Buying a Home in the Bahamas: 10 Essential Steps

Buying a home in the Bahamas is a big decision. It’s exciting, but it can also feel like a lot to figure out. From understanding the local market to navigating legal requirements, it’s easy to feel unsure about where to start.

That’s where I come in. I’m Glenn Ferguson, a Bahamas real estate agent and residency consultant with over 20 years of experience. I’ve helped many buyers find their dream homes here, and I’m ready to guide you through the process.

Here are 10 clear but essential steps to help you buy a home in the Bahamas with confidence.

1. Define Your Goals

What’s your reason for buying?

• A vacation getaway?

• A permanent home?

• An investment property?

Your goals will shape your choices, including where to buy, your budget, and the type of property you need.

2. Explore the Market

The Bahamas is made up of hundreds of islands, each offering something different:

• Nassau and Paradise Island: For those who want convenience and city life.

• Exuma and the Out Islands: For quieter, more secluded options.

Take time to research and visit the areas that best fit your lifestyle.

Pro Tip: Use online maps and virtual tours to narrow down options before visiting in person.

Interactive Map: Explore the Bahamas islands here.

3. Budget Wisely

Buying a home in the Bahamas isn’t just about the price tag. Other costs include:

• Stamp duty: 4% – 10% of the purchase price.

• Legal fees: Usually 2.5%.

• Property taxes: Relatively low compared to other countries.

Knowing these costs upfront will help you plan better.

Quick Tip: Use a cost calculator or consult with a financial advisor to avoid surprises. Need guidance? Ask Glenn about buying a home in the Bahamas.

Cost Calculator: Estimate your home-buying costs.

4. Partner with the Right Real Estate Agent

Buying a home here is different from other markets. A knowledgeable local agent makes all the difference.

I’ll help you find the right property, negotiate the best terms, and navigate every detail, from inspections to closing.

Client Testimonial: "Glenn made our dream of owning a home in the Bahamas a seamless experience. His local expertise was invaluable!"

5. Secure Financing

If you’re not paying cash, you’ll need a mortgage. Several banks in the Bahamas, like CIBC First Caribbean, RBC, and Scotiabank, work with foreign buyers. Have these ready:

• Proof of income

• References

• Your credit history

Insider Tip: Pre-approval for financing can make your offer more attractive to sellers.

• Get Prequalified for Your Mortgage Today

6. Understand the Legal Process

The Bahamas welcomes foreign property buyers, but there are rules to follow:

• Purchases over $250,000: Must be registered with the Bahamas Investment Authority (BIA).

• For Residency: Buying property valued at $750,000 or more makes you eligible for permanent residency.

Helpful Resource: Learn more in my guide to residency options in the Bahamas.

7. Make an Offer

Once you’ve found the property, it’s time to make your offer. Your agent will draft a formal offer letter, which typically includes a 10% deposit to secure the deal.

Note: Always ensure the deposit is held in a secure escrow account.

8. Get an Inspection

Never skip this step. A thorough inspection will uncover potential problems, like:

• Flood risks (important for beachfront properties).

• Structural issues.

• Any hidden repair needs.

Pro Tip: Choose a qualified local inspector familiar with Bahamian building standards.

9. Close the Deal

Once the inspection is complete and the terms are agreed upon, it’s time to finalize the sale. A Bahamian attorney will handle all legal paperwork and transfer the property’s title to you.

Related: Step-by-step guide to buying property in the Bahamas.

10. Enjoy Your New Home

You’ve done it! Now you get to experience all the Bahamas has to offer—breathtaking beaches, a welcoming community, and a relaxed island lifestyle.

FAQs About Buying a Home in the Bahamas

Got questions about buying a home in the Bahamas? Here are answers to some of the most common inquiries I hear from clients. These insights will help clarify the process and give you confidence in your journey to homeownership.

Can foreigners buy property in the Bahamas? Yes. The Bahamas allows foreign ownership, with no restrictions on the size or value of the property.

What taxes will I need to pay? The main costs are:

• Stamp duty and VAT: Between 4% and 10% of the purchase price.

• Annual property tax: This varies depending on the property’s value.

Can I get permanent residency by buying a home? Yes. Buying a property worth $750,000 or more qualifies you for permanent residency, and homes over $1.5 million may fast-track the process.

How long does the buying process take? Typically, it takes 60–90 days from offer to closing, though this can vary.

Why work with Glenn Ferguson? I bring over 20 years of experience and local Bahamas Real Estate expertise to the table. I’ll take care of the details so you can enjoy the process.

Client Story: "We couldn’t have done it without Glenn. His advice saved us time and money. Now, we’re living our dream in Exuma!"

Buying a home in the Bahamas doesn’t have to be complicated. Whether it’s your first purchase or your next big investment, having the right guidance makes all the difference.

Call to Action: When you’re ready, call or WhatsApp 1-(242)-395-8495 for Glenn Ferguson about buying a home in the Bahamas. I’m here to help every step of the way.

Bonus: Request a free consultation or ASK Glenn about home-buying checklist here.