Bahamas Local Taxation
The Bahamas have no income tax, capital gains taxes or inheritance tax. There is no sales tax with the exception of the Stamp Duty paid on the conveyancing of real estate.
Bahamas Import Duties
The import duties charged in the Bahamas varies depending upon the material being imported and ranges between 7 % for raw lumber, up to as high as 210% on cigarettes. The typical import duty for most common items is around 35%.
Bahamas Property Taxation
The rate of property tax in the Bahamas is quite high and is applied as follows :-
In respect of owner-occupied property:
The first $250,000 of market value is tax exempt
More than $250,000 and not exceeding $500,000 of market value is ¾%
More than $500,000 and not exceeding $5,000,000 of market value is 1%
More than $5,000,000 of market value is .25%
In respect of unimproved property other than unimproved property exempt by virtue of Section 39 of the Real Property Tax Act:
First $7,000 of market value is $100
More than $7,000 of market value 1½%.
In respect of any other property:
First $500,000 of market value is 1%
More than $500,000 of market value is 2%
It is possible to establish residency in the Bahamas and the Government of the Bahamas has set specific guidelines that allow non-Bahamians to establish permanent residency.
All applicants are required to invest a minimum of $500,000 in the country. This investment may be in the form of the purchase of a property with a minimum value of $500,000.
Permanent residency falls into two categories, one for those wishing to work in the Bahamas, and the other for those who do not wish to work in the Bahamas.
Non-Bahamians who already own property in the Bahamas may apply to the Director of Immigration for an annual homeowner's residence card. This card is renewable annually and entitles the owner and his family to enter and remain in the Bahamas with minimal formalities for the period of time granted.
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