Victoria Real Estate Agency Home Sale Listings

Bahamas Real Estate Guide to Permits, Residency and More

In 1993, the International Persons Landholding Act was put into motion to encourage foreigners to purchase a second home in The Bahamas. And it couldn't be simpler. If a foreigner buys a single family dwelling or vacant land to be used in the construction of such a dwelling, then he no longer needs to obtain a permit from the Government prior to the purchase. He only needs to register the acquisition later with the Investments Board. Permanent residents of the Bahamas and foreigners who inherit property in the Bahamas don't have to obtain a permit before acquiring land but must register afterward.

However, there are cases where a permit will be needed for Bahamas real estate. First, if the property is undeveloped land and of five acres in size or larger. Secondly, if the property is not a private residence, or it is not intended for development as such, a permit is needed.

In dealing with mortgages, the act is not meant to be a road block. In fact, it provides that licensed banks, trust, and insurance companies who acquire an interest in or take possession of property under a court order must register that acquisition. An acquisition by way of foreclosure under a mortgage or of land acquired by an authorized foreign state will not require a permit but must be registered.

With leases, foreigners are not required to obtain permits, register leases, or letting agreements unless they are for trade or business purposes and the term can exceed 21 years.

Not only has the government made owning a second home easy for foreigners, they have also included a condition so that a foreigner no longer pays a double rate of stamp duty; he now pays the same single rate as a Bahamian.

The stamp duty is a tax that is payable on the delivery of all real property based on the value as follows: Stamp duty starts at 2% for real estate valued under $20,000 US, but increases to 10% for real estate over $250,000 US. Payment of this tax is usually shared equally between the seller and the buyer. There is also a 1% stamp duty on mortgages paid by the borrower. The usual practice in the Bahamas is for the tax to be shared equally between buyer and seller unless otherwise agreed upon.

If you are entering the Bahamas, you must fill out an embarkation-disembarkation card which is usually provided by your travel agent, the airline, or the ship you are traveling on. A visa and passport is not required of you if you are a Canadian citizen or subject of the United Kingdom unless the stay exceeds three weeks. U.S. citizens on regularly scheduled airlines, pre-cleared for return at U.S Customs and Immigration at Nassau International Airport also do not require a visa (though proof of citizenship is required).

You are allowed a maximum stay of eight months with proper documents which includes a return ticket and evidence of financial support. If you would like to stay longer, then you have to apply for temporary residency to the Director of Immigration. If, however, you would like to make the Bahamas your permanent residence by way of Bahamas property investment, then you will have to apply for permanent residency. If you plan on working in the Bahamas, a work permit must be applied for separately.

There are different levels of residency. The first is permanent residence which requires a purchase of a residence of more than $500,000, subject to a $10,000 one-time payment. Another level of residence is that of a homeowner where no minimum purchase is required, however, your card must be renewed every year for a fee of $1000. And the last level of residence is an annual residence where, again, no minimum purchase is required but you must renew every year for a fee of $1000.

Owning Bahamas real estate sounds spectacularly easy and that's because it is. But there are some things to keep in mind when making an investment of this size. Here are a few guidelines to help you out when buying Bahamas property:

-Think location: Depending where you buy, prices will vary. On the main islands such as New Providence and Grand Bahama, prices are more than double the prices in Florida. If you're looking for an investment property, these would be good choices. If you're looking into buying a quiet retreat, consider something on the family islands as they are less expensive.

-Have a look: Once you have decided where you would like to buy a property, the next step is to have a look at more than one property so you can get an overall picture of the market.

-Take a second look: It's a good idea to get a certified professional to look over the property just in case there are hidden surprises!

So whether you're making an investment or buying a vacation home, the Bahamas will welcome you with open arms. All you have to do is make your ticket to paradise!

Ester Napoli: They say if you want to be happy, you have to do something you are passionate about. One of my passions is traveling and the one place I fell in love with was the Bahamas; the white sand, clear waters, friendly environment. It is paradise on earth. I enjoy all aspects of the Bahamas; the culture, the history, the countless sports and activities to keep you busy, and of course, the fabulous weather.

