Transfer duty
A person buying property pays nothing on the first N$1,100,000. Above that the duty rises in bands: 1%, 5%, 8% and, above N$12,100,000, 11% of the amount in each band. A company, close corporation or trust pays a flat 12% of the whole price. A person buying agricultural land with an Agribank loan has a separate table: nothing up to N$1,500,000, then 1% and 3%.
Stamp duty
The transfer deed also carries stamp duty. A person pays nothing up to N$1,100,000, then N$10 for every N$1,000, or part of N$1,000, above it. A company, close corporation or trust pays N$12 for every N$1,000 or part of the whole price.
When to pay
Transfer duty is due within six months of buying the property, with a penalty for each month it’s late. Heirs and legatees inheriting property, the State and some charitable bodies are exempt; there’s no exemption for first-time buyers. Your conveyancer usually pays both duties for you as part of the transfer.