EXPEC T BE T TER
F O R R E A L E S TAT E I N T H E B A H A M A S
Guide to Investing In Real Estate in The Bahamas
Investors Paradise The
Bahamas
is
an
investors
inheritance, withholding, profit
company, partnership, individual
paradise for a number of reasons.
remittance, corporate, royalty,
or joint venture
Some of them include investment
personal income, dividends, &
incentive policies, skilled professional
interest taxes is ensured
• Principals - investors, major beneficial shareholders, including
workforce, proximity to key markets,
• A politically & economically
their dates and places of birth, as
sound legal framework & stable
stable environment conducive to
well as passport or social security
government and economy.
private investment
numbers • Proposed location
Investment Environment
Investment Proposal
• Land requirements
The Bahamas government provides:
An international investor seeking to
• Start-up date
• An
safe
do business in The Bahamas should
• Employment
investment and expropriation
submit to The Bahamas Investment
number of Bahamian and non
of investment capital is not
Authority
Bahamian employees
considered.
containing:
atmosphere
• Essential
public
for
services,
including water, electricity and communications • Freedom from capital gains,
• Name
a
project
proposal
Projections
-
• Management/Personnel - years &
address
including
telephone • Executive summary • Type of Business - whether share
of experience, training and work permits for key personnel • Financial
arrangements
for
project, including bank reference
• Environmental impact - toxic
• Free Trade Zone Act
waste, disposal procedures, toxic
fees. Sometimes property owners list a n et sales figure, in which case
Areas Targeted For Foreign the agent adds those charges to the
input • Total capital investment in project
Investors
with a break down of items
• Touristic Resorts
and start up costs. Minimum
• Upscale condos, time-share &
investment is $750,000
second home development
price quoted to prospective buyers.
Stamp duty on mortgages is payable at a rate of 1% on the amount borrowed.
• Marinas
The Bahamas Bar association follows
Investment Incentives
• Information/Data Processing
a minimum scale fee for conveyances
Investment incentives under the
• Assembly industries
and mortgage transactions at 2.5%
following
• High-tech services
of the sale price plus out of pocket
• Ship registration, repair and
expenses.
Acts
include,
among
other incentives, exemption from the payment of customs duties
other ship services
on certain construction materials,
• Light Manufacturing for export
Value Added Tax (VAT)
related equipment and approved raw
• Agro-Industries
VAT charges of 12% will be levied
materials. Additionally, waiver of real
• Food Processing
on commissions, legal fees and
property taxes is available for certain
• Mari-culture
appraisals, as well as commercial
investments for periods up to 20
• Banking & other financial services
property transactions including the
years:
• Captive insurance
sales price, rentals and Common Area
• Export Manufacturing Industries
• Aircraft services
Maintenance (CAM). VAT is not
• City of Nassau Revitalization Act
• Pharmaceutical manufacture
applicable on real estate transactions
• Industries Encouragement Act
• Offshore medical centres
below $100,000.
• Agricultural Manufactories Act • Bahamas Vacation Plan & Time Sharing Act
Stamp Duty Stamp duty is now 2.5% on all Real
• Tariff Act
Estate Transactions. In property
• Hotels Encouragement Act
sales, the vendor and purchaser
• Spirits & Beer Manufacturer Act
each pay half the stamp duty unless
• Hawksbill Creek Agreement Act
otherwise agreed. Sellers generally
• Family Island Development Act
pay comission, stamp duty & legal
Residency in The Bahamas A non-Bahamian may enter The Bahamas as a visitor for
indicate a commitment to the leasing or purchase of a
an initial period of up to two months. It is during this time
“second home”, it is our feeling that such a position is
the visitor may apply for residency.
helpful to a successful outcome. The Government Fee for
There are three levels of residency available:
this permit is one thousand Bahamian Dollars (B$1,000)
• Annual Residence Permit
for the head of the household and twenty-five Bahamian
• Permanent Residence Permit
Dollars (B$25) for each dependent.
• A Home Owner’s Card Generally applicants must be of good character and at
The following documents are required:
least eighteen (18) years of age. However it should be
• Immigration Form completed and notarized with a
noted that the success of any application is subject to the discretion of the Board of Immigration and in the case of Home Owner’s Cards, the Director of Immigration.
