Owning
a Piece of Paradise
Foreign nationals are encouraged
to acquire residential properties in The Bahamas. Underscoring the new
attitude towards investors, the government repealed the Immovable
Property Act, 1981, which required prior approval for the purchase,
transfer, or inheritance of real property by non-Bahamians. It has been
replaced by the International Persons Landholding Act, 1994. The
new act considerably eases the process of foreign ownership of homes
and real estate. It has begun to fuel the revival
of the second home market in The Bahamas and makes the assets of The
Bahamas more accessible to those who enjoy living and/or doing business
in paradise.
- A non-Bahamian who purchases or acquires an interest
in a condominium or property vacant or otherwise to be used by him/her
as a single family dwelling or for construction of such a dwelling
must apply to the Secretary to the Investment Board to register
the purchase by completing "Application for Registration" Form
I, which should be submitted to:
- Office of the Prime Minister
P.O. Box CB10980
Nassau, N.P., The Bahamas
This should be accompanied by a copy of conveyance
(proof of ownership), evidence of payment of stamp
duty and Real Property Tax, and a Bankers Draft/Proposal
Money Order in the sum of Bahamian twenty-five dollars made payable
to "The Public Treasury."
- Upon receipt of the above, the purchase/acquisition
will be registered and a Certificate of Registration subsequently
issued.
- A permanent resident who acquires land or an interest
in land shall apply to the Secretary to the Board to have same registered.
- A permit to purchase/acquire property is required
if the property is undeveloped land and the purchaser would become
the owner of five or more contiguous acres. A permit is also required
where the non-Bahamian intends to acquire land or an interest therein
by way of freehold or leasehold and which acquisition is not in accordance
with the above.
- 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 Investments
Board and The Central Bank.
- The government has also adopted an accommodating stance
on the granting of residency permits to non-Bahamian investors and
homeowners. Major international investors and owners of residences
valued at $500,000 or more are accorded accelerated consideration
for annual or permanent residency permits.
- A homeowner's card is available to all non-Bahamian
owners of residences. The card facilitates immigration formalities
at all Bahamian ports of entry and entitles the homeowner, his/her
spouse, and minor children to enter and remain in The Bahamas for
the duration of the validity of the card.
Copies of the legislation are available for a small fee
(B$7.20) from:
- Government Publications
P.O. Box N7147
Nassau, N.P., The Bahamas
Tel: (242) 322-2410
Real Estate Fees
| Application for Registration: |
$25.00 |
| Application for Permit: |
$25.00 |
| Upon issue of certificate of registration or issue
of permit where: |
| (a) the value* of the property is $50,000 and under: |
$50.00 |
| (b) the value of the property is over $50,000 but
under $101,000: |
$75.00 |
| (c) the value of the property is $101,000 and over: |
$100.00 |
| Homeowner resident card: |
$500.00 |
*Value in relation to a lease is the annual rent
reserved, times the number of years.
Certificate of Registration or Permit (together with
acquisition documents) must be recorded in the Registrar General's
Department, P.O. Box N532, Nassau, N.P., The Bahamas, Tel: (242)
322-3316.
The Government Stamp Tax on Property
Conveyance is as follows:
| Value ($) |
Stamp Tax
(%) |
| Less thab $20,000 |
2% |
| $20,000 to $50,000 |
4% |
| $50,000 to $100,000 |
6% |
| over $100,000 |
8% |
The above fees are usually shared equally by the buyer
and the seller.
|
