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ARM & DISARM
your home alarm system from anywhere! How could I forget to arm my home alarm system? No need to worry, we have the answer! Our Arm and Dis-Arm app will allow you secure your home from anywhere with your smart device. Unlike other traditional security systems, the S Control Panel is a full featured home security platform that combines the best of home security with ease of use. With just the touch of a button you can easily secure your entire home and loved ones.
Key Features: •
Arming your alarm System
•
Disarming your alarm System
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Open Reports
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Close Reports
•
Works on multiple smart devices
$150 INSTALLED *$9.99 per month fee
We’ve got you covered! www.ssibahamas.com
About Us Security Systems International, a Bahamian company, was founded in 1987. The managing partner at the time was Craig Cates. In 1990, Security Systems International became an independent company and Mr. Craig Cates who became, and still is. managing Director and President purchased the controlling shares. The primary business of Security Systems International is the installation of both residential and commercial alarm systems as well as access control systems, CCTV systems and fire systems. The company has 10 factory-trained technicians. Each of our technicians has their own company vehicle and are both cellular and radio dispatched. All senior technicians are on twenty-four hour call. We have a compliment of 14 office staff. We also have our own 24hr Central Station with state-of-the-art monitoring and communication equipment. We presently service and monitor over 6000 accounts that include local and international companies.
Our Mission
Experience the SSI Advantage
For more than a year, we’ve been building toward a brand that visually reflects what our customers expect from one of the largest and most trusted security companies in the region. Today, we’re excited to reveal the first step in our transformation.
Security Systems International is committed to excellence and affordability when it comes to securing your home. Our dedication to serving your home and business security needs has positioned us far ahead of the competition.
We’re inspired by what we make possible - our ability to deliver on our promise to help protect the people and things that matter most most to you. We don’t just sell security, we deliver peace of mind!
Your family is your top priority. Your home is your largest investment. Why not take the extra precaution of providing a security system and monitoring for your residence? Security Systems International is committed to helping you meet your home security needs and providing you with quality home security systems and service you can depend on 24 hours a day!
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We’ve got you covered! www.ssibahamas.com
Our Products Security Systems International offers a wide range of industry standard equipment froma select group of top manufacturers in the industry including DMP, GE, ADEMCO, NAPCO and SAMSUNG which we’ve combined to create customized solutions and packages to fit your lifestyle and your budget. Apart from installing wired security hardware, we also offer a full line of wireless devices. We have the most flexible range of monitoring services, including cellular monitoring, two way voice monitoring, S-Pulse broadband monitoring or standard monitoring over landline. Let us help you find the right system for your needs, so you can start protecting your home and family today.
• No cost • Will also perform a security audit with recommendations for any changes or enhancements that may be required. • Test all alarm points to ensure functionality. Also check status of the battery that assist in powering the alarm panel. • Conversion should take 1 day in Nassau and depending on remote access immediately for family island, otherwise we will have to visit sites.
• Daily open and close reports via emailto authorize personnel showing both time and name. • Exception open and close reports (that is, late open or close) directly to cell phone via e-mail. • Detailed activity report on any alarm activation including details of police dispatch and follow-up.
• Between $30 and $50 per month payable quarterly in advance. Additional charges may apply for backup monitoring. • Client informed of any service related request or observations before technician is dispatched. • Client will inform us of any on site issues that they observe or wish to have addressed. • Service fees are between $55 and $85 per month.