ten dollar (B$10.00) Bahamian postage stamp • Two (2) passport-size photographs with signature on reverse of prints • Police certificate covering five (5) years’ residence
Annual Residence Permit This permit is for non-Bahamians wishing to reside in The Bahamas on an annual basis. The Bahamas Government is responsive to applicants for annual residence, and although it is not a requirement for the applicant to
dated not older than 6 months • Before the submission of application; Original Fingerprint Card • Medical certificate dated not earlier than thirty (30) days before
Residency in The Bahamas • Two (2) testimonials of good character;
marriage must be subsisting; and the couple must
• Copy of lease or deed
also be cohabiting as husband and wife
• Financial reference from a reputable bank verifying economic worth, i.e., citing a figure range • Confirmation of whether or not the applicant owns a home or property in The Bahamas, and if yes, the address • A statement of net worth stating a figure range and how it is comprised (asset classes) • Source of income including whether derived from employment,pension, investments, trust funds, etc. • Amount of time to be spent in The Bahamas • Civic or charitable affiliations • Reasons for seeking residence in The Bahamas
• Persons born legitimately outside of The Bahamas to a married woman, who is a citizen of The Bahamas, and whose husband is not a citizen of The Bahamas • Financially independent individuals or investors who are legitimate owners of a residence in The Bahamas (please note that persons purchasing a residence for B$1.5 million or more will get speedy consideration) • Doctors / Medical professionals after having been employed for a minimum of 20 years • Persons who have held legal status (work or resident permit) for more than 20 consecutive years • Applicants must be at least 18 years of age and of
• Ticket evidencing intended departure
good character and must state in the application
• Processing Fee of one hundred Bahamian dollars
that he or she intends to reside permanently in The
(B$100).
Bahamas.
Separate application forms must be submitted on behalf
Permanent Residence has become very popular and
of the applicant’s spouse and children. The application
accelerated consideration of application is given to
must be accompanied by a marriage certificate and a
major international investors and owners of residences
birth certificate or any other certificate evidencing the
valued at B$1.5 million or more. To qualify for economic
dependence of the subject of the application in the case
permanent residence a person must invest a minimum
of a dependent.
of seven hundred and fifty thousand Bahamian dollars (B$750,000) in The Bahamas.
Permanent Residence Permit
In addition to paying the one hundred Bahamian dollar
The following persons are among the category of persons
(B$100) processing fee the following documents are
who may apply for permanent residence:
required:
• Spouse of a Bahamian after 5 years of marriage; the
Residency in The Bahamas • Immigration Form completed and notarized with
• Spouse’s death certificate (widowed persons)
a ten dollar (B$10.00) Bahamian postage stamp
• Divorce decree (divorcees)
affixed thereon
• Financial statements from applicant’s financial
• A copy of the bio-data page of the applicant’s passport
institution citing a figure range, and verifying economic worth.
• Two (2) passport-sized identical colour photographs
The government fee for the permanent residence permit
of the applicant, with the applicant’s name printed on
is a one-time fee of ten thousand Bahamian dollars
the reverse side (photographs must not be more than
(B$10,000).
6 months old)
A person holding a certificate of permanent residence
• Police certificate covering five (5) years’ residence
who wishes to include his wife, or dependent child under
dated not older than 6 months before the submission
the age of eighteen (18) and ordinarily resident in his
of application
household, may have them endorsed on the certificate
• Original Fingerprint Card
at the time of his original application or at a subsequent
• Original birth certificate (In the case of certificates
date, subject to such conditions as might be laid down
that are written in languages other than English, an
by the Board. The government fee for the endorsement
English translation should be submitted, sealed by
is twenty-five Bahamian dollars (B$25) each for an
the appropriate Consular Office where applicable,
applicant’s spouse and dependent minors. Separate
with a ten Bahamian dollar (B$10) postage stamp
application forms must be submitted on behalf of the
affixed to it
applicant’s spouse and child (children, if more than one).
• An original medical certificate dated not more than 30 days prior to the submission of the application
Homeowner’s Card
• Two (2) original character references, written by
Non-Bahamians who own homes in The Bahamas may
Bahamian citizens known to the applicant for at least
apply to the Director of Immigration for an annual home
5 years
owner’s resident card that bears the holder’s picture. This
• Parents’
birth
certificate,
Parents’
marriage
certificate • Certified and apostilled copy of marriage certificate (married persons)
card entitles the owner, spouse and any minor endorsed on the owner’s card, to enter The Bahamas and reside here for as long as the validity of the card. The government fee for this is two hundred and fifty Bahamian dollars
Residency in The Bahamas (B$250) per annum. The intended purpose is to facilitate entry into The Bahamas with minimal formalities. There is no need for a return ticket and the Home Owner’s Card entitles the holder to stay up to one year. The following documents are required: • Immigration Form duly completed and notarized with a ten dollar (B$10.00) Bahamian postage stamp affixed thereon • Two (2) passport size photographs with signature on reverse of prints • Police certificate covering five (5) years’ residence dated not older than 6 months before the submission of application • Original Fingerprint Card • Certificate from The Bahamas Investment Authority • Copy of valid passport • Proof of ownership of property and/or investment in The Bahamas in the form of copies of conveyances, deeds or contracts; • Processing fee of one hundred Bahamian dollars (B$100) Although the form does not have to be completed and submitted until after the applicant’s arrival, please note that there are documents to be submitted with the application which would be appropriate to obtain or request prior to the applicant’s departure for The Bahamas.
