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Buyer’s Guide2019-01-08T07:34:57+00:00

Buyer’s Guide – Bahamas Real Estate – Four Seasons House

This is a guide only that is subject to change by government. Consult a lawyer to confirm all aspects of purchasing real estate in the Bahamas.

Government Taxes on Property Conveyances

  • Foreigners may purchase real estate in the Bahamas on the same terms and conditions as Bahamians
  • A total tax of 10% on all real estate transactions valued over $100,000. One time only tax on initial purchase
  • One time fee of 0.50% of the purchase price to the Ocean Club Community Enhancement Account
  • One time fee of $75,000 to join the Ocean Club Social / Golf Membership
  • Lawyers fees for advice and documentation on purchase

Homeowners Fees

$10,000 per annum. Covers community maintenance; Exclusive Beach Club and Restaurant; Tennis Courts; Children’s Playground; 24/7 security (patrols and gate security)

Property Taxes

  • The first $250,000 on owner occupied residential property is tax exempt.
  • On the value of owner/occupied properties between $250,000 and $500,000, the rate is 3/4 of one percent.
  • On the portion over $500,000, the tax rate is 1% of the market value of the property.
  • Taxes capped at $50,000/ annum on an owner occupied home

OWNER-OCCUPIED HOME RENTALS

Proprietors of owner-occupied rental homes of one or more bedrooms are required to register if they intend to rent their premises to visitors.

RESIDENCY/VISAS

  • Purchasers of real property may apply for Permanent Residency
  • Major international investors and owners of residences valued at $1.5 million or more receive speedy consideration for permanent residency permits.
  • Applicants must be of good character and show evidence of financial support. Wives and dependent children (under 18 years) usually resident in a household may be endorsed on the certificate when the original application is made.
  • Visas are not required of citizens of the USA, United Kingdom, or Canada if stays are less than 6 months. Bahamas Immigration Department permits are needed to work or engage in any business.