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TABLE OF CONTENTS
pg.8 pg.22
Pet Friendly
Motion Sensors
pg.18
OUR BEST DEAL JUST GOT EVEN BETTER!
pg.26 Summer Theft
Protection
pg.35
YOUR MOVING EXPERTS! 6
Craig Cates Messege from The C.E.O. As I look at the growth over the years since our inception in 1998, I am extremely proud of what we have achieved, and even more excited about our outlook for an equally promising future. We have successfully transitioned from a local Nassau start-up to become a respected firm, garnering business from across the nation, while earning our clients’ trust along the way. It is satisfying to know that we are able to help our clients build the strategic blueprints that enable them to connect and operate pivotal aspects of their business more efficiently and economically. Customer satisfaction is the hallmark by which we measure our performance, and we hold ourselves, as do our clients, to the highest standards of quality. In this continually evolving marketplace, our clients are more informed than ever about their solutions provider options. Even so, they continue to select Security Systems International as their partner of choice because of our experience, commitment to quality and community, and integrity. When conveying Security Systems International’s successes, I always return back to three guiding principles—each of which has helped define who we are today: Talented People. Among our most important assets is the extensive knowledge base, deep-rooted professionalism and unwavering commitment of our highly-qualified, diverse staff. The Synch-Solutions staff is at the core of who we are and what we do. From our Engagement Executives to our Subject Matter Experts, and Delivery/Quality Assurance Teams to our Senior Management, the Synch-Solutions Team is committed to delivering the highest quality product and providing unparalleled service to our customers. State of the Art Equipment. Security Systems International offers a wide range of industry standard equipment froma select group of top manufacturers in the industry including DMP, GE, ADEMCO, NAPCO and SAMSUNG which we’ve combined to create customized solutions and packages to fit your lifestyle and your budget. Apart from installing hardwired security hardware, we also offer a ful line of wirless devices. We have the most flexible range of monitoring services, including cellular monitoring, two way voice monitoring, S-Pulse broadband monitoring or standard monitoring over landline. Honest Perspective. As we continue to grow, each new day offers a chance for us to work together, pursue new opportunities and improve upon the past. We establish in-depth relationships with our clients by learning their environments, challenges and goals firsthand, so that we can offer tangible solutions with a candid perspective. We continue to manage our business around the evolving needs of our clients, so that we can be at the forefront of change and deliver value—because value is what their shareholders and constituents demand. Sincerely,
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We’ve got you covered! www.ssibahamas.com
“Now we can finally travel and enjoy our retirement!”
ESSENTIAL PLUS OUR BEST DEAL JUST GOT EVEN BETTER! At just $339 installed and packed with all the basic features you need to keep your home totally secured including standard feautures like a state of the art alarm panel, RF Keypad, backup battery, motion sensors, door and window transmitters, indoor siren and free yard signs, the Essential Plus Seurity System package is our best deal yet!
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ESSENTIAL PLUS
Residential Security Package
The SSI Essential Plus Residential Security Package is our best value available and out most popular option. If you have been shopping for a while you know what is out there. Lots of overpriced security options with outdated technology.
The SSI Essential Plus Residential Security Package is our best value available and out most popular option. If you have been shopping for a while you know what is out there. Lots of overpriced security options with outdated technology.
SSI delivers the best home security avaialble at the best price. talk about flexibility, with the Essentials Plus Package you can feel free to add additional equipment as your life changes. With just a phone call, you can easily add additional open/close sensors, motion or glass break sensors, enviroment sensors or even cameras.
SSI delivers the best home security avaialble at the best price. talk about flexibility, with the Essentials Plus Package you can feel free to add additional equipment as your life changes. With just a phone call, you can easily add additional open/close sensors, motion or glass break sensors, enviroment sensors or even cameras.
With this kit you’ll protect three entrances to your home, cover an area with a motion detector, get a sleek Smart Control Panel console, plus a keychain remote, yard sign and window decals. We even provide additional patented products like the Smart Fire Detector so your home is protected from fire even when you are not there.
Home Security as Easy as 1-2-3 Security Systems International advanced wireless security technologies provides 4 layers of back-up protection (internet, cellular, phone and battery back-up) so you are secured even if the internet does down, the power goes out or if your phone lines are cut. So many products out there don’t offer back-up protection and force you to choose only 1 mode of communication. SSI’s wireless security allows you to choose your primary connection - either broadband internet or cellular GSM - and then allows you to use others as a backup. Plus you can even use a landline phone as an additonal back-up, and you always have a 24-hour battery back-up for your system. Other security products simply cant match this type of protection.
