Can a foreigner buy a house in The Bahamas?

Foreign Homeowners in The Bahamas

I'm Glenn Ferguson, Real Estate Agent in The Bahamas, answering the question "Can a foreigner buy a house in The Bahamas?"

Thinking about buying a home in the Bahamas then you would be interested in learning about how to buy a home in the Bahamas. 

And you won't be alone as the Bahamas is home to a significant number of Americans, Europeans, and Canadians who own second homes and spend a tremendous amount of time in the islands. 

Can a Foreigner Buy a House in The Bahamas?

The good news is that the process of buying a home in the Bahamas is really simple and there are no restrictions on foreigners buying a house in The Bahamas. So Yes, definitely, foreigners can buy a house in The Bahamas.

Since the International Persons Landholding Act took effect in January 1994, replacing the Immovable Property Act of 1981, it has been much easier to purchase property in the Bahamas. 

A permit from the government is only needed if the property to be bought is more than five acres or is undeveloped land. 

Otherwise, the property must only be registered with the Investment Board and the Central Bank after the transaction. 

You do want to hire an attorney to check for encumbrances to the title and to ensure that the title is good. As breaks in the chain of title owners can reduce the marketability of the property. 

To register your purchase of the property you simply submit your application to the office of the Prime Minister, with a copy of the conveyance (proof of ownership), evidence of payment of Stamp Duty, and Real Property Tax. Along with your Bankers Draft or Money Order payable to ´The Public Treasury´ for US$25.00 which is the application fee. A Certification of Registration will be issued afterward. 

To find out how to buy a house in The Bahamas, simply complete the form below and Glenn will help you along your journey to home ownership in The Bahamas

FAQ: Can a Foreigner Buy a House in The Bahamas?

Here are the frequently asked questions about foreigners buying a house in The Bahamas. Call or WhatsApp 1-(242)-395-8495 or Simply Click ASK Glenn to get answers to your questions about buying a house in The Bahamas.

Q: Is it possible for a foreigner to own property in The Bahamas?

A: Yes, foreigners can own homes and property in The Bahamas. The government encourages foreign investment, and there are no restrictions on purchasing residential properties. However, for commercial properties, the approval process may differ.

Q: What is the International Persons Landholding Act in The Bahamas?

A: The International Persons Landholding Act is a Bahamian law that governs foreign ownership of property. The law facilitates the process of non-Bahamians acquiring residential properties in The Bahamas and ensures a smooth approval process.

Q: How do foreigners apply for government approval to buy property in The Bahamas?

A: To buy a property in The Bahamas, a foreigner must submit an application to the Secretary of the Investments Board. The application should include the property's details, the buyer's information, and their intentions regarding the property. After submitting the application, the buyer will receive a Certificate of Registration, permitting them to own the property.

Q: Is there a minimum investment required to buy a house in The Bahamas as a foreigner?

A: There is no minimum investment required to purchase residential property in The Bahamas. However, investments over $750,000 are subject to approval from the Bahamian government.

Q: What are the benefits of owning property in The Bahamas for foreigners?

A: Owning property in The Bahamas offers a multitude of benefits, including a stable economy, a growing real estate market, tax incentives, and a beautiful environment. Additionally, owning property could provide eligibility for a Home Owner Resident Card, granting permanent residency.

Q: Are there any special taxes or fees for foreigners buying a house in The Bahamas?

A: There are no unique taxes or fees specifically for foreigners. However, all property buyers in The Bahamas must pay a stamp duty on the property transfer, which ranges from 2.5% to 10%, depending on the property's value.

Q: Can foreign homeowners rent out their property in The Bahamas?

A: Yes, foreign homeowners can rent out their property in The Bahamas. It is essential to comply with local licensing requirements and ensure that the property meets all government regulations.

Q: Can a foreigner obtain a mortgage in The Bahamas to buy a house?

A: Yes, foreigners can obtain a mortgage to finance the purchase of property in The Bahamas. Keep in mind that Bahamian banks may require a more substantial down payment and charge higher interest rates for non-residents.

Q: What is the process of selling a property in The Bahamas for a foreigner?

A: The process of selling a property in The Bahamas as a foreigner involves finding a reputable Bahamas real estate agent like Glenn Ferguson, setting a realistic price, marketing the property, negotiating with buyers, and transferring the property through a legal attorney.

Complete the form below and let Glenn show you how to buy a house in The Bahamas.

Buying a home in The Bahamas

Buying Property in The Bahamas

When it comes to buying property in The Bahamas, here are a few things you should know. The first thing is that buying real estate in The Bahamas is very easy and as already indicated there are no restrictions on foreigners buying property in The Bahamas. So the simple answer to the question - "can foreigners buy property in The Bahamas?" is YES.  

All Non-Bahamian owners of residential property can apply for a Home Owners Resident Card. which will allow you, your spouse, and your minor children to enter the Bahamas, and to stay in the country until the card expires. The annual costs of the card are US$500.00 

There is also an Annual Residence Permit, which costs US$1,000.00 and US$25.00 for each dependent.

Buying a House in The Bahamas

Buying a home in the Bahamas is an exciting venture. With its serene natural beauty and comfortable climate, it is an ideal destination for a family home or vacation property.  As a foreign national, buying property in the Bahamas may seem daunting, but with the help of Glenn Ferguson, a seasoned Bahamas Real Estate Agent, and Residency Consultant, the process is easy, stress-free, and remarkably smooth.

Ferguson is a licensed Bahamas Real Agent and a member of The Bahamas Real Estate Association (B.R.E.A), the governing body for real estate in The Bahamas, who specializes in real estate and residency services in the Bahamas. Having him as your realtor means that you receive professional guidance throughout the whole process, from finding your dream home to finally owning it.

How to Buy a House in The Bahamas

Here is how to buy a house in The Bahamas in 3 Simple Steps

The first step in buying a house in the Bahamas is understanding your requirement and budget. Whether you want a condo, a beachfront house, or a luxury estate, the Bahamas has a wide variety to offer. Ferguson will help you to narrow down the options based on your preferences, tastes, and budget. He is knowledgeable about the property market in the Bahamas and can offer insights into the most suitable neighborhoods and pricing nuances.

Next, you will need to secure financing for your purchase. If you do not have the entire payment up-front, Ferguson can guide you in obtaining a mortgage from local or international banks. He will explain the associated costs of buying a house, including stamp duty, legal fees, and agents’ commissions. You should also be aware that while there are no property taxes on owner-occupied residences in the Bahamas, there are nominal real estate taxes on second homes.

Once you have secured financing and chosen your dream house, you will need to hire a Bahamian attorney to draw up the sales agreement and conduct the title search. Ferguson has recommendations for reputable attorneys who specialize in real estate transactions. This lawyer will ensure that you are buying from the legitimate owner and that there are no liens against the property. Your attorney and Ferguson will guide you through the closing process, which can take anywhere from 30 to 90 days. No need to worry, Ferguson will assure the process is efficient and as stress-free as possible.

Apart from just purchasing the property, Ferguson can assist with your application for Bahamian residency, if desired. The Bahamas government encourages foreign homeownership by offering accelerated consideration for permanent residency to owners of homes valued at $1,500,000.00 or more.

Buying a house in the Bahamas is a unique investment opportunity and a fantastic lifestyle choice. With guidance from Bahamas Luxury Real Estate Specialist Glenn Ferguson, you can navigate this process easily, ensuring you end up with your dream property in this Caribbean paradise. His vast experience and local knowledge will truly be invaluable in your property acquisition journey in the Bahamas.

Simply complete the form below and Glenn will help you with buying your home in the Bahamas