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Copyright 2009 © Priscilla Hudson Real Estate Broker, Bahamas Homes Real Estate, Professional Services with Integrity
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Immigration & Investment and Government Taxes
There are certain provisions that must be adhered to concerning the
immigration policies in the Bahamas.

International Home Owners

Overseas investors may acquire up to five acres of residential property in The Bahamas without prior government approval.
However, such acquisitions are required to be registered in accordance with the International Persons
Landholding Act. Foreign homeowners are eligible for a 'Home Owners Residence Card', renewable annually for a small fee. This card will facilitate entry into The Bahamas and entitle the owner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card. Application may be made to the Director of Immigration.

Work Permits
If setting up a business in The Bahamas, necessary work permits for key personnel will be granted. Businesses requiring permits for persons other than key personnel are encouraged to discuss these requests with The Bahamas Investment Authority in advance.
International Home Owners

Overseas investors may acquire up to five acres of residential property in The Bahamas without prior government approval.

However, such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Foreign homeowners are eligible for a 'Home Owners Residence Card', renewable annually for a small fee. This card will facilitate entry into The Bahamas and entitle the owner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card. Application may be made to the Director of Immigration.

Annual or Permanent Residence

Accelerated consideration of applications for annual or permanent residence will be given to: major international investors; and owners of residences valued at $500,000 or more.

The Process
In an effort to clean the banking system from any funds generated through criminal or illegal activity, the purchase of a property by a foreign and local citizen requires the satisfaction of certain requirements:

The Verification of Transaction by Individual
1. Full and Correct Name
2. Full Permanent Address
3. Date and Place of Birth
4. Nationality
5. Occupation and Name of Employer (if self-employed the nature of the self-employment):
6. Copies of the first 4 pages of passport
7. The moneys to be provided by me are to assist in the purchase of:
8. Authorization from you to obtain independent verification of any information provided:
9. The source of my income or wealth is from:
10.The proposed purchase of (describe property)
11.You will be required to sign this declaration
This type of information will be asked of the potential purchaser. After all the documentation is prepared is then submitted with the Foreign Investment Board and Central Bank of The Bahamas for approval.
These two entities have the final approval. Their work schedule is separate from the attorneys and the realtors who have initiated and are processing all other documentation. It is not possible to determine exact length of time these Boards will take in making a decision.
The Foreign Investment Board is the board that will have to approve the investment where a foreign investor is involved.
Member of The Bahamas Real Estate Association
 
Government Stamp Tax
Government stamp tax: a graduated tax payable on the conveyance of all real property in The Bahamas shared equally between buyer and seller unless otherwise agreed upon. The tax rate is based on the values as follows:

Up to and including $20,000 = 2%
From $20,000.01 to $50,000 = 4%
From $50,000.01 to $100,000 = 6%
From $100,000.01 to $250,000 = 8%
$250,000.01 and over = 10%

Real property tax is paid annually tax rates applicable are as follows:
Owner occupied:
First $250,000 - 0%
Next $250,000 - 0.75%
Balance - 1% (up to max of $35,000)

Other property:
First $500,000 - 1%
Balance - 2%
Vacant land
First $100,000 - 1%
Balance - 1.5%
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