With this kit you’ll protect three entrances to your home, cover an area with a motion detector, get a sleek Smart Control Panel console, plus a keychain remote, yard sign and window decals. We even provide additional patented products like the Smart Fire Detector so your home is protected from fire even when you are not there.
Here is what’s included: Equipment Description Qty. Alarm Panel 1 RF Keypad
1
Back-up Battery
1
Wireless/Hardwire Motion Sensors
2
Wireless Door Transmitters
2
Indoor Siren 1 SSI Wall Signs
$339 Starting at
INSTALLED
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GOOD TASTE IS
CONSISTENT
Dining? Cafe Martinique Mode of Transportation? 2014 Mercedes Benz SLK 500 AMG Destination? Sky Beach, Resort, Eleuthera Residence? 609 Roc Tower, Bayroc Cigar? Graycliff Chateau Grand Cru Timepiece? Panarai Limited Edition Anything Real Estate Matt Sweeting | Your Agent for Life
502-3400 matt@bahamaislandsrealty.com
We’ve got you covered! www.ssibahamas.com
Control Panel
Simplicity and Reliability That’s what we call a smart combination!
Unlike other traditional security systems, the S Control Panel is a full featured home security platform that combines the best of home security with ease of use. With just the touch of a button you can easily secure your entire home and loved ones.
Key Features: •
Bright LCD Screen
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Battery Back-up
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Notification Chime for doors/windows
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Remote System Access & control options
S Control Panel
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Prominent 1-touch Panic Button
Included in every Essential Plus System. Call now for more details!
•
Full-featured two-way phone with speakerphone
•
60-sensor support
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We’ve got you covered! www.ssibahamas.com
Vision Security Cameras
The ultimate in protection against what you cannot see or hear.
How it works With features such as enhanced night vision, event notification and motion activation, our interactive security cameras are a great add-on to your Essential Plus package. More Vision means more power, and more power means more control. Watch live feeds from almost any internet enabled smartphone or computer.
S Vision Security Cameras Essential Plus System Add-on! Call now for more details!
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HomePhone PLUS_BookletAd_COM.indd 1
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We’ve got you covered! www.ssibahamas.com
Smoke & Heat Sensors How it works This sensor does two things. It detects smoke particles in the air, using photo electronics. It also detetcs when a room is getting too hot, too fast. It combines these abilities to protect you and your home from fire. If the sensor detects either of these potentially dangerous conditions, it triggers an alert to the Control Panel. The Control Panel signals the Monitoring Center to dispatch the fire department to your home. The sensor is sensitive to airborne particles, so it’s best used in areas mostly free of smoke or dust.
Smart Smoke & Heat Sensors Optional add-on for your Essential Plus System. Call now for more details!
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We’ve got you covered! www.ssibahamas.com
Pet Friendly
Motion Sensors
Superior Protection
against the unseen or unheard. Key Features: •
Small and unobstrusive
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Easy Setup
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Seamless system integration
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Powerful Line of security defence
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No extra monitoring fees
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Pet friendly up to 40lbs
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Rechargable battery backup
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We value protection just as much as simplicity and design. That’s why our motion detectors are both effective and easy to use. Additionally, our motion detectors are designed with pets in mind, meaning that they won’t detect animals up to 40lbs, reducing false alarms - and mini heart attacks. Just one more reason for you to fall in love with SSI!
live above the crowd and enjoy...
