Home Property in Bahamas
How to buy a house in Bahamas?
Here you will find the detailed information about real estate purchasing in Bahamas:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Bahamas;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Bahamas and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Bahamas.
The real estate on the Bahamas is not only the opportunity to have a rest on the best world resorts at any times of the year, but also a fine way of capital investment. Prestige value of the region and a small territory for housing development are the main reasons of constant growing of the real estate prices here. If you bought the real estate on any of the islands, you can enjoy beach-related rest, go in for water sports, travel on yachts, play golf, ride, visit night clubs and boutiques, indulge yourself by gastronomic specialties of regional and European cuisine. In a word, on the Bahamas everyone will find what to do and will always be able to choose a suitable rest.
And still this is the place where the worldwide famous Underwater Experimental Establishment is situated where it is possible not only to swim with dolphins, but also to make friends with them.
Having the real estate on the Bahamas, you certainly will visit together with your family the International fair in Freeport. Here you can make a round-the-world trip without leaving pavilions: the goods from more than eighty countries all over the world are presented at this fair.
Seisin is the basis for receiving of the Home owner card. It is not yet the registration certificate, but this card gives the right for entrance and habitation in the country almost without restrictions not only to you, but also to the members of your family. The card is given for a period of a year and can be renewed. There are no any restrictions for renewing.
The registration certificate is given to those of foreign nationals who acquired housing on the Bahamas for the sum of more than 500 000 dollars. The cost of receiving of the registration certificate makes 10 000 dollars. The Bahamas passport gives to the foreigner all the same rights which has an inhabitant of the British Commonwealth.
Business on the Bahamas
On the Bahamas it is possible to registrate offshore companies of any type. However it is important to remember that if you intend to purchase the real estate on the Bahamas, you won't be able to have any business here. The matter is that one of conditions of offshore company opening is a prohibitition on the real estate purchasing. It is only possible to get that is necessary for office services, and the office needs to be rented.
Nevertheless, it is very favourable to invest into the commercial real estate on the Bahamas. The law on development of hotel business provides a number of preferences for the owners of hotels, and also for those who buys land property or is specialized on serious redesign of hotels. You may receive relaxation of duties on the imported construction materials and equipment. Also customs duties on production acquired on the islands are compensated to investors.
Foreign workers and personnel of hotel employed by you for construction or redesign will be able to come to the Bahamas on simplified visa regime.
The law on stimulation of industry development also allows you to receive a number of tax and customs preferences when opening manufacturing facility on the Bahamas. If you’ve made essential capital investments in the economy of the islands and in case of purchasing of the commercial real estate the process of obtaining of licenses for production opening also becomes simpler.
Real Estate Prices
Regardeless of the fact that the total area of the Bahama archipelago occupies more than 11 000 000 sq.km, its most part is waters. And from more than 600 islands only a half is inhabited. Significantly these factors determine the high real estate prices in this region.
And undoubtedly the worldwide fame of the Bahama islands as one of the best resorts also influences the level of prices for the real estate.
Types Of Real Estate
The foreign nationals can purchase both the development land and all types of the real estate on the islands: houses, villas, townhouses, small apartments or luxury apartels.
In the last few years on the real estate market on the Bahamas there was a new offer: housing in the condo-hotels. Condo hotel is a multiroom building or a small complex of cottages. Apartments or cottages are on sale separately, and those that didn't find the buyers yet are used as hotel rooms for tourists. The prices of such type of the real estate on the Bahamas are slightly lower than prices of traditional apartments or separate houses.
Procedure Of Real Estate Purchasing
It is rather simple to purchase the real estate on the Bahamas. The foreign nationals are allowed to purchase housing and the land plots with the area up to 5 acres (about 2 hectares). If you want to buy the land plot of a bigger size, it is necessary to get the local authority permission.
For obtaining of the permission it is necessary to specify in the application request not only data on the seller and the purchaser, but also the description of a land plot and the purpose of its acquisition. If you plan to engage in agricultural activity, it is required to report the approximate size of expenses on the earth development.
With the particular object being selected the written request on purchase is formed. At the same time it is made a prepayment which makes no more than 5% of all-round price of the real estate. In case of failure of the transaction because of the seller, the prepayment comes back to you in a full size. If it is you who have changed the decision, you lose the right for return of this money.
Your best bet is to charge a registration of the real estate to the local lawyer. Only he is able to verify correctness of all documents and to prepare complete package. Quite often the transaction is carried out between representatives of the seller and the purchaser without their personal presence.
After completion of the transaction it is necessary to pay for insurance of the real estate. Depending on its cost the sum of the insurance makes from 1.5 to 2.5% and is divided equally between the purchaser and the seller.
The purchaser also has to pay a tax on transfer of property rights. Its size depends on all-round price of the real estate on the Bahamas and makes to 4% if the housing cost is from 250000 to 500000 dollars, and no more than 2% if the cost is more than 500000 dollars.
The process of registration of all necessary documents can take from six to twelve months.
The housing purchased by you needs to be registered in the Investment Committee which issues the corresponding certificate. In the application for registration it is necessary to fill in a full name of the purchaser, his residential address, nationality, birth date and birth place, work place, and also an address and a detailed description of the bought property. The application also has to contain data on the seller, the cost of the house and information of the payment procedure. The copy of the documents confirming your property right and the receipt on payment of the stamp duty of 25 local dollars is enclosed to the application. archived version