Increased deed stamps for the Harborside Resort in the Bahamas..

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

According to the firm of Lennox Paton, Starwood's firm of record in Nassau, new recordings for Harborside are being impacted by an amendment to the stamp act which affects the collection of the government stamp tax in the Bahamas. Currently, they have been using 55% of the sales price as the base amount from which to determine the Stamp Tax.

(I'm told there was some pretty ingenious work in the original legal documents that set up Harborside written by Solicitors Leon Potier and Harry B Sands that resulted in the percentage).

With the new amendment, effective immediately, the government stamp tax will be collected on the full sales price at the following rates:

If it is under $20,000, Stamp Tax is 2%

$20,000 to $49,999, Stamp Tax is 4%

$50,000 and above, Stamp tax is 6%


If you are currently involved in a Harborside closing, you will want to check with your closing agent to ensure they are aware of this change.

[Dave H Member Find all posts View Profile Close Dave H]

Bahamas Closing Costs

Rich:

Change is the only thing consistant in the Bahamas. Here is the latest that we just got in from our attorney in the Bahamas:

The Government of The Bahamas has introduced the new budget for 2010/2011 year and has increased Stamp Tax on real estate transactions.

Please be advised that effective July 1st, 2010 the rate of stamp duty on all conveyances will increase 2%.

This means transactions previously attracting 2% stamp tax are now 4%, and 4% is now 6% etc. with all transactions over $250K attracting a new stamp tax rate of 12%.

This change is to take effect July 1st, 2010 regardless of the date the document or agreement for sale was executed. The budget is scheduled to be debated in the house in the next week, although changes to this new tax are likely to come into effect regardless


If it is under $20,000, Stamp Tax is 4%

$20,000 to $49,999, Stamp Tax is 6%

$50,000 and above, Stamp tax is 8%

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

You've got to love the Bahamas!

For those of you who aren't aware, Dave H owns a closing agency in Orlando- and Harborside is one of the resorts that he specializes in assisting owners with transfers.

He just created a closing cost calculator for this resort that you may find useful (especially if you hate trying to do the math like I do!)..

PCS TITLE - TIMESHARE TITLE CLOSER


I'll keep trying to post any new info I hear, but Dave's site is probably the best place to ensure you are up to date on the latest info for Harborside at Atlantis closings....