Buyer’s closing costs on Bonaire

Calculate your closing costs:

Would you like to know the buyer’s closing costs when purchasing real estate on Bonaire? Use this calculator to estimate the additional costs yourself.

The above calculation of the buyer’s closing costs is based on the values you entered. This information has been compiled with the greatest possible care. Please note that additional costs may apply, such as searches and checks, including the Personal Records Database (BRP), bankruptcy register searches, and extracts from the Chamber of Commerce, as well as powers of attorney and additional bank fees. In addition, a fee of US$ 25 per person is charged for the verification of personal data. No rights can be derived from this calculation.

Buyer’s closing costs on Bonaire may consist of the following components:

• Transfer tax 5% or ABB 8%. The transfer of existing homes is generally subject to 5% transfer tax. The transfer of newly built homes is usually subject to 8% ABB. The tax is calculated on the fair market value of the property (usually the purchase price). No transfer tax is payable on the value of movable property, which reduces the buyer’s closing costs.
• Notary fees. These costs consist of the notary’s fee for the deed of transfer, plus 8.50% office costs and 6% ABB on the total amount. In certain cases, additional costs may apply, such as searches and checks, including the Personal Records Database (BRP), extracts from the Chamber of Commerce, bankruptcy register searches, as well as powers of attorney and bank fees. In addition, a fee of US$ 25 is charged for the verification of personal data for each individual or legal entity.
• Land Registry fees. These fees cover registration in the public registers. The fee is US$ 374.50 for the first US$ 75,000, plus US$ 5.85 for each additional US$ 1,000. The maximum fee is US$ 2,497. In some cases, additional charges may apply.
• Mortgage costs. If a mortgage is established on a property, a mortgage deed is required. The costs include the notary’s fee for the mortgage deed. The Land Registry charges US$ 374.50 for registering the mortgage deed for the first US$ 100,000, plus US$ 5.85 for each additional US$ 1,000 (or part thereof). The maximum fee is US$ 2,497.

The calculation of the notary’s fee for the deed of transfer is relatively complex and is based on rates established by the Joint Court of Justice. The amounts are derived from the former Netherlands Antillean guilder, now the Caribbean guilder (US$ 1 = XCG 1.79). The base fee of US$ 446.92 applies to the first XCG 30,000. This explains the seemingly unusual threshold amounts in the table, starting at US$ 16,760. You can use the table above to verify the amounts yourself.

Do you have any questions about calculating buyer’s closing costs on Bonaire? Contact Harbourtown Real Estate using the contact form or send an email to info@harbourtownbonaire.com.