THE SIGHTS THE SOUNDS THE PLACE TO BE in Cable Beach
The Cliffs | Cable Beach...a stunning collection of spacious and well appointed 3 bedroom, 3.5 bath waterfront homes perched on a cliff in Nassau’s most desirable new address. AMENITIES breathtaking ocean views • oceanside pools • 10 ft. ceilings double glazed windows and doors • private garages • generator European style kitchens and bathrooms • nearby shopping, dining and Baha Mar resort
Cara Christie 242 457 3562 . Ryan Knowles 242 376 7731 242 322 1041 . www.TheCliffsCableBeach.com
We’ve got you covered! www.ssibahamas.com
Glass Break Sensors How it works This sensor is specially designed using pattern recognition technology to detect the sound of breaking glass within a 20 foot radius. When installed near easily accessible windows or glass doors that could be easily shattered to gain entry into your home, these discreet sensors will automatically detect and alert you. These sensors are perfect for protecting rooms with oversized or multiple windows and sliding glass doors.
S Glass Break Sensors Optional add-on for your Essential Plus System. Call now for more details!
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Meet the family that help k
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keep your family secure...
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Managem Craig Cates
Chuck Lobosky
Larry Major
Javan Sweeting
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ment Team Nolan Carey
Shivanthi Rolle-Hall
Lynden Carey
Lynk McKinney
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24 Hour Alarm Monitoring Center
Welcome & Bill Pay Department
Service Department
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The Trusted Authority in bahamas real estate since 1922 real estate
sales • rentals • appraisals
Are you thinking of buying or selling? Call us TODAY We would love to talk with you..
322.1041 Sales@HGChristie.com www.HGChristie.com
HG Christie’s 2014 TOP PRODUCERS Leading the Bahamas Real Estate Market
JOHN CHRISTIE Private Islands
RYAN KNOWLES New Providence/ Paradise Island
RHONDA WATON Eleuthera
CHIARA PETRUCCI Grand Bahama
DWAYNE WALLAS Abaco
“The names may alter as people hit personal strides, but the mechanisms for being an HG Christie Top Producer has shown consistent components. When the power of positive intention is harnessed with a focused, relevant, and resilient approach to the market place ‘success!’ is realized. These factors combined with a genuine desire for personal improvement and excellence at all times,” - John Christie
322 1041 • Sales@HGChristie.com • www.HGChristie.com ltd.
HI-Speed Internet_BookletAd_COM.indd 1
2/2/15 9:59 AM
Denise McPhee
Bernedette Flowers
15+ Years of Service
We extend our best wishes to you on over (15) fifteenth of service with Security Systems International. Throughout the years we have enjoyed your dedication and enthusiasm for your job. You have been model employees over these years. You are one of my few original employees and have certainly become an asset to this company. We appreciate the selfless service you’ve given for so many years. Without the loyalty and hard work of experts like you who helped us get things started, we could never have achieved our present stature. We wish you continued success for many years to come.
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Residential
Commercial
Rentals Sales Appraisals
Property Management Leases Sales Appraisals
Tel (242)394-7070 Fax (242)394-7069
East Shirley Street P. O. Box SS-19085 Nassau, Bahamas
morleyrealty@morleyrealty.com www.morleyrealty.com 40
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for the sale of real property in The Bahamas to non-Bahamians.
FREQUENTLY ASKED QUESTIONS
Are there any special permits required when purchasing property in The Bahamas? Permits are required by non-Bahamians, as provided under the International Persons Landholding Act, if: * The property being purchased is greater than 2 acres. * The intention is to rent out all or a portion of the property. * The property being purchased is for commercial development.
The following information answers many of the main concerns prospective buyers have when looking to invest in property in The Bahamas. We have tried to make this a comprehensive guide to the general rules and regulations, but if you have other questions, please e-mail them to us at faq@bahamasrealty.bs, and we shall endeavour to answer them for you.
Non-Bahamians who buy land for which a permit is not required must register their purchase with the Foreign Investment Board under such Act.
What kind of properties do you sell in the Bahamas and what islands are they on?
How do I go about getting a permit or registering my purchase with the Foreign Investments Board?
