Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process.

Take a Drive or Browse our Site.

Get to know the neighborhoods, complexes, or subdivisions, which interest you. Get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.

Narrow Your Search.

Select a few properties that interest you the most and have your real estate agent make appointments to visit them. The Bahamas has an MLS (Multiple Listing Service), so your real estate agent can show you any property throughout the Bahamas, regardless of the listing agency. Be sure to distinguish between what you “want” and what you “need”. Ask your real estate agent about the potential long term resale value of the properties you are considering.

Time to Buy.

Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.

Be Careful With Your Finances.

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. Along with confirmation of pre-qualification or proof of funding, you will also need to secure a 10% good faith deposit of your pre-qualified amount which will be required when you sign your sales contract.

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.