General Information Demographics
Infrastructural Development
Starting 60 miles off of the coast of South Florida, The
Recent and substantial infrastructural development
Bahamas is a 700 island archipelago. Most inhabitants
initiatives include the redevelopment of the country’s
live on the major islands; New Providence, Grand
principal airport; the deepening of Nassau Harbour,
Bahama, Eleuthera, Abaco, Exuma, Long Island, Inagua,
and the creation of a new cargo port. In April2011, the
Cat Island, Bimini, Andros & San Salvador.
government privatized the local telecommunications company, with the expectation of wider and higher
Currency
quality services, as well as reduced cost to the consumer,
The legally acceptable currency of The Bahamas is The
in particular to the business community. Each of these
Bahamian Dollar. The U.S. dollar is accepted throughout
initiatives have served more effectively to connect the
The Bahama Islands. The Exchange control is administered
Bahamas internally and to the international markets to
by The Central Bank of The Bahamas.
which we cater.
Government
Green Incentives
The Constitution of The Bahamas proclaims the islands as
Import duties have been substantially reduced or
a sovereign democratic state, sets forth requirements for
eliminated on many green products including energy
citizenship & guarantees fundamental human rights. The
efficient appliances and fixtures, solar equipment, plus
Bahamas has had over 300 years of stable democracy.
electrical cars.
Inventory Lock & Leave Condos
Gated Communities
We have many secure second home options available,
If you want to be completely secure, a gated community
condo living can be a wonderful choice for a carefree
if right for you. We have a number of gated communities
lifestyle & can also offer a source of income if you wish to
to choose from ranging in price and amenities offered.
rent out your space.
Commercial Centers Estate Homes
Looking to do business in the Bahamas we have a few
If sprawling estates are your preferecne we have a number
commercial centers to choose from. Locations can vary
of elaborate homes on beautifully manucured properties
based on your needs and type of business.
to offer. In both gated & stand alone settings.
Private Islands If privacy is more up your alley why not buy an island. We have a number of developed and un developed islands for sale in The Bahamas. You can choose from being near an airport, the main land or being completely remote.
Services Selling with MCR
Appraisals
Rentals
MCR Bahamas is known for its results
Property values fluctuate constantly.
MCR Bahamas Group works on the
in marketing The Bahamas’ most
With more than 30 years of combined
client’s behalf to obtain the most
spectacular properties for the best
experience in appraising properties in
favorable terms and remains as
price possible. Our expertise in the
the United States and The Bahamas,
client representative throughout the
luxury market and extensive market
Mario Carey, Raymond Antonio,
transaction. Our Agents have full
knowledge of New Providence’s
Andrew
Antoine
access to properties listed for rent,
premier neighborhoods means our
Adderley are among a handful of
as well as properties that are not
homes can be seen in publications
Bahamian appraisers whose stamped
publicly listed. You will have a greater
related to luxury real estate, but
report is accepted universally.
likelihood of finding a rental that
more importantly on some of the
MCR Bahamas Group’s appraisal
works for you.
best luxury real estate sites on the
experience runs the gamut from
With an experienced and talented
world wide web. Our team will make
high-end residential to commercial
team of highly qualified real estate
moving to the Bahamas or simply
property, and our commitment
professionals, Our goal is to find out
buying a home in the Bahamas easy!
to
guides
exactly what the client desires and to
We are passionate, always striving
everything we do in the world of
vet and select only the rentals which
for perfection. Your needs are our
real estate. MCR Bahamas Group
most closely meet their needs.
priority.
appraisers are at your service.
Seymour
professional
&
integrity
Our Agents Believe in PAIGE Value
Vision
Mission
Passion – to stimulate energy to
To be everyone’s preferred real estate
To create exceptional real estate
a higher level of inspiration and
company driven by consumer’s
experience by:
emotion
lifestyle requirements now and into
Empowering our agents with the tools,
the future.
technology, and business support
Authenticity – being exactly what
necessary to transact business in a
we claim to be
competitive marketplace.
Inclusion – to embrace all people and
Nurturing our clientele beyond
ideas
the actual real estate transaction by keeping them engaged and
Growth – to have increasing influence
Excellence – to consistently exceed expectations
connected to the lifestyle content.
Contact us today for all of your Real Estate needs! 242.677.8255 954.773.8256 www.bettermcrbahamas.com Follow Us: