documents are to accompany the completed form: proof of ownership, ie signed and dated conveyance; evidence of payment of stamp duty; evidence of payment real property tax; and original receipt from the Public Treasury evidencing proof of payment of the requisite fee of $250.

2. Upon receipt of the above, the acquisition is registered and a certificate of registration issued.

3. A permit to acquire property is required if the property is undeveloped land and the purchaser would become the owner of five or more contiguous acres. A permit is also required if the non-Bahamian intends to acquire land or an interest therein by way of freehold or leasehold, when the acquisition is not in accordance with item 1.

4. Non-Bahamians who own homes in The Bahamas may apply to the director of immigration for an annual homeowner’s residence card. This entitles the owner, spouse and dependent children to enter and remain in The Bahamas for the duration of the validity of the card. This is intended to facilitate entry–it does not confer resident status in The Bahamas.

All applications for permits, Form 3, are to be submitted to the Bahamas Investment Authority, Office of the Prime Minister, for consideration by the Investments Board. If favourably considered, an approval letter is issued and payment of the requisite fee of $500 is paid at the Public Treasury and the original receipt returned to the Bahamas Investment Authority. The permit is then issued by the Secretary to the Board. Certificate of registration or permit (with acquisition documents) must be recorded in the Registrar General’s Dept.

The revised fee schedule is as follows:

Fee schedule
Certification of Registration $250

Permit $500

Annual homeowner’s residence card $250