Bahamas Realty Limited is a full service real estate company. We sell both residential and commercial properties. These include vacant land, acreage, single-family homes, condominiums, private islands, resort properties, office/retail buildings, shopping centers, and warehouses. On the residential side we are the exclusive affiliate in The Bahamas for Luxury Portfolio and Leading Real Estate Companies of The World and a member of Who’s Who in Luxury Real Estate. On the commercial side we are the exclusive affiliate of NAI Global.
Non-Bahamians should also register their investment with the Exchange Control at the Central Bank of The Bahamas insure that on resale they will be able to remit the net proceeds of sale outside the Bahamas in the currency of the original investment. In what form is title to property given? The vast majority of property is sold freehold. There are a few exceptions of leasehold properties. These properties are generally Crown Lands (Government owned) properties that are leased for agricultural or development purposes. The Government of The Bahamas does not generally sell its property.
Why should foreign property investors consider buying a home in Bahamas? Isn’t it just an overpriced tax haven for the seriously rich? The Bahamas has attracted a very wide range of property investors… from the very rich who have purchased large multimillion dollar estate properties to those who have purchased modest condominiums or homes in the $150,000 - $400,000 price range. The old axiom that states that location, location, location is a major determinant of demand and value has pushed the price of properties in specific areas of New Providence and Paradise Island to very high levels, but even at these levels prices are on par with other similar resort destinations. It is still possible to purchase waterfront and beachfront property in the Bahamas for as little as $50,000. Alternatively one can also spend $4,500,000 for 1 ½ acre beachfront site on Old Fort Bay.
Do I need to engage the services of a local attorney when purchasing property? No, but the appointment of a local attorney is highly recommended. Apart from insuring that the documents of title are properly prepared and are in good order the local attorney, when representing the buyer, gives an Opinion on the title to the property. This Opinion is considered to be the same as title insurance as the lawyer is liable should the purchaser find that there is a defect in the title. Local lawyers carry indemnity insurance.
Is it possible for a non-Bahamian to purchase property in The Bahamas?
Is title insurance available in The Bahamas? Yes. There are companies in the Bahamas offering title insurance. The risk premium generally runs between .20% -
Yes. The International Persons Landholding Act, 1993, provides
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.27% of value.
when purchasing property in The Bahamas.
What are the costs involved in buying or selling property?
This information was provided to us by attorney, Frederik F. Gottlieb, Frederik Gottlieb & Co., Marsh Harbour, Abaco. E-mail: gottlieb@oii.net.
A typical sale, which is called a “Gross Sale”, assumes that the vendor will be responsible for the payment of: • The real estate agents commission (if an agent is involved). The commission on the sale of residential developed property is 6% of the gross sales price. The commission on the sale of undeveloped property is 10%. • The Government Stamp Duty (Tax on the conveyance of real property). This is a graduated Tax. The total amount of the Tax is calculated as follows: o When the value of the consideration is less than $20,000, the rate is 4% o When the value of the consideration is equal to or greater than $20,001 and is less than or equal to $50,000, the rate is 6% o When the value of the consideration is equal to or greater than $50,001 and is less than or equal to $100,000, the rate is 8% o When the value of the consideration is equal to or greater than $100,001 the rate is 10%
After I purchase a property will I be able to repatriate the proceeds of sale whenever I sell it?
The usual practice in the Bahamas is for the tax to be shared equally between buyer and seller unless otherwise agreed upon.
Yes. Most if not all architects in the Bahamas were schooled either in the United States, Canada or the United Kingdom and have international accreditations. There is a local licensing Board for architects. The construction industry is also regulated, but the qualifications for licensing are not nearly as rigorous. The leading contractors are all civil engineers with international accreditations or have certified engineers on staff. Many of the smaller contractors are products of a good apprentice system and are very adept and skilled at efficiently carrying out residential construction. Civil, mechanical and electrical engineers in the Bahamas, like the architects were schooled in other countries and hold international accreditations from those respective countries and must also have a license issued by their respective local Boards
Yes. You will be able to repatriate the entire proceeds including any profits provided you register the purchase with the Exchange Control Department of the Central Bank at the time of purchase. Do I need any special approvals in order to build on a property or to make any changes to an existing structure? Yes. You will need to obtain approval from the Town Planning Board and a building permit issued by the Ministry of Works. A local architect or engineer would be able to assist you with this. Are there good qualified architects, contractors and engineers available in the islands?
