We are happy to share with you the following frequently asked questions asked of us from prospective homes buyers who are looking to purchase property in The Bahamas. Choose a link from the list below, or scroll through them all to learn more.
The Bahamas Government has an investor-friendly outlook to encourage international investors to buy property in The Bahamas. International ownership of homes and properties under five acres in size is straightforward. A Certificate of Registration issued by the Bahamas Investment Board and The Central Bank of The Bahamas completes the purchase.
Yes, the Government has also adopted an accommodating position on granting residency permits to international investors and homeowners. International buyers can apply for Annual Residency upon purchasing a property valued at more than $250,000. International buyers purchasing a property valued at $750,000 or more may apply for Permanent Residency. International buyers purchasing a property valued at more than $1.5 million will receive expedited consideration for Permanent Residency. An annual Home Owners Residence Card is available to all international homeowners and immediate family members to enter and remain in The Bahamas for the duration of the card's validity.
Yes, once you have obtained a Certificate of Registration for your investment at the time you purchased it, you will be able to repatriate the entire proceeds of sale (including profit) after the completion of the sale of your property.
Yes, we strongly recommend hiring a local attorney to represent your best interest in purchasing a property. The attorney will undertake a title search of the property, provide you with an opinion on the title and will rectify any outstanding title and lien issues. The attorney’s opinion on the title is similar to obtaining title insurance in that the attorney is liable for any defects subsequently found. The law firm’s indemnity insurance covers covers the attorney's opinion of title. Once your attorney proves the title to be good and marketable, your attorney will review and perfect the conveyance to ensure the proper title is passed onto you to complete the sale.
Yes, there are some title insurance companies in the Bahamas offering title insurance.
The Government assesses and charges annual Property Tax (aka Real Property Tax), based on the following:
For Undeveloped Land:
In respect of any other property (i.e. commercial, multi-family investment, etc.):
Exemptions on specific properties do exist and so any owner seeking clarification should contact the Department of Inland Revenue.
Citizens of The Bahamas are exempt from taxes on on undeveloped land throughout The Bahamas and properties owned in the Family Island.
Under the provisions of the Real (Brokers & Salesmen) Act, 1995, the Bahamas Real Estate Association (BREA) licenses all Brokers and Salesmen in The Bahamas. Any person wishing to practice real estate lawfully must be licensed to provide such service and earn a commission or fee.
In the 1990s, BREA and the National Association of Realtors signed a Bilateral Agreement which effectively acknowledges both countries' licensing and immigration laws while establishing a business protocol that allows a licensed association member in one country to refer business to a licensed association member in the other country. No international real estate agent can practice real estate in The Bahamas without a valid BREA license and the proper Bahamas immigration status.
Yes, any person wanting to build on or renovate a property must first submit architectural plans (including structural, mechanical, electrical and plumbing) for review and approval by the Town Planning Board and then obtaining a Building Permit from the Ministry of Works.
There is no personal or corporate income tax, no capital gains tax and no inheritance tax assessed by the Bahamas Government. There is no sales tax on goods, but there is Value Added Tax (VAT) on goods and services.
The Bahamas Government’s main source of revenue is duty charged on the landed cost (i.e. first cost plus shipping) of all items brought into the country. Importation duty ranges from 0% to as much as 220%. The average duty paid on most imported goods is 35%. VAT is then charged on the landed cost plus the importation duty.
Obtaining residency in The Bahamas does not entitle you to work in the country. International buyers must first apply to the Ministry of Immigration to receive the appropriate work status.
The following are some of the areas targeted for international investors:
The following are areas reserved explicitly for Bahamians:
The above lists are not exhaustive, and investors interested in areas not mentioned are encouraged to bring their interest to the attention of the Bahamas Investment Authority.
Three schools offer the International Baccalaureate program:
There are several other successful and popular private schools in The Bahamas, primarily located on New Providence: