Glenn Ferguson's Expert Tips for
Buying a House in the Bahamas

Glenn Ferguson, Bahamas Real Estate Agent

When it comes to buying a home in The Bahamas, Glenn Ferguson - a Bahamas Real Estate Agent - is your guide to a smooth and successful transaction. Whether you're relocating or just moving, Glenn and his team specialize in high-end properties, including waterfront and canal homes, and are dedicated to helping you find and purchase your perfect property.

The team of agents is highly experienced and knowledgeable about The Bahamas and will meet with you to discuss your specific needs and wants in a home. If you are not based in The Bahamas, they can provide you with photos and virtual tours of properties.

When it comes to purchasing a home in The Bahamas, you can trust Glenn and his team to provide unparalleled service and share their extensive knowledge of the area with you. They work with integrity and honesty to ensure that you get the home you want at the right price.

To prepare for buying your new home, consider the following steps:

1. Financing: Get pre-approved for your mortgage to determine your budget and give you peace of mind.
2. Decide what you want: Write down your requirements and preferences for a home, such as the type of location, number of bedrooms, and desired features.
3. Choose Glenn Ferguson: When you work with Glenn, you can expect a personalized and professional experience. He will communicate with you regularly to keep you informed throughout the process.
4. Search for a property: With an understanding of your budget and preferences, the team can provide you with a comprehensive list of properties for you to consider. They are happy to answer any questions you have about the properties or the purchasing process.

When you're ready to buy property in The Bahamas, here are some guidelines to be aware of:

1. Government Stamp Tax: There is a graduated government stamp duty on real estate transactions, with 2.5% on transactions under $100,000 and 10% on transactions over $100,000.
2. Real Property Tax: There is property tax, but there is no capital gains tax in the Bahamas.
3. Fee Simple Ownership: Property is conveyed in fee simple ownership.
4. Deposit: Once an offer is accepted, a 10% deposit is usually put into the seller's attorney's escrow account.
5. Closing Time: The typical closing time is 60-90 days.
6. Attorney's Fees: Both the buyer and seller must use a Bahamian attorney for the transaction, with a bar standard of 2.5% of the purchase price. Attorneys handle title searches and permit applications.
7. Real Estate Fees: Real estate fees are paid by the seller, with a standard of 6% on developed property and 10% on raw land.
8. Local Banks: Local banks offer various financing options for real estate purchases.
9. Home Owners Residency: Homeowners can obtain an Annual Homeowners Residence Card, which allows them and their families to enter and remain in the Bahamas. A Permanent Residency Certificate is available for major international investors with a fit and proper home valued at $1,500,000 or more, which may lead to tax advantages in the property owner's home country.

If you have any questions about buying a second home in The Bahamas, feel free to contact Glenn at 1-(242)-395-8495 and he will be happy to assist you with all your real estate needs.