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The Bahamas has an attractive tax free status: no income tax, no capital gains tax and no inheritance tax.
Effective January 1, l994, The Bahamas introduced legislation known as The International Persons Landholding Act. In simplified terms, a non-Bahamian may acquire real property in The Bahamas without the need of a permit - provided the property is no more than five acres in size. The purchaser must, however, register the acquisition with the secretary to the Foreign Investments Board (FIB).
Real Estate Practices
The commission structure in The Bahamas is established and set by The Bahamas Real Estate Association (BREA). Rates are published and are specified as minimum rates. The rate on unimproved property (vacant land) is 10% and the rate on improved property is 6%. The vendor pays the commission in a typical sale, which is called a Gross Sale. In some cases a Net Sale is negotiated, in which case the purchaser pays all of the selling costs including the commission.
The conveyance of real estate in The Bahamas requires the payment of a Stamp Tax. The purchaser is required to pay his own legal fees and 50% of the Stamp Tax. The Bahamas does not have a Multiple Listing Service. In its place BREA members circulate their exclusive listings to other BREA members with whom they have established a co-brokerage arrangement. The commission splits are the same as if it were an MLS.
Mortgages are available for foreign buyers. The buyer is required to borrow in U.S. dollars, rather than local currency. Rates are typically 2 - 2 ½ points above LIBOR and down payment requirements range from 30 - 50%.
There are various factors that can delay closing or settlement. One of these is whether or not the purchaser is required to apply to The Financial Investment Board (FIB) for approval to purchase as mentioned previously.
Information courtesy of Bahamas Realty Limited
Learn about local communities and neighborhoods in Bahamas
The Abaco Islands, located in the northern Bahamas archipelago, are just 160 miles east of Florida. With protected turquoise waters and dozens o... Read more
The Islands of the Bahamas are comprised of 2,000 cays and 700 islands, located in the Atlantic Ocean, southeast of the U.S. State of Florida an... Read more
The Islands of the Bahamas are home to over 305,000 people. Some of the benefits of living in the Bahamas are the tropical paradise setting an... Read more
The Commonwealth of The Bahamas comprises a total of 700 islands covering an area of approximately 100,000 square miles extending from 50 miles of... Read more
Located 185 miles East Southeast of Miami, the island of New Providence is home to more than half of the nation’s residents. Occasionally visitor... Read more
Occasionally visitors to The Islands of the Bahamas like to take a day off from the beach and explore our Islands. With so many activities availabl... Read more
Lying just 50 miles off of the east coast of Florida the Bimini Islands are the closest of The Islands Of The Bahamas to the US mainland makin... Read more
The Islands of the Exuma's are located in the central Bahamas yet remain mostly undisturbed. These Islands are a collection of some 365 small cay... Read more
Both Eleuthera and Harbour Island are noted for miles of powder pink and white sand beaches and quaint colonial style villages. The islands wer... Read more
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