Property TaxRelief Ahead For The Bahamas Under the New Government of PrimeMinister Perry Christie
by Amanda Banks,
Tax-News.com, London
Outlining the new Bahamian government'spolicies for the coming years, Governor-General Dame Ivy Dumontannounced several property tax breaks designed to stimulate investmentin the sector, the Nassau Guardian reported last week.
Delivering the Speech from the Throne atthe Opening of Parliament last week, Dame Ivy told the Senatethat the Progressive Liberal Party government's aims for the newParliamentary Session are to enact constitutional reform, energisethe financial services sector, ensure affordable healthcare forall through the establishment of a National Health Insurance Commission,and put in place several new property tax relief measures
Detailing the form which the latter proposalswill take, the Governor-General revealed that on owner-occupiedhomes worth $250,000 or less, no real property taxes will be payable,and on homes exceeding that value, the rate will be reduced underthe new government.
In addition to these measures, the PLP plansto exempt first time buyers of homes from stamp duty and, in orderto encourage the construction of large winter-resident homes inthe Bahamas, a ceiling will be placed on real property taxes,politicians were told.
In terms of the reinvigoration of the financialservices sector, Dame Ivy announced last week that: 'My Governmentalso reaffirms that it will serve as a catalyst for economic growthand development throughout the Bahamas by pursuing policies thatencourage capital investment, both local and foreign.'