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)