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Bahamas Property and Bahamas Real Estate

Bahamas Property

Bahamas Property Information



Bahamas International Persons Landholding Act
This act requires non-nationals to obtain a special permits required when purchasing property in the Bahamas, if:

a. The property being purchased is more than 5 acres
b. The intention is to rent the property or a portion of the property
c. The property being purchased is for a commercial development.

Non-Bahamians who buy land for which a permit is not required under the International Persons Landholding Act must register their purchase with the Foreign Investment Board.

Bahamas Property Purchases
Lawyers engaged to undertake the conveyancing of the property will generally hold the purchases deposit and any other payments.

Lawyers
Lawyers in the Bahamas are by the Bahamas Bar Code and are required to carry indemnity insurance.
 
Bahamas Property Title
The vast majority of property in the Bahamas is sold Freehold. The few leasehold properties are generally government owned Crown Land properties that are leased for agricultural or development purposes.

Title Insurance
Title insurance is available in the Bahamas with the premium payable usually between 0.20% and 0.27% of value. 
                                     
Bahamas Property Sales Repatriation
Non-Bahamians are able to repatriate the entire proceeds of a sale of their property including any capital gains, provided that the buyer has registered the purchase with the Exchange Control Department of the Central Bank at the time of purchase.

Bahamas Planning and Building Permission
Persons seeking to build or alter a property in the Bahamas, are required to obtain approval from the Town Planning Board and a building permit issued by the Ministry of Works.

Closing Fees
The closing fes on a property purchased in the Bahamas are approximately as follows :-

  • Title Search                                      US$250 to US$500
  • Cost of Purchase Agreement               US$150 to US$500
  • Legal Fees                                       1.5 to 2.5% of the property value
  • Stamp Duty     Property Value            Fees
                         Zero to US$20,000       2% of the property value
                         US$20K to US$50K       4%
                         US$50K to US$100K     6%
                         US$100K to US250K     8%
                         US$250K and up          10%

There will also be other minor fees for the Alien Landholders License, residency papers etc.


Bahamas Properties
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Bahamas General and Travel Information
http://bahamas-guide.info/site.info/sites.of.interest/

Bahamas Property



Bahamas Local Taxation
The Bahamas have no income tax, capital gains taxes or inheritance tax. There is no sales tax with the exception of the Stamp Duty paid on the conveyancing of real estate.

Bahamas Import Duties
The import duties charged in the Bahamas varies depending upon the material being imported and ranges between 7 % for raw lumber, up to as high as 210% on cigarettes.  The typical import duty for most common items is around 35%.

Bahamas Property Taxation
The rate of property tax in the Bahamas is quite high and is applied as follows :-

Owner Occupied Property

First $250,000                 Nil
Next $150,000                1% of property value
Excess over $500,000      1.5% of property value

Other Properties

First $250,000                1% of property value
Next $150,000               1% of property value
Excess over $500,000     1.5% of property value

Bahamas Residency
It is possible to establish residency in the Bahamas and the Government of the Bahamas has set specific guidelines that allow non-Bahamians to establish permanent residency.

All applicants are required to invest a minimum of $500,000 in the country. This investment may be in the form of the purchase of a property with a minimum value of $500,000.

Permanent residency falls into two categories, one for those wishing to work in the Bahamas, and the other for those who do not wish to work in the Bahamas.

Non-Bahamians who already own property in the Bahamas may apply to the Director of Immigration for an annual homeowner's residence card. This card is renewable annually and entitles the owner and his family to enter and remain in the Bahamas with minimal formalities for the period of time granted.


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Bahamas Property and Bahamas Real Estate

Please note that the information on this page is subject to constant change and revision and may not be fully up to date.  Users are advised to verify any information that could effect their decision on buying a property, visiting this country or any other matter of importance.


Bahamas Property and Bahamas Real Estate


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Last Updated On 19 May 2013
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