| m-link"> | | | | you are traveling on. A visa and passport is not |
| White sand beaches, clear blue waters, tax breaks, | | | | required of you if you are a Canadian citizen or |
| real estate and property; the Bahamas never looked | | | | subject of the United Kingdom unless the stay |
| so good. And yes, I said real estate. Bahamian real | | | | exceeds three weeks. U.S. citizens on regularly |
| estate is hotter than ever. | | | | scheduled airlines, pre-cleared for return at U.S |
| In 1993, the International Persons Landholding Act was | | | | Customs and Immigration at Nassau International |
| put into motion to encourage foreigners to purchase a | | | | Airport also do not require a visa (though proof of |
| second home in The Bahamas. And it couldn’t | | | | citizenship is required). |
| be simpler. If a foreigner buys a single family dwelling | | | | You are allowed a maximum stay of eight months |
| or vacant land to be used in the construction of such a | | | | with proper documents which includes a return ticket |
| dwelling, then he no longer needs to obtain a permit | | | | and evidence of financial support. If you would like to |
| from the Government prior to the purchase. He only | | | | stay longer, then you have to apply for temporary |
| needs to register the acquisition later with the | | | | residency to the Director of Immigration. If, however, |
| Investments Board. Permanent residents of the | | | | you would like to make the Bahamas your permanent |
| Bahamas and foreigners who inherit property in the | | | | residence by way of Bahamas property investment, |
| Bahamas don’t have to obtain a permit before | | | | then you will have to apply for permanent residency. If |
| acquiring land but must register afterward. | | | | you plan on working in the Bahamas, a work permit |
| However, there are cases where a permit will be | | | | must be applied for separately. |
| needed for Bahamas real estate. First, if the property | | | | There are different levels of residency. The first is |
| is undeveloped land and of five acres in size or larger. | | | | permanent residence which requires a purchase of a |
| Secondly, if the property is not a private residence, or it | | | | residence of more than $500,000, subject to a $10,000 |
| is not intended for development as such, a permit is | | | | one-time payment. Another level of residence is that |
| needed. | | | | of a homeowner where no minimum purchase is |
| In dealing with mortgages, the act is not meant to be a | | | | required, however, your card must be renewed every |
| road block. In fact, it provides that licensed banks, trust, | | | | year for a fee of $1000. And the last level of |
| and insurance companies who acquire an interest in or | | | | residence is an annual residence where, again, no |
| take possession of property under a court order must | | | | minimum purchase is required but you must renew |
| register that acquisition. An acquisition by way of | | | | every year for a fee of $1000. |
| foreclosure under a mortgage or of land acquired by | | | | Owning Bahamas real estate sounds spectacularly |
| an authorized foreign state will not require a permit but | | | | easy and that’s because it is. But there are |
| must be registered. | | | | some things to keep in mind when making an |
| With leases, foreigners are not required to obtain | | | | investment of this size. Here are a few guidelines to |
| permits, register leases, or letting agreements unless | | | | help you out when buying Bahamas property: |
| they are for trade or business purposes and the term | | | | Think location: Depending where you buy, prices will |
| can exceed 21 years. | | | | vary. On the main islands such as New Providence |
| Not only has the government made owning a second | | | | and Grand Bahama, prices are more than double the |
| home easy for foreigners, they have also included a | | | | prices in Florida. If you’re looking for an |
| condition so that a foreigner no longer pays a double | | | | investment property, these would be good choices. If |
| rate of stamp duty; he now pays the same single rate | | | | you’re looking into buying a quiet retreat, |
| as a Bahamian. | | | | consider something on the family islands as they are |
| The stamp duty is a tax that is payable on the delivery | | | | less expensive. |
| of all real property based on the value as follows: | | | | Have a look: Once you have decided where you |
| Stamp duty starts at 2% for real estate valued under | | | | would like to buy a property, the next step is to have a |
| $20,000 US, but increases to 10% for real estate over | | | | look at more than one property so you can get an |
| $250,000 US. Payment of this tax is usually shared | | | | overall picture of the market. |
| equally between the seller and the buyer. There is also | | | | Take a second look: It’s a good idea to get a |
| a 1% stamp duty on mortgages paid by the borrower. | | | | certified professional to look over the property just in |
| The usual practice in the Bahamas is for the tax to be | | | | case there are hidden surprises! |
| shared equally between buyer and seller unless | | | | So whether you’re making an investment or |
| otherwise agreed upon. | | | | buying a vacation home, the Bahamas will welcome |
| If you are entering the Bahamas, you must fill out an | | | | you with open arms. All you have to do is make your |
| embarkation-disembarkation card which is usually | | | | ticket to paradise! |
| provided by your travel agent, the airline, or the ship | | | | |