Housing Incentives

Both solar panels, solar system parts and solar accessories are all duty free thus making renewable energy for homes more affordable
First home purchase zero rating of VAT increased from $200k to $250k
Currently Bahamians obtain VAT concessions on acquisition of first home. If they acquire a vacant lot VAT is paid on the conveyance, however, a reduced VAT rate may be obtained for construction services if they subsequently construct their first home on that land. The Act is amended to provide that Bahamians may register for VAT for the purpose of obtaining a refund of the VAT payable on the construction or renovation of first home (including fixer-uppers). The amount of the refund will be equal to the amount in excess of that payable for Bahamian first home acquisition with a cap of $40k. Construction must be completed within 18 months and application for refund submitted within 90 days of completion
The threshold on the payment of Real Property Tax on Owner-occupied property is increased from the existing rate of $250,000 to $300,000
Reduction or elimination of duty on over 25 frequently used construction items such as plumbing fixtures, roofing tiles and hurricane impact windows