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.