Stamp Duty Exemption in Effect

The amendment to the Stamp Act which provides for exemption from payment of stamp duty on certain financial transactions involving licensed lending institutions became effective July 1, the Ministry of Finance has confirmed.

The amendment to the Stamp Act which provides for exemption from payment of stamp duty on certain financial transactions involving licensed lending institutions became effective July 1, the Ministry of Finance has confirmed.

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.

In New Providence, the applications are to be made to the Financial Secretary, Ministry of Finance, Cecil Wallace-Whitfield Building, Cable Beach, or to a Family Island Administrator. Forms are also available on the Ministry’s web site at www.bahamas.gov.bs. The Ministry’s phone number is (242)-327-1530.

Applications are to be accompanied by completed affidavit (copies available at the Ministry of Finance or from Family Island Administrators); copy of National Insurance card; first page, signature page, and back sheet of conveyance; and/ or first page, signature page, and back sheet of mortgage.

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.”

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