Property Permits and Registration The 1993 International Persons Landholding Act has considerably eased the burden and process of foreign ownership of homes and real estate, as prior Government approval is not required for non-Bahamians to purchase residential properties of less than five acres. Such acquisitions are, however, required to be registered with the Investment Board and The Central Bank of The Bahamas after the conveyancing of the property and a Permit will subsequently be issued. Permission to purchase property is required if the freehold or leasehold property is undeveloped land of five or more contiguous acres, or not single-family or not to be used as single-family (i.e. commercial, industrial, resort, hotel or investment property). The issuing of the Permit serves as the Government's assurance that should the investor wish to sell the property, the proceeds of the sale can be repatriated.

Residency Status The Bahamian Government has also adopted an accommodating position on the granting of residency permits to non-Bahamian investors and homeowners. Major international investors and owners of residences valued in excess of $500,000 are offered accelerated consideration for annual or permanent residency permits. A Home Owners Residence Card is available to all non-Bahamian owners of residences, to facilitate the immigration formalities at all Bahamian ports of entry. This card entitles the homeowner, and the homeowner's spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card and is renewable annually. It does not, however, confer residency status. The other, more desirable, option is to apply for permanent residency status, which does confer residency status and does not have to be renewed annually.