MORE ARTICLES:

How to Sell Your Home Without a Real Estate Agent
Considering the rapid rise in home prices over the past several years, home sellers are taking a hard look at the commission they have to pay to a real estate brokerage to market and sell their home. Real estate commissions vary across the country; they average in the four to seven percent range.

Real Estate MLS Relisting Practices Make Real Estate Agents More Crucial
GuideToRealty.com, a comprehensive guide to the home buying process, cautions buyers against a new deceptive practice: changing "days on market" information. GuideToRealty.com covers the ethical debates among real estate agents about relisting practices and recommends home buyers use real estate agents to interpret the subtleties of real estate multiple listing services.

Design Firm Creates Flash-Driven Real Estate Listing Map for use by Real Estate Agents
This map is scalable, sizable and can zoom from an aerial view all the way down to the street level.

Choosing A Real Estate Agent to Sell Your Home
If you are considering, or have decided to put your real estate up for sale then you are probably looking for a real estate agent. What do you need to look for in an agent so that your experience turns out not only positive, but hopefully resulting in the sale of your property.

Waterfront Houses USA Launches Waterfront Homes and Property Listing Service
Budget-Quotes, Inc. would like to announce the opening of their waterfront real estate listing service Waterfront Houses USA. Waterfront Houses USA is a medium for homeowners and real estate professionals to list their properties specifically targeted to waterfront, water view, and water access.

Home Buying Institute Now Offers Free Real Estate Articles to Agents
Real estate publisher and home buying expert Brandon Cornett has created a new website that allows real estate agents to republish a variety of real estate articles for free.

Real Estate Agents Turning to Surface Restoration Company to Help Speed Home Sales
Real Estate agents are turning to Miracle Method, a national surface restoration company, to update bathrooms and kitchens to get a higher price for homes and speed sales.

Learn Seven Things You Must Know Before Choosing the Right Waterfront Real Estate Agent
You?ve made the decision to buy a waterfront home Now, it?s time to choose a real estate agent to help you find your perfect home

Indianapolis Real Estate Agent Offers Tips for Selling a Home in a Down Market
Indianapolis real estate agent Matt Borushko offers six tips that home owners should know when thinking about selling their home.

The All Important Real Estate Agent - Selling Your Home in a Buyer's Market
You've decided to sell your home In the current real estate market where there is a veritable glut of listings in many regions of the country, there are some simple things that you, as a seller, can do to enhance the chances your home will sell within a reasonable period of time

Why it is Important to Hire Just One Real Estate Agent to Buy a Home
In our fast paced and frantic real estate market, buying a home takes quick action and strong representation. Some buyers decide to involve several agents in their search for a home, assuming that there is strength in numbers.

Real Estate: Buyers Agent, Sellers Agent & Dual Agent (defined and explained)
There is a relatively new and not always well understood practice in Real Estate sales; it is called Buyer Agency or Buyer's Agent. Until recently Realtors and agents usually represented the seller, in opposition to the buyer, during the real estate transaction.

The Real World Advantages & Disadvantages of Using a Real Estate Agent to Sell Your Home
Are you a real estate pro If you are planning to sell your property and don't really consider yourself an expert in real estate selling then you may want to consider seeking out a reputable real estate agent to sell your property

Designed For Real Estate Agents By Real Estate Agents, The Newest Referral Service Just Launched
Findmearealestateagent, the most comprehensive relocation reference site on the net. Serving the continental United States, findmearealestateagent.com is dedicated to providing families, corporations, small business, and individuals with all the tools necessary to make their relocation easier.

Local Real Estate Agents May Provide More Relevant Homes For Sale Data Than National Sites
Marietta, GA, (November 3, 2004) – According to the National Association of Realtors, 70% of all home buyers search the internet for home listings at some point. While most people choose national sites such as Realtor.