Tax

As a property owner, you face taxes: land tax or property tax. The collection is done through the Belastingdienst (Tax Office) Caribisch Nederland. On Harbourtown Real Estate‘s website, we want to explain to you as succinctly as possible what the difference is and what is important to know.

Land tax

Residents of Bonaire with their own house (main residence), pay land tax. Every 5 years, the value of the property is determined. The tax is 0.345% on the determined value of the property.

Calculation example
You are a resident of Bonaire with your own home in which you live. The value was set at $300,000. You will then pay $1,035 annually in property taxes.

Property tax

Property tax applies to:
• owners of second homes;
– non-residents who have land in the Caribbean Netherlands;
• owners who rent out immovable property;
– entities located within the Caribbean Netherlands that hold immovable property;
– entities established outside the Netherlands that own real estate in the Caribbean Netherlands.

Just like land tax, the value is determined once every 5 years and the levy is annually from the owner on January 1st of that year. With property tax, an exemption applies on the first $ 70,000 of the value of second homes. 0.91% is subject to tax on the capital gain. Property tax is levied on the long lease land by the leaseholder of the land. Even if the private individual or legal person is not resident or established in the Caribbean Netherlands, there is a tax liability for property tax.

Calculation example
You own a second home on Bonaire that you rent out. The value of your home has been set at $300,000. In property tax, you will then pay 0.91% on $230,000 (value $300,000 minus $70,000 exemption). This amounts to an annual fee of $2,093.

Resident tax exemption: undeveloped lot

Owners of an undeveloped plot of land who are residents of the Caribbean Netherlands are exempt from property tax for this plot. It does not matter whether the land is owned land or leasehold land.

Alternative calculation of property tax

The rate for the real estate tax is 17.5% of the benefits from the real estate. This rate is calculated on the notional income of 4% of the value of the immovable property. Effectively, the rate is 17.5% X 4% = 0.7%. The island territory of Bonaire has set the surcharge at 15% of the property tax levied on real estate on which real estate tax is levied. As of January 1st, 2020, these surcharges have been set at 30% over the central government property tax of 0.7%.

Calculation example
In Bonaire, you have a second home that you rent out. The value of your home has been set at $300,000. The basis for tax is then $230,000 ($300,000 value minus $70,000 exemption). You pay 0.7% on this value ($ 1,610) plus 30% island surcharges ($ 483). This amounts to an annual property tax rate of $2,093, or 0.91%.

The Belastingdienst Caribisch Nederland – Bonaire has a very extensive website on which you can really find all the information about this. Through this link you will find all brochures and also a lot of additional information and tax forms.

Belastingdienst (Tax Office) Bonaire – Caribbean Netherlands
Kaya L.D. Gerharts 12 – Kralendijk – Bonaire
phone: (+599) 715 8585 – Fax: (+599) 715 8800

Of course, you can also contact your real estate agent with questions. Go to the contact form or mail to info@harbourtownbonaire.com.

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Our real estate agent on Bonaire is happy to help you find your dream home or perhaps the right piece of land on which you can build your own villa. But we are also happy to assist you with the sale or rental of your home. Since 1989, Harbourtown Real Estate has been the place to be to help you realize your housing needs.

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