The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

Prime Minister Philip "Brave" Davis said his administration is committed to ensuring affordable and accessible home ownership for Bahamians as he toured the construction site of Renaissance at Carmichael yesterday.

Mr Davis said policies such as increasing the exemption level for stamp duty to $300,000, offering VAT refunds on up to $40,000 on construction services and materials are investments in the future of the country and will create more homeownership opportunities.

He said: “As we maintain our focus on reducing the cost of living and creating more opportunities for Bahamians, affordable opportunities for homeownership are an essential component of our blueprint for a fairer, more prosperous Bahamas.

“Our rent-to-own project is a cornerstone of our mission. The First Home Owners Stamp Exemption is another critical step. By waiving VAT duties on conveyance and mortgage instruments, we’re directly reducing the costs for first-time homeowners.

“We’ve raised the exemption for stamp duty on homes up to $300,000 and offered VAT refunds on construction materials and services. These aren’t just policies; they’re direct investments in your future, in your ability to build and own a part of this beautiful nation.”

He added that policies have been implemented to help facilitate land transfers and that the Central Bank’s recent decision to remove the mortgage indemnity insurance requirement for mortgages will lower the costs associated with home ownership and allow more persons to qualify for mortgages

He said: “Our commitment to affordable housing goes beyond direct homeownership. It extends to better facilitating the transfer of land between family members and loved ones. Reducing VAT on property transfers and eliminating it on land transfers between joint tenants is about respecting your heritage and valuing the land passed down through generations.

“We welcome the Central Bank of The Bahamas’ recent decision to ease guidelines for domestic banks and credit unions regarding residential mortgages. This move, reducing the minimum equity requirement and eliminating the mortgage indemnity insurance for lower down payments, is a significant step forward. It promises to lower the cost burden for many aspiring homeowners and expand credit access to additional qualified borrowers.”