The vendor’s legal fees. The legal fees on a sale or purchase are usually 2 1/2 % of the first $500,000, 2% of the next $500,000, 1% of the next $4,000,000 and 1/2% thereafter, plus 7.5% Value Added Tax (VAT). The Purchaser will be responsible for: • 1/2 of the Government Stamp Tax as set out above, • The purchaser’s legal fees as detailed above. This fee includes the lawyers Opinion on the title to the property. • Recording fees ($3.50 per page) on the conveyance and other closing documents which need to be recorded. • Payment of the permit under the International Persons Landholding Act if applicable.
May I use the services of a non-resident architect? Yes, but that architect cannot work in the Bahamas without a permit to do so. All building plans submitted to the Town Planning Board and the Ministry of Works must be signed off by a local licensed architect and local engineers. As in any jurisdiction there are local customs and procedures required in getting the job done and it is recommended that you utilize the services of the local professionals.
In the event that the sale is a “Net Sale” the purchaser would be responsible for payment of all of the above-mentioned fees. What information is required from non Bahamians when purchasing property in The Bahamas?
Are Brokers and sales agents in The Bahamas licensed?
We have provided a point by point breakdown in a PDF file of the steps necessary and information required by non Bahamians
Yes. Brokers and sales agents are licensed by The Bahamas
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Real Estate Association (BREA). Qualifications for licensing include sitting a written exam. BREA is an international member of The National Association of Realtors (NAR) and many BREA members are International Members of NAR and hold various accreditations offered by NAR including GRI, CRS, CRB, CIPS and CCIM. A few members are also members of the International Federation (FIABCI). The public is urged to ask and only use the services of a BREA member.
fees. The lease or rental of a commercial property is subject to VAT. The Bahamas Government’s main source of revenue is from customs duties on goods imported into The Bahamas. This tax may be as low as 0% as in the case of computers and computer software and as high as 85% in the case of luxury automobiles, $0.50 each + 220% on cigars. The typical rate of duty is around 35%.
What is the cost of construction?
Real Property Tax
Construction costs in The Bahamas, as you might imagine, vary widely depending on the location of the construction site, the design of the building, the materials used and the finishes. Costs may be as low as $85.00 per square foot for low cost housing, however, a modest or minimum structure consisting of concrete block construction, timber roof framing and asphalt roof shingles will cost between $100.00 to $150.00. An average home will cost from $150.00 to $200.00, but not with top of the line finishes such as marble tile and granite or Corian countertops. A better than average home with good finishes, will cost from $200.00 to $400.00. For a luxury home the cost would be more on the order of $500.00+ per square foot for the finest finishes and details. On average you can count on the cost being approximately 40% higher than a similar home in south Florida. This is mainly due to freight, duty and delivery cost to site representing approximately 65% of the F.O.B. material cost. It should also be pointed out that building standards are higher in the Bahamas than in South Florida. The majority of homes in the Bahamas are of concrete block or poured concrete construction and are built to meet a very strict building code.
The taxable value of your property is based on the latest selling price. As regards undeveloped land, you are responsible for reporting the value of the improvements as you make them. If you possess an annual home-owners permit, you may deem your primary residence to be owner occupied. On owner occupied properties: • First $250,000 - Exempt • Between $250,000 to $500,000 - 0.75% • More than $500,000 - 1% • More than $5,000,000 of market value is .25% On vacant land (owned by non-Bahamians): • First $7,000 of market value - $100 • $7,000 - $100,000 of market value - 1.5% The rates of tax on all other properties (commercial) is:
Is there local financing available to non-Bahamians and/or permanent residents?
