Stamp Duty Exemption Comes Into Effect In The Bahamas
An amendment to the Stamp Act which provides for exemption from payment of
stamp duty on certain financial transactions involving licensed lending institutions
has gone into effect in the Bahamas, the Ministry of Finance has confirmed. As of July 1, 2008, application may be made for exemption from stamp duty for
any of the following: purchase of a dwelling home; purchase and financing of
a dwelling home and mortgage; purchase and financing of a dwelling home combined
with other domestic loans and mortgages; purchase of vacant land for the construction
of a dwelling home; transfer of a home mortgage; and, transfer of a home mortgage
combined with other domestic loans. The government stated that applications for stamp duty exemption in respect
of these transactions must be accompanied by a completed affidavit, a copy of
a National Insurance card, the first page, signature page, and back sheet of
conveyance, and/or first page, signature page, and back sheet of mortgage. In New Providence, applications must be made to the Financial Secretary at
the Ministry of Finance, or to a Family Island Administrator. The Ministry reminded applicants that purchase or construction of the home
must be in respect of a first time home ownership, and the home must be intended
for owner occupancy. “A dwelling house includes a condominium unit or a duplex, exclusive
of any part that is not owner-occupied,” stated the Ministry. “The property must not be used for commercial purpose," it added. A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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