Tips to Buy Bahamas Property

The legal system of the Bahamas is based on the British Common Law. As a result, the Bahamas has an environment that is legally transparent. The government has taken steps to ease residency rules, allowing those who buy more than $1.5 million worth of property to apply for residency in as little as eight months. This allows foreigners the rare opportunity to purchase real estate in the Bahamas and virtually obtain residency at the same time. Here are some tips to buy Bahamas property.

First, it’s important to know the law before buying Bahamas property. Generally, foreigners who buy property in the Bahamas must register it with the government. Property that is five acres and larger must be registered. Even if you plan on using the property for a private residence, you must register your title documents. The Bahamas government also requires the purchase of a license to carry out a business in the country, which can make it harder to obtain a permit. However, if you are a clean buyer who plans to build a commercial establishment in the Bahamas, you can get a license faster.

Lastly, remember that American banks generally won’t lend you money to buy Bahamas property. Because of this, you should budget accordingly. Licensed Bahamas attorneys can offer you valuable advice regarding your situation. It’s crucial to remember that the Bahamas immigration authorities want foreign money to flow into the economy and help Bahamians gain employment. If you want to buy a property and live in the country for a long time, it’s important to do your research and find an attorney who is experienced in real estate.

In addition to these things, you should also check if you’re allowed to buy Bahamas property. As of April 2018, foreigners are allowed to buy property in the Bahamas. albany bahamas real estate As a matter of fact, 80 percent of buyers in the Bahamas are Americans. However, in some cases, foreigners may need a permit to buy land, especially if it is undeveloped. Foreign investors are also required to register their property with the Central Bank of the Bahamas.

Buying property in the Bahamas is a good option if you want to build your own home. You can find land that is for sale and build your own home on it, which is a great option if you are not ready to shell out the full amount. Whether you want to buy a property with the best location or a home in an idyllic setting, you can find what you need to make your dream come true.

In addition to real estate in the Bahamas, you should also consider the cost of the transaction. Transactional costs are around 15 to 20 percent of the net price, which includes the government stamp on the conveyance, real estate agent commission, and legal fees. The Bahamian dollar is pegged to the US Dollar 1:1, so you can use it freely. For those looking for a low-cost home in the Bahamas, you can look into an apartment in Nassau or a house in New Providence.