ASK Glenn about buying real estate in The Bahamas

Here are answers to some of the frequently asked questions about buying real estate in The Bahamas. To get answers to your questions, call or WhatsApp 1-(242)-395-8495 or simply CLICK ASK Glenn and we will get you the answers you need.

Q: Do I need to be a Bahamian citizen to buy real estate in The Bahamas?

A: No, you do not need to be a Bahamian citizen to purchase property in The Bahamas. Both local and foreign buyers are allowed to purchase real estate. However, foreign buyers may need to obtain a permit for properties over a certain acreage or for specific types of property.

Q: Are there any restrictions for foreigners buying property in The Bahamas?

A: Foreign buyers can purchase property in The Bahamas without many restrictions. However, if the property is larger than five acres or is undeveloped land, a permit from the Bahamas Investment Authority (BIA) is required. Additionally, some properties may require approval from the Bahamas Real Estate Association (BREA).

Q: How do I obtain financing for purchasing property in The Bahamas?

A: Many major international banks and local financial institutions in The Bahamas offer financing options for property purchases. It is recommended to consult with a financial advisor or mortgage broker to explore the best financing solution for your situation.

Q: What are the taxes and fees associated with buying property in The Bahamas?

A: When purchasing property in The Bahamas, buyers are responsible for paying stamp duty, which ranges from 2.5% to 10% of the property value depending on the purchase price. Legal fees, which typically average 2.5% of the total property value, are also required. There are no annual property taxes, but homeowners may be subject to real property tax.

Q: What is the process for buying property in The Bahamas?

A: The typical steps involved in buying property in The Bahamas include:

1. Engage the services of a Bahamas real estate agent like Glenn Ferguson to guide you through the process.
2. Work with Glenn to identify a suitable property and make an offer.
3. Engaging a local attorney to handle the legal aspects of the purchase and conduct a title search.
4. Negotiating a sales agreement and paying a deposit (usually 10% of the purchase price).
5. Applying for required permits or approvals, if necessary.
6. Paying stamp duty and legal fees.
7. Completing the transfer of the property title and registering the property.

Q: Can I buy property in The Bahamas as an investment?

A: Yes, purchasing property in The Bahamas can be a solid investment, particularly for those interested in rental income from vacation properties. The Bahamas has a thriving tourism industry, which can translate to significant rental demand for well-located properties. However, it's essential to conduct thorough research and seek the advice of a real estate professional like Glenn Ferguson before investing.

Q: How can I find a reputable real estate agent in The Bahamas?

A: To find a reliable real estate agent, call or WhatsApp 1-(242)-395-8495 or simply Click ASK Glenn. Glenn is a licensed Bahamas Real Estate Agent,  registered with the Bahamas Real Estate Association (BREA), the governing body for realtors in the Bahamas, which ensures that agents adhere to industry standards and ethical guidelines.

Buying Bahamas Real Estate

Buying real estate in The Bahamas can be a great investment, whether you're looking for a luxury beachfront villa, a vacation home, or a rental property. Glenn Ferguson is a top-notch real estate agent based in The Bahamas who can help guide you through this process. With his expert knowledge of the local market and dedication to providing excellent customer service, Ferguson can assist with every aspect of your real estate transaction.

As a Bahamas real estate agent, Ferguson can provide valuable advice about the best areas to buy property based on your specific needs and preferences. He can guide you through the process of finding and touring properties, making an offer, getting financing, and closing the deal. He can also provide insights about the potential for rental income if purchasing a property as an investment.

Ferguson is familiar with the rules and regulations related to buying property in The Bahamas, including eligibility requirements for international buyers. He can help navigate these complexities and ensure a smooth transaction.

One thing to note is that although there are no restrictions on foreigners buying property in The Bahamas, there are permissions and fees required if you’re planning to buy more than two acres or if you plan to purchase with the intent of income or revenue gain.

In addition, when buying a property in The Bahamas, it's essential to consider the cost of property tax, ongoing maintenance, homeowners insurance, and potentially hurricane insurance as The Bahamas does face the risk of hurricanes.

By working with Bahamas real estate agent, Glenn Ferguson, you’re not just getting a real estate professional but also a caring guide who is deeply invested in assisting his customers to make the best possible decisions pertaining to property purchases in The Bahamas.

Ready to get started with buying Bahamas real estate? Call or WhatsApp 1-(242)-395-8495 or just complete the form below and Glenn will get you the help you need to find your piece of paradise in The Bahamas.