Bahamas First Time Buyer Tax Incentive, Stamp Duty Exemption

For anyone interested, here is the actual wording of the First Time Buyer Exemption Act. Information is Power. Enjoy.

3B. (1) Every application for the exemption of stamp
duty on instruments executed after the coming into force of
this Act
for any of the following purposes —
(a) the purchase of a dwelling house;
(b) the purchase and the financing of a dwelling
house;
(c) the purchase and the financing of a dwelling
house combined with other domestic loans;
(d) the purchase of vacant land for the construction
of a dwelling house; or

(e) the transfer between licensed lending institutions
of a home mortgage, or of a home mortgage
combined with other domestic loans,
shall be made in writing to the Financial Secretary and
accompanied by an affidavit by the applicant stating —
(i) that he intends to construct a dwelling
house for residential purposes and will
reside in the dwelling house for an
aggregate period of not less than nine
months; or
(ii) that he occupies and resides or intends to
occupy and reside in the dwelling house for
an aggregate period of not less than nine
months,
and that there is not and has never been any
other dwelling house held by him or on his
behalf situated either in or outside The Bahamas.
(2) An application under subsection (1) shall not be
made where the total value of the transaction or
transactions exceed five hundred thousand dollars.
(3) Any person who applies under subsection (1)
and makes any statement which he knows to be false in a
material particular, or recklessly makes any statement
which is false in a material particular, commits an offence
and is liable on summary conviction to a fine of five
thousand dollars in addition to the amount of any
exemption granted.
(4) An applicant under paragraph (a), (b), (c), (d) or
(e) of subsection (1) who complies with the provisions of
this section shall be eligible for exemption from the
payment of stamp duty on the relevant instruments.
(5) Where an application under paragraph (e) of
subsection (1) involves a transfer between lending
institutions, such institutions shall be licensed lending
institutions.
(6) No claim for relief from taxes under this section
shall be obtained in respect of real or personal property
used for commercial purposes.
(7) For the purposes of this section —
“domestic loans” means non-business loans relating
to the home, house or household, or pertaining
to the family affairs, of the borrower;

“dwelling house” includes a condominium unit and a
duplex, exclusive of any part that is not owner
occupied;
“home mortgage” means a mortgage in respect of a
dwelling house occupied by the mortgagor
exclusively as a family residence;
“licensed lending institutions” means banks licensed
under the Central Bank of The Bahamas Act,
insurance companies licensed under the
Insurance Act, and credit unions that have
member representatives in the Apex Body
called the National League established under
section 115 of the Cooperatives Societies Act.
(8) The grant of an exemption under this section
shall be made only —
(a) if the dwelling house in respect of which an
application for exemption is made is the first and
only home owned by the applicant situated
either in or outside The Bahamas; and
(b) on one occasion to the same applicant.

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