How to Buy a House in The Bahamas

Call or WhatsApp 1-(242)-395-8495 to Buy a House in The Bahamas

 

 

Island Living Unveiled: A Step-by-Step Guide on How to Buy Your Dream House in The Bahamas

Imagine waking up to the gentle sound of waves lapping on the shore, golden sands stretching as far as the eye can see, and the warm embrace of a tropical breeze. The Bahamas has always been more than just a destination; it's a place where dreams take root.

Now, with the expert guidance of Glenn Ferguson, a seasoned Bahamas real estate agent, and residency consultant, you're on the brink of transforming that dream into an extraordinary reality as we share with you how to buy a house in The Bahamas.

Come along as we embark on a remarkable journey of buying a house in The Bahamas, where each step is a brushstroke in the masterpiece of your Bahamian life. Complete the form below and let's get started on finding your piece of paradise as we turn the pages of your Bahamas realty story with our exclusive listings of homes for sale in The Bahamas.

Get Homes for Sale in The Bahamas Listings

Call or WhatsApp 1-(242)-395-8495 to Buy a House in The Bahamas

Looking to buy a home in the Bahamas? Explore our Exclusive Listings of 3000+ Bahamas Real Estate for Sale and find the perfect property to call your own in this stunning island paradise.

Buying a House in The Bahamas:
6 Steps on How to Buy a House in The Bahamas

How to buy a house in The Bahamas

 

Beachfront Homes for Sale in The Bahamas

Purchasing a house in the Bahamas can be a dream come true for many people, offering a chance to own a piece of paradise. However, the process of buying a house in the Bahamas can be complex and overwhelming for those who are unfamiliar with the local market. Here we will provide a step-by-step guide on how to buy a house in the Bahamas, with the help of Bahamas Real Estate Agent, Glenn Ferguson, so you can make an informed decision and find the perfect property for your needs.

The good news is that there are no restrictions on foreigners owning, buying, or selling property in the Bahamas. Property purchasers are eligible for an annual Home Owners Resident Card, and those buying a property valued at $1,250,000.00 and above are given priority in permanent residence applications.

Step 1: Research the market. Before you begin your search for a house in the Bahamas, it's essential to research the local real estate market. Bahamas Real Estate Agent, Glenn Ferguson, a member of The Bahamas Real Estate Association (BREA) and Bahamas Multiple Listing Service (Bahamas MLS) can provide valuable insight and information about the local market, including prices and types of properties available, as well as the areas that best suit your needs. 

Step 2: Get pre-approved for a mortgage. Before you start looking at properties, it's a good idea to get pre-approved for a mortgage. Glenn can provide guidance and advice on the pre-approval process. This will give you an idea of how much you can afford to spend on a house and will help you when making an offer. To get pre-approved, you'll need to provide your lender with documentation such as your income, existing loans, and employment history.

Step 3: Find a real estate agent. I think you have this one covered by now but finding a reputable and experienced real estate agent is crucial when buying a house in the Bahamas. Glenn has extensive knowledge and experience in the Bahamas real estate market and can provide valuable insight and information about properties for sale. He will guide you through the buying process, including negotiations and paperwork.

Step 4: Search for properties. Once you have your pre-approval and have found a real estate agent, you can start searching for properties. Glenn has access to a wide range of properties, including those that are not publicly listed. 

Step 5: Make an offer. Once you've found a property that you're interested in, you'll need to make an offer. Glenn will help you to negotiate the price and terms of the sale. Once the offer is accepted, you'll need to pay a deposit and sign a sales contract. Glenn will be there for you every step of the way.

Step 6: Close the sale. After your offer is accepted and the sales contract is signed, the next step is to close the sale. Glenn will guide you through this process, which involves transferring the ownership of the property from the seller to the buyer, which is typically done through a local attorney. During this process, you'll need to pay the remaining balance of the purchase price, as well as any closing costs. No need to worry, Glenn has access to some of the top attorneys in The Bahamas.

Buy a Home in The Bahamas

Buying a house in the Bahamas can be a complex process, but with research, preparation, and guidance, you can find the perfect property for your needs. And you get that help from Bahamas Real Estate Agent, Glenn Ferguson, allowing you to make an informed decision and successfully purchase a house in the Bahamas.

Want to know how to buy a house in The Bahamas? Call or WhatsApp 1-(242)-395-8495 to let Bahamas Real Estate Specialist and Residency Consultant, Glenn Ferguson, help you through the process of buying a house in The Bahamas.

Glenn will help you with the best places to buy property,  in communities across the Islands of The Bahamas and you are sure to find your ideal place to buy property in The Bahamas.

Here is a link for answers to the frequently asked questions (FAQs) about buying property in The Bahamas. If you don't see the answer you are looking for, simply click ASK Glenn or Call 1-(242)-395-8495, and our Bahamas Luxury Real Estate Specialist and Bahamas Residency Consultant, Glenn Ferguson, will get you the help you need. 

 

Looking to buy a house in the Bahamas? Explore our Exclusive Listings of 3000+ Bahamas Real Estate for Sale and find the perfect property to call your own in this stunning island paradise.

Buying a Home in The Bahamas:
Everything You Need to Know about Buy a Home in The Bahamas

Call or WhatsApp 1-(242)-395-8495

Buying a Home in The Bahamas

Check out this video as our Bahamas Real Estate Agent and Residency Consultant,  Glenn Ferguson, share with you how to buy a house in The Bahamas.  

Thinking about How to Buy a House in The Bahamas? Call or WhatsApp 1-(242)-395-8495 to learn how to buy a house in The Bahamas. And let Bahamas Real Estate Specialist, Glenn Ferguson. guide you through the process of buying a home in The Bahamas.    

Is Buying a house in The Bahamas a Good Investment?

Wondering whether buying a house in The Bahamas is a good investment? Well in this video we share a number of reasons why we think buying a house in The Bahamas is a good investment. Check it out and let us know what you think...

And if you are ready to invest in Bahamas Real Estate, call or WhatsApp 1-(242)-395-8495 and let our Bahamas Real Estate Investment Specialist,  Glenn Ferguson help you find the best investment properties available for sale in The Bahamas.

 

 

Can Anyone Buy a House in The Bahamas?
Here Are the Requirements for Foreigners Buying a House in The Bahamas

Call or WhatsApp 1-(242)-395-8495 to Buy a House in The Bahamas

How to Buy a House in The Bahamas

With its incredible draw, you may be wondering, "Can anyone buy a house in The Bahamas?"  The simple answer is Yes! 

Anyone can buy a house in The Bahamas as you can acquire residential properties in The Bahamas of up to five acres without prior Government approval. All is possible because of the International Persons Landholding Act 1993: An Act to repeal the Immovable Property (Acquisition by Foreign Persons) Act, Chapter 125 and to facilitate the holding of land by non-Bahamians and by companies under their control.

Buying Real Estate in The Bahamas by non-Bahamians

The International Persons Landholding Act 1993 (“the Act”) which repealed the former Immovable Property (Acquisition by Foreign Persons) Act governs the acquisition or holding of real estate in the Commonwealth of The Bahamas by non-Bahamians and permanent residents of The Bahamas. “NonBahamian” means a person who is not a citizen of The Bahamas; or a company incorporated in The Bahamas where any of its shares or other capital is beneficially owned by a person who is not a citizen or where it is controlled by such person or persons; or a company incorporated outside of The Bahamas or an international organization. The Act came into operation on the 1st day of January 1994.

The Act provides that a non-Bahamian (other than a permanent resident or a non-Bahamian acquiring an interest in land under a devise or inheritance) who acquires a condominium or property for the use as a single dwelling does not require a permit but must register the acquisition with the Investments Board of The Bahamas (“the Board”) unless the non- Bahamian would be the holder of two or more contiguous acres of land. Upon receipt of the application fee the acquisition will be registered and a certificate issued to the applicant.

A permanent resident who acquires land must also have the acquisition registered with the Board.

A non-Bahamian who acquires land under a devise or by inheritance need only register the acquisition with the Board.

A non-Bahamian (other than a permanent resident or a non-Bahamian acquiring an interest in land under a devise or inheritance) who intends to acquire, whether freehold or leasehold, land for use other than a condominium, single dwelling or where it comprises two acres or more, must obtain a permit from the Board to make the acquisition. The Board may use its discretion in granting or refusing a permit.

There are standard application forms for the Certificate of Registration and the Permit. A fee of $250.00 must accompany the application for the Certificate of Registration. Upon the approval of the Permit, a fee of $500.00 is payable for the issue of the same.

There are comparable provisions where a business lease exceeding twenty-one years is concerned.

The Certificate of Registration or Permit must be recorded in the Registrar General’s Department with the documents whereby the acquisition was made by the non-Bahamian. If the acquisition is recorded without the requisite Certificate of Registration or Permit that registration becomes null and void and without effect for all purposes of law.

The Act enables a non-Bahamian who owns and maintains a home in The Bahamas to obtain an annual home owner’s resident card upon application and payment of a fee to the Director of Immigration. The entry of the non-Bahamian and his immediate family into The Bahamas will be authorized unless their entry is otherwise barred under the Immigration laws. 

Buying a house in The Bahamas can be a dream come true for many people, but it's important to know the requirements before you start shopping. Call or WhatsApp 1-(242)-395-8495 to let our Bahamas Real Estate Agent and Residency Consultant Glenn Ferguson, walk you through everything you need to know, from eligibility to financing to the closing process. Also, get Glenn's comprehensive listing of homes for sale in The Bahamas

Is it Easy to Buy Property in The Bahamas?
Everything You Need to Know about How Easy Is It to Buy Property in The Bahamas

Call or WhatsApp 1-(242)-395-8495 to Buy Property in The Bahamas

Is it easy to buy property in The Bahamas? Yes, it is really easy to buy property in The Bahamas through the provisions of The International Persons Landholding Act 1993.

As there are no restrictions on foreigners owning, buying, or selling property in the Bahamas. Property purchasers are eligible for an annual Home Owners Resident Card, and those buying a property valued at $1,500,000 and above are given priority in permanent residence applications.

And you do not need any special permits or residency status in order to buy property in The Bahamas. All you really need is a Real Estate Agent in The Bahamas who understands the process and has the strategic partnerships and relationships needed to guide you along the way.  

So buying property in The Bahamas can be a relatively easy process, but there are a few things you need to know to make it go smoothly. Call or WhatsApp 1-(242)-395-8495 to have our Bahamas Real Estate Specialist and Residency Consultant, Glenn Ferguson, walk you through everything you need to know, from the requirements to the costs to the timeline. Glenn also provides expert tips and advice to help you make the most informed decision possible.

How much does it cost to buy a home in The Bahamas?
Factors that affect the cost of buying a home in The Bahamas and what to expect

Call or WhatsApp 1-(242)-395-8495 for Cost to Buy a Home in The Bahamas

How much does it cost to buy a home in The Bahamas

 

The Islands of The Bahamas

How much does it cost to buy a home in The Bahamas? Well there are three sets of expenses that you will have to consider in addition to your purchase price when you buy a home in The Bahamas, they are:

  • Government Value Added Tax or VAT
  • Attorney Legal fees
  • Real estate commission

VAT (Value Added Tax) - Unlike standard VAT, which is charged and paid at a rate of 10% on the supply of goods and services, the VAT on real estate transactions (Deed of conveyance, assignment, or transfer of real property) is a graduated tax based on the value of the property. 

  • 2.5% where the value does not exceed $100,000 
  • 4% where the value exceeds $100,000 but does not exceed $300,000 
  • 6% where the value exceeds $300,000 but does not exceed $500,000 
  • 8% where the value exceeds $500,000 but does not exceed $700,000 
  • 9% where the value exceeds $700,000 but does not exceed $1,000,000 
  • 10% where the value exceeds $1,000,000. 

Bahamian Citizens purchasing a home for the first time enjoy a VAT a lower rate of VAT on the stamping of their conveyances for purchases under $500,000.

  • $0 - $300,000 = 0% 
  • $300,001 - $500,000 = 4% 

In addition, if you purchase vacant land and complete construction on your home within 18 months, you may be eligible for a partial VAT refund! 

Who pays for the VAT tax, the vendor or the buyer?

The usual practice in the Bahamas is for the VAT tax to be shared equally between buyer and seller unless otherwise agreed upon.  

 

Legal Fees  – Although this can vary, legal fees average 2.5% of the purchase price.

 

Real Estate Commission – 6% on improved property, 10% on vacant land and businesses.

*The seller is typically responsible for paying the real estate commissions.  

What is the rate of Real Property Tax in The Bahamas?  

Owner-occupied property (owner resides and uses exclusively as a dwelling): 

  • $0 - $300,000 =  Exempt 
  • $300,000 - $500,000 = 0.625% 
  • Over $500,000  = 1% 

The ceiling for Properties valued over $6,000,000 = $120,000 

 
Commercial Properties (more than 4 units that are not owner-occupied): 

  • $0 - $500,000 = 0.75% 
  • $500,001 - $2,000,000 = 1% 
  • Over $2,000,000 = 1.5% 

*Bahamian citizens are not taxed on unimproved property in The Bahamas. 

Call or WhatsApp 1-(242)-395-8495 to learn everything you need to know about the cost of buying a home in The Bahamas, from average prices to factors that affect home values, and discover stunning homes for sale in The Bahamas, from beachfront resorts to private islands with our Bahamas Real Estate Agent and Residency Consultant, Glenn Ferguson.

