VAT Zero-Rated Exemption

VAT Zero-Rated Exemption is exemption on a structure that is either a single-story, Duplex (a portion must be owner-occupied), or a condominium unit; both the structure and the property has must be valued under five hundred thousand dollars ($500,000.00). 

Full exemption up to $300,000.00 on:

Condominium Unit

Single Family Home

Duplex- Partial Vat-Zero rate exemption granted

 

Who qualifies for First Home Vat Zero Exemption?

  1. Bahamian Citizens


Documents required: 

  • Application Form 67
  • Affidavit sworn by first-time homeowner
  • Conveyance
  • Mortgage (if any)
  • Bank Commitment Letter (if obtaining a mortgage)
  • Construction Agreement (if constructing first home)
  • Passport
  • NIB Card
  • Real Property Tax Forms (Declaration, Affirmation & Client Detail Forms)
  • Appraisal Report* (If applicable)
  • Agreement for Sale (If applicable)