If you are looking to purchase property in the Bahamas, there are several things you should know. The first is that the transactional costs are generally around 15 to 20 percent of the net price. This amount includes government stamp tax on the conveyance and real estate agent fees. Also, there are legal and recording fees. And if you’re using an agent, you will have to pay their commission.
Secondly, you should hire a local attorney to help you with the purchase. This person will ensure that the property title is correct. They will represent you during the closing process, and they will also provide you with an opinion regarding the property’s title. This is essentially like title insurance. If the title is not correct, the attorney will be responsible. It’s also a good idea to hire a real estate attorney to review the property’s history.
If you’re looking to buy property in The Bahamas, it’s best to get advice from an expert. harbour island real estate James Lindroth, a former Vice President and General Manager of the Sandpiper Inn in the Bahamas, has extensive knowledge of the island’s real estate market. He has worked for several notable companies and hotels in his career, including the Pink Sands Resort in Harbour Island and the Providence House in Providence. He has also worked at the Bahamas Ministry of Tourism for three and a half years. Most recently, he retired as the CEO and Managing Broker at NAI Bahamas Realty Commercial. He has more than 50 years of experience in real estate, specializing in negotiating sales and leasing of commercial properties.
Besides being a popular choice for vacation homes, Bahamian property is a great investment choice. The country’s numerous islands and islets offer a range of real estate options. Some of them are populated with amenities, while others are isolated and less developed. There are also private islands, which are perfect for developing infrastructure and landing strips for superyachts and private jets.
Another benefit of buying property in the Bahamas is that you can enjoy residency rights. The government has outlined guidelines for non-Bahamians to establish permanent residency. There are two types of residency, which include the right to work, and the right to live permanently in the Bahamas. Both of these types require an investment of at least $500,000, and the process is long and complex.
The property is located in a quiet cove between Valentines and Romora Bay Marinas. It features panoramic views of the harbour. The property is beautifully designed and landscaped with a tropical feel. The property also comes with a full-time Estate Manager and maintenance staff. This allows buyers to take care of their property even when they are not there.
Another advantage of buying property in the Bahamas is that you can repatriate the entire purchase price. To repatriate the money, you will need to register your purchase with the Central Bank’s Exchange Control Department. You can also get special approvals for making changes to your property. These include approval from the Town Planning Board and a permit from the Ministry of Works. If you are unsure about how to get these permits, you can hire a local architect or engineer to help you with the process.