Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully
Why Do You Want To Buy?
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Has Your Income Grown?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
For many, the Bahamas is the dream destination. For some, it’s the place where you live the best of your life. It really is paradise on earth.
If you are interested in buying a home in the Bahamas, you’ve come to the right place. Continue reading to learn more about purchasing a home in this beautiful archipelago.
Are foreigners allowed to purchase real estate in the Bahamas?
Contrary to what most people believe, foreigners are welcome to invest in real estate in the Bahamas. In fact, there are no restrictions for foreigners since the International Persons Landholding Act was implemented in 1994.
You will only need to secure a permit from the government in any of the following scenarios:
- You’re buying a property that is larger than 2 acres.
- You plan to turn the home (or a part of it) into a rental property.
- The property you’re purchasing will be used for commercial purposes.
For the first case (and/or you are buying undeveloped land), you will need to get your permit from the government. You will need Investment Board and the Central Bank approval if the second or third scenarios stated apply to you.
Successful purchases need to be registered with the Government, together with a copy of the proof of ownership, as well as proof of payment of taxes and the stamp duty.
After you purchase real estate and make the necessary registrations, applying for a Home Owners Resident Card is something you should consider, especially if you want freedom of mobility in the islands until the permit expires. Another option would be to apply for an Annual Residence Permit. My Relocation Guide to the Bahamas has more information about different permits for residency.
What are the types of residential real estate available in the Bahamas?
There is a wealth of housing options in the Bahamas, from low-end homes to upscale condos and luxury properties. The best way to go about and explore your real estate opportunities in a specific island or area is to get in touch with a local real estate specialist.
For instance, if you are interested in purchasing real estate in the Grand Bahama, you won’t need to look further. I can personally help you look into Grand Bahama homes and properties that meet your budget, your needs, and your lifestyle.
But to give you a better idea of housing options in the Bahamas, here are some of the common real estate types you’ll find in the islands (available in a wide range of prices):
- Single-family homes
- Waterview properties
- Waterfront properties
- Luxury homes
For more information about the latest property listings in Grand Bahama, feel free to browse my website.
Should you hire an attorney?
Hiring an attorney to represent your best interests is required. Since you are purchasing real estate in a foreign country, having the right legal representation is in your best interests.
For example, your attorney will conduct your title search to determine its validity, and whether it has any issues attached to it.
What are the costs involved?
As a buyer, you’ll have to shoulder a couple of other expenses (aside from the listing price of the home). Here are some figures to bear in mind:
- Registration fees range from $500 to $650
- You are required to shoulder 50% of the expenses for VAT associated with the purchase price. The other half will be paid by the seller.
- You will also shoulder the cost of your legal fees which, depending on your attorney, can range from 1.5% to 2.5% of the purchase price.