BAHAMAS
FREQUENTLY ASKED QUESTIONS
Can “foreigners” buy a house in the Bahamas?
Anyone can. There are no restrictions based on nationality.
Where do I start?
You can start with any estate agent, but since you are reading this website, we suggest you start at the Schooner Bay Captain’s Cottage sales office. The sales professionals there are ready to answer all of your questions. They’re among the best trained estate agents in the Caribbean region.
Do they understand Bahamian tax law?
They do, and you will be pleased to discover that Bahamian tax law is substantially simpler and less burdensome than in most other countries.
But what about all the extra charges, like closing costs and taxes and things we may not have heard about?
Purchasing of a home at Schooner Bay is made easy because our representatives offer a complete package, meaning that the price you are quoted is the bottomline price you will pay. All of the fees and any extras you may wish to add will be included in that package price.
But does that mean the package price includes taxes and all of the government fees? And what about the agents’ fees?
ALL of the costs are included in Schooner Bay’s pricing and they will be fully explained before you make your final decision. The all-inclusive price that you are quoted will remain the price you are expected to pay at closing time. You are free, of course, to add any features you wish before or after you receive the package price. Their cost will simply be added to the total.
What’s the stamp duty?
The Stamp Duty is an old British method of formalizing a receipt. In the past most receipts executed under British law had to have a stamp – like a postage stamp – affixed to it before it could be considered legal. In the Bahamas, the stamp duty is shared equally between the vendor and the buyer and it totals from 8 to 12 percent of the cost of the property, meaning that your share would be 4 to 6 percent.
What kind of a deed would I get?
You would receive a fee simple title to your property, meaning that simply by paying the cost plus the fees, you become the freeholder of the property.
What would I have to do if I wanted to live permanently in the Bahamas?
Foreign owners can apply for permanent residency. You will receive preferential consideration if your home is worth at least $500,000 or £315,000.
What are the benefits of Bahamas living?
The Government of the Bahamas has put in place a number of measures that facilitate home ownership with very advantageous administrative costs and tax benefits.
- There are no restrictions on foreigners buying freehold property in the Bahamas
- Legal fees are low, ranging from 1% – 2.5% of the property purchase price
- There are no inheritance, capital gains or wealth taxes
- Foreign owners can apply for residency status
- No government approvals are required for first time homebuyers
- Independent judicial system based on English Common Law
- Purchasers buy Fee Simple title to property
Schooner Bay pricing is all-inclusive: all fees, stamp duty, taxes – no surprises. This is a vitally important point meaning that the price you are quoted is the bottom line price, the only sum you will be expected to pay.