Can a foreigner buy a house in The Bahamas?
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Ocean Club Estates Paradise Island Bahamas
I'm Glenn Ferguson, Real Estate Agent in The Bahamas, answering the questions "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 wont 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 simply and there are no restrictions on foreigners buying 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 for 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 an 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 afterwards.
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 areno restriction of foreigner buying property in Bahamas. So the simply answer to the questions - "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 allows you, your spouse, and minor children to enter the Bahamas, and to stay in the country until the card expires. The annual costs of the card is US$500.00
There is also an Annual Residence Permit, which costs US$1,000.00 and US$25.00 for each dependent.