What Do You Need to Buy a House in The Bahamas?
A Checklist of Everything You Need to Know to buy a house in The Bahamas

Call or WhatsApp 1-(242)-395-8495 to Get Help Buying a House in The Bahamas

What do you need to buy a house in Bahamas

 

Buy a House in The Bahamas

While there are no restrictions on foreigners owning, buying, or selling property in The Bahamas, here is what you will need to buy a house in The Bahamas. 

1. Financial Resources: Be prepared to provide proof of funds before purchasing the house. The price can vary greatly, depending on the property itself and its location.

2. Deposit: You will typically need to pay a deposit when you make an offer on a property, which is usually 10% of the purchase price.

3. Bahamian Real Estate Agent: It's advisable to hire a real estate agent who is a member of the Bahamian Real Estate Association. They will help guide you through the whole process, including locating properties within your budget and preferences.

4. Legal Assistance: You need to hire a real estate attorney who is well-versed in Bahamian property law to help with title searches and conveyance.

5. Acquisition Approval: If you're a non-resident looking to buy property in the Bahamas, you need to apply for a permit from the Investments Board and the Central Bank of Bahamas. For certain types of properties, you may need to get approval from Bahamas’s International Persons Landholding Act.

6. Stamp Duty/ Property Tax: Buyer and seller usually share the cost of the government stamp duty on a sliding scale from 2.5% to 10% based on the purchase price. The property tax is based on the type and value of the property, but is relatively low in the Bahamas.

7. Home Insurance: Remember to include the cost of insuring the home. The Bahamas can experience tropical storms and hurricanes, so appropriate insurance is necessary.

8. Inspection: It's recommended to get a home/property inspection before buying. Anyone buying in the Bahamas should ensure a full, independent, professional examination is carried out to detect any possible defects.

9. Closing Costs: In general, you should budget for an additional 2-5% of the purchase price to cover legal fees and other miscellaneous expenses.

Buying a house in The Bahamas can be a complex process, but it doesn't have to be. Call or WhatsApp 1-(242)-395-8495 and let us walk you through everything you need to know, from getting pre-approved for a mortgage to closing the deal. 

Note that the above steps may vary and are subject to change. It is always wise to do your research or consult with a professional before purchasing property in a foreign country.

What are the Requirements for Buying Property in The Bahamas?
Everything You Need to Know About Buying Property in The Bahamas

Call or WhatsApp 1-(242)-395-8495 about buying property in The Bahamas

What are the requirements for buying property in the Bahamas

 

Requirements for Buying Property in The Bahamas

While there are no restrictions on foreigners owning, buying, or selling property in the Bahamas, here are some requirements that you must bear in mind when considering buying property in The Bahamas. 

1. Non-Bahamians must register any purchase with the Foreign Investments Board and the Central Bank of the Bahamas.

2. Non-Bahamians who wish to purchase property or land over two acres must apply to the Bahamian Government for a permit to purchase.

3. If buying property with the intention of renting it out, non-Bahamians must also apply for a business license and meet the necessary regulatory requirements.

4. If intending to live in the Bahamas, non-Bahamians would need to apply for permanent residency.

5. Purchase fees: These include a government stamp duty which is generally 10% of the purchase price, a real estate agent's commission which is usually 6%, and attorney fees which range from 2.5% to 3.5%.

6. A valid passport and another form of ID are also necessary.

7. For financing purposes, foreign buyers are usually expected to place a down payment of 30-50% of the total price.

8. Hiring a lawyer familiar with Bahamian property law is also strongly recommended.

Buying property in The Bahamas is a relatively straightforward process, but there are a few key requirements that you need to be aware of. Call or WhatsApp 1-(242)-395-8495 to let our Bahamas Real Estate Agent and Residency Consultant, walk you through everything you need to know, including the necessary documentation, financial requirements, and government approvals.

Disclaimer: These are general requirements and may vary. Always consult with a local property expert in The Bahamas to understand the specific requirements and regulations.

Looking to buy a house in the Bahamas? Explore our Exclusive Bahamas realty Listings of 3000+ Bahamas Real Estate for Sale and find the perfect property to call your own in this stunning island paradise.

We also provide you with a step-by-step guide on how to buy a house in the Bahamas. Emphasizing the importance of researching the market, getting pre-approved for a mortgage, finding a real estate agent, searching for properties, making an offer, and closing the sale. And highlight the benefits of working with Bahamas Real Estate Agent Glenn Ferguson, who can provide valuable Bahamas realty insight and guidance throughout the buying process.

So if you are ready to buy a house in the Bahamas, call or WhatsApp 1-(242)-395-8495 and let us help you get started Today!

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