FAQs-First Home
1. Who is eligible for First Home VAT Zero Rate Exemption?
Applicant must be a Bahamian Citizen and home must be their first and the value of land and home must not exceed $500,000.00.
Applicant must be a Bahamian Citizen and home must be their first and the value of land and home must not exceed $500,000.00.
2. What documents are required for First Home VAT Zero Rate Exemption?
Conveyance, Mortgage (if any), Affidavit sworn by First-time homeowner, Passport & NIB Card.
Conveyance, Mortgage (if any), Affidavit sworn by First-time homeowner, Passport & NIB Card.
3. Does my Conveyance need a Real Property Tax Number affixed thereto before I submit my application?
Yes! The property must be assessed by the Real Property Tax Department and issued an Assessment Number. The Assessment number must be affixed to the Conveyance.
Yes! The property must be assessed by the Real Property Tax Department and issued an Assessment Number. The Assessment number must be affixed to the Conveyance.
4. Does my Attorney have to submit a First Home Exemption on my behalf?
No. Anyone can submit an application for First Home VAT Zero Rate exemption.
No. Anyone can submit an application for First Home VAT Zero Rate exemption.
5. Can my Attorney submit a provisional application on my behalf to see if I qualify for exemption?
No. Only lending institutions can submit applications on behalf of applicants.
No. Only lending institutions can submit applications on behalf of applicants.
6. Who qualifies for Inter Vivo’s Application?
Bahamians and Non- Bahamians can apply for VAT Zero Rated Exemption.
Bahamians and Non- Bahamians can apply for VAT Zero Rated Exemption.
7. Can an individual or his/her Attorney make an application for Inter Vivo Application of Real Property?
An Attorney or Individual can submit an application for Inter Vivos.
An Attorney or Individual can submit an application for Inter Vivos.
8. What are the categories of eligibility for Inter Vivos VAT Zero Rate exemption?
Parent(s) to Child(ren), Child(ren) to Parent(s), Grandparent(s) to Grandchild(ren) and Spouse to spouse.
9. What supporting documents are needed along with Form 66 for VAT Zero Rate of Real Property?
Executed Deed of Gift, birth certificate(s) of Transferee(s) to establish relation, passport & NIB Cards for Transferor(s) and Transferee(s) and Marriage Certificate.
Executed Deed of Gift, birth certificate(s) of Transferee(s) to establish relation, passport & NIB Cards for Transferor(s) and Transferee(s) and Marriage Certificate.