When
an immovable property is transferred (when a property changes hands through a
purchasing agreement, inheritance, a gift, etc.), you have to pay a property
transfer tax to the government. The notary public withholds this transfer tax
for the government at the time of transfer. The transfer tax rate is 3% of the
highest value (determined by the notary public) between the appraised value of
the Tax Department and the transaction (economic value) value (if applicable).
For Surfside Villas, the transfer tax rate, for non-residence is 5%.
For more information contact Inspectie der Belastingen:
Tel: 297-583-1800
Fax: 297-583-6753
E-mail: insderbel@setarnet.aw