• First $500,000 of market value - 1% • Excess over $500,000 of market value - 2% Is it possible to establish residency in the Bahamas and if so how does one go about it?
Yes, but the loan facility may only be given in US$’s at international rates and the down payment required is generally on the order of 40% of value.
Yes. The Government of the Bahamas has set specific guidelines that allow non-Bahamians to establish permanent residency in The Bahamas. There are two categories of permanent residency: Permanent residency with the right to work and permanent residency without the right to work. One of the criteria for permanent residency is the investment of a minimum of $500,000 in The Bahamas. This investment may take the form of the purchase of real property with a minimum value of $500,000. Non-Bahamians who own property in The Bahamas may apply to the Director of Immigration for an annual homeowner’s residence card. This card is renewable annually and entitles the owner, spouse and any minor child/ children endorsed on the card to enter and remain in The Bahamas for the validity of the card. It is intended to facilitate entry into The Bahamas with minimal formalities.
What taxes do you have in The Bahamas? First and foremost we have no income tax, capital gains taxes or inheritance taxes. There is no sales tax with the exception of the Stamp Duty paid on the conveyance of real property. As of January 1, 2015 the Bahamian Government has implemented Value Added Tax (VAT) at a rate of 7.5%. Put simply, VAT is a consumption tax. Residential real estate is exempt, however any real estate commission and legal fees on a residential sale or rental are subject to VAT. The commercial sale of property is also exempt from VAT, however VAT is payable on real estate commission and legal
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What are the advantages to establishing permanent residency in The Bahamas?
What is the traditional architecture like? The traditional architecture is Colonial with an island/Bahamian flair. For residential properties this would typically include high pitched wood shingle roofs with dormer windows, wooden covered verandahs on the first and second levels, French doors, double hung windows with louvered shutters. For commercial properties colonial style columns at a grand entrance, highpitched wood shingle roofs with dormer windows, covered verandahs on the first and second levels, French doors, double hung windows with louvered shutters. Modern variations of this style have eliminated the covered verandahs and double hung windows. Buildings are now designed for air-conditioning and a more efficient utilization of space. Unfortunately, some charm has been sacrificed in order to achieve this.
Apart from the opportunity to live and work in a warm and pleasant environment there are also significant tax advantages for citizens of countries with high personal and corporate income taxes as well as inheritance taxes. The advantages vary depending on the citizenship of the applicant and the tax laws of the applicant’s home country. Is it possible to obtain Bahamian citizenship? Yes it is possible, but it is a long and involved process. Typically favour is given to long-term permanent residents and spouses of Bahamians. Is it possible to live and work in The Bahamas?
I’ve heard that the country’s status as a tax haven has been altered in recent years and that tax exiles are moving their money out and selling their properties. Is this true?
Yes. But you must appreciate that The Bahamas has a small young population. The total population of the Bahamas is approximately 320,000 with a total land area of 10,000 square miles spread over 700 islands. The policy of the Bahamas Government is to protect the well being and provide maximum employment opportunities for Bahamians. In a nutshell in order to obtain a work permit to work in The Bahamas an employer must demonstrate that there is not a Bahamian ready willing and able to fill the position. Quite obviously the Bahamas would be overrun overnight if these safe guards were not in place.
Recent changes in our laws regarding financial reporting and compliance have affected some offshore banks and businesses that have been doing business in the Bahamas. Customers of these banks or businesses that were not willing to comply have taken their business elsewhere. However, there are now very few places that they can go to avoid taxes. Legitimate high net worth individuals and businesses that are minimizing taxes, legally, are still here. Many of the leading offshore banks have consolidated their services in keeping with new legislation. Our market is affected more by the US stock market and international economic conditions than by changes in our banking laws.
Is finance easily available for buying Bahamian properties? Yes. For Bahamians and permanent residents most of the major banks and life insurance companies offer mortgages with some offering terms up to 25 years and as little as 10% down (a 10% down payment is only offered for lower priced properties up to approximately $100,000).
Where are the up and coming areas in the Bahamas? The most popular areas in the Bahamas at the moment are the gated residential communities on New Providence and Paradise Island.
How can foreign nationals qualify for local mortgages and what are the restrictions?
Developments/communities of note are: Lyford Cay, Old Fort, Sandyport, Ocean Club Estates, Port New Providence.
Loan facilities for non Bahamians may only be given in US$’s at international rates and the down payment required is generally on the order of 40% of value.
Popular residential communities in the family islands include: Harbour Island, Eleuthera; Hope Town, Abaco; and George Town, Exuma and The Exuma chain of islands.
Do foreign property owners live alongside locals or is there a definite divide between locals and foreigners? The only divide between locals and foreigners is an economic one. The Bahamas has a very strong middle class with a high percentage of professionals. Bahamians (black and white) have bought into all of the most exclusive areas of the Bahamas including Lyford Cay and Ocean Club Estates.
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WINTON HEIGHTS
NAUTICA
4 Bedroom | 3.5 Bathroom | 3,500 sq. ft. | $775,000
3 Bedroom | 2.5 Bathroom | 2,508 sq. ft. | $545,000
Experience the bliss of living in this peaceful, secure home built high on the hill of a one acre property, with expansive ocean views from the living room, dining room and bedrooms. A spacious family room with sliding doors leads to the patio and pool area. Features include split a/c, metal roof,and a fabulous workshop where many wonderful touches to the house were hand crafted by the owner. ID# 573523
Investment opportunity in the ever in demand community of Nautica. Currently leased to a secure tennant, with option to renew through 2019, this home makes an excellent income property. Beautiful home features upgraded kitchen, 14’ ceilings in the master bedroom and an ensuite bath features a stone tiled rain shower. Just minutes from all amenities, beaches, and the new Baha Mar resort. ID# 573675
TAMBOURINA
PLEASANT BAY
5 Bedroom | 6.5 Bathroom | 5,154 sq. ft. | $1,400,000
1.25 Acre Ocean Front Lot | $295,000
Well positioned home along Eastern Road neighbored by some of the islands most impressive homes. Tambourina provides the island elegance, the spacious relaxed living and ocean views you will love to enjoy. Feel at home with the cool and tropical interior decor, surrounded by 1.2 acres of well manicured gardens, tropical foliage, fruit trees and towering coconut palms. Inc. guest cottage. ID# 572598
1.25 parcel in Pleasant Bay is a great spot for your dream vacation home or resort/bonefish lodge development. Andros is the largest island in the Bahamas. Paralleling the east coast is one of the longest barrier reefs in the world over 140 miles in length. Andros is located twenty miles west of Nassau, with four airfields and several marinas servicing the island access is easy by air or sea. ID# 572073
SULGRAVE MANOR
NASSAU EAST
2 Bedroom | 2 Bathroom | 1,400 sq. ft. | $445,000
3 Bedroom | 2.5 Bathroom | 2,000 sq. ft. | $350,000
Location! Location! Location! Never has it been more true than at this newly listed condominium which boasts The Rosewood at Baha Mar as its immediate neighbor while enjoying prime beachfront on the 2 mile long Cable Beach. Sulgrave Manor offers luxury services and amenities including: doorman, onsite manager, large heated pool with cabana, fitness room, and full service generator. ID# 572415
Set on a well manicured lot, this private family home is ideally located and is ideal for the growing family. Exuding warmth and charm throughout every square inch of living space, this home does not disappoint. Highlights include a fully equipped kitchen, cozy living room, recessed lighting, spacious bedroom suite with ensuite bath and bamboo floors throughout. ID# 570013
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