BENEFITS UNIVERSAL OWNERSHIP BENEFITS
BAHA MAR IS A FABULOUS OASIS OF CHIC situated at arguably the most beautiful and desirable address in the world. The benefits of owning here go well beyond the exquisite setting.
• Deeded, freehold ownership in perpetuity • Buyer and dependents are eligible for permanent residence status in The Bahamas • Permanent Bahamian residents can enjoy visa-free travel to The Bahamas • Pathway to citizenship after required period of permanent residency • Optional rental program • Access to The Baha Mar Residence Club
• No income tax, no capital gains tax, no inheritance tax • Annual property tax exemption period applies while owner is in The Baha Mar Rental Program • Import duties, taxes and levies are waived for buyers who elect to participate in The Baha Mar Rental Program • Eligible to engage in private offshore banking in The Bahamas
LOCAL EXCURSIONS
GOLF TEE TIMES
DINNER RESERVATIONS
SPA BOOKINGS
Residence Club Benefits Owners enrolled in The Baha Mar Residence
The concierge will also alert owners of exclusive
Club enjoy Bespoke Concierge Service. The
offers from partners such as car rental agencies,
personal concierge can book tee times, make
cruise companies and high-end retailers.
dinner reservations, arrange spa bookings and organize local excursions prior to your arrival.
BENEFITS | 61
THE BAHA MAR RENTAL PROGRAM
Rental Program Benefits Owners not participating in The Baha Mar
Should you desire to rent your home,
Rental Program may occupy their home up to
The Baha Mar Rental Program managed by
365 days a year. Owners are also welcome
The Baha Mar Residence Club will assist you
to invite guests and rent the property
with finding the perfect tenant. All owners
themselves, however, they must provide
have the option of placing their residence
The Baha Mar Residence Club with guest
into the program. The hotel within which the
names and use dates. All owners may opt
residence is situated will actively place it in
to join The Baha Mar Residence Club to
its Central Reservations System and make it
enjoy reduced fees for concierge and
available for rent as part of room inventory.
related services.
In addition to the rental efforts that will be made by the hotel, The Baha Mar Residence Club has contracted with a number of third
party vacation property rental companies
construction and out-fitting of the residence
to provide additional rental channels and
are waived for buyers who elect at time of
maximize the likelihood of success. Benefits
purchase to participate in The Rental Program.
include tracking of the owner’s rental activity
These waivers amount to a discount of
and regular statements to keep owners
approximately 25% of the purchase price.
informed of their rental activity. In addition to other tax benefits, owners participating in The Baha Mar Rental Program also enjoy no income tax on rental proceeds and all annual property taxes are waived for owners as long as they remain in The Rental Program. Lastly, import duties, levies and taxes related to the
Owners choosing to participate in The Baha Mar Rental Program can enjoy up to 90 days of personal use per annum. They rent their residences through The Baha Mar Residence Club’s extensive network for a minimum of nine months and maximum of 12 months.
BENEFITS | 63
THE PURCHASE PROCESS
CONTRACT PROCESSING To reserve a preferred residence, future
If the purchase is cancelled within this period,
owners must sign initial documents and
owners receive a full refund of their good faith
make a $5,000 good faith deposit.
deposit. If owners choose to proceed with the
They’ll then receive all relevant legal
purchase, they must sign additional documents
documents electronically. A 14-day
after the rescission period and arrange for
rescission period allows time to
initial payment. At Closing, owners sign all
adequately review all documents.
final documents to conclude full conveyance.
Payment Terms include: • 10% of the purchase price must be
• An additional 10% of the purchase price must
wire transferred directly into a Citibank
be paid into the Citibank escrow account
(New York) escrow account within 30 days
within 90 days of contract signing.
of contract signing.
• The final 70% of the purchase price must be
• An additional 10% of the purchase price must
wired into the Citibank escrow account within
be paid into the Citibank escrow account
30 days of notification that the residence is
within 60 days of contract signing.
ready for Conveyance (Closing).
All deposits will be held in the Citibank escrow account untouched by the developer until Closing. In the unlikely event the developer does not deliver the residence as contracted, all deposits plus accrued interest will be refunded to the buyer.
FINANCE OPTIONS Buyers may obtain their own financing if they wish,
THESE INCLU DE:
or pay all-cash. The developer has secured two
• Royal Bank of Canada
internationally-respected banking institutions who
• CIBC First Caribbean International Bank
have agreed to lend up to 70% of the purchase price.
CLOSING When Baha Mar is ready to proceed to
well as half of the government mandated 10%
Closing, the escrow agent will notify the
Stamp Tax payable for the transfer of all real
buyer, giving them 30 days in which to
property. The buyer will only be required to
transfer the remaining balance of the
pay his half of the 10% Stamp Tax, plus legal
purchase price. Baha Mar will pay all legal
fees if the buyer wishes to have additional
costs, registration and title insurance costs as
legal representation.
THE PURCHASE PROCESS | 65
DEVELOPMENT OVERVIEW
The Bahamian Riviera, Nassau, New Providence, The Bahamas
ESTIM ATED COMPLE TI O N DATE
December 2014
DEVELOPER
Baha Mar Ltd.
ARCHITEC T
Michael Hong Architects, Los Angeles, CA
INTERI OR DESIGN
Dianna Wong Architecture + Interior Design – Los Angeles, CA
Benjamin Noriega Ortiz – New York, NY
Kravitz Design – New York, NY
Todd-Avery Lenahan – Las Vegas, NV
ESCROW AGENT
Citibank – New York, NY
LO C ATI O N
CLOSIN G AT TORNEYS Higgs & Johnson (paid by the developer)
Baha Mar can recommend a Closing attorney for the buyer if the buyer wishes additional personal legal representation (these fees paid by the buyer). GENER AL CO NTR AC TOR China State Construction and Engineering Corporation,
Peoples Republic of China PROJEC T FU N D IN G Export-Import Bank of China,
Peoples Republic of China TITLE H OLDERS Up to four per deed, but only one family can apply for
permanent residency. Owners can purchase in corporate partnership or LLC name, but will not receive permanent residency eligibility in this instance.
DEVELOPMENT OVERVIEW | 65
bahamar.com residences @bahamar.com
These materials do not constitute an offer to sell, nor a solicitation of an offer to buy, to residents or citizens of any jurisdiction (including the United States of America) in which registration or other legal requirements in such jurisdiction have not been fulfilled. All illustrations are artists’ conceptual renderings (or photographs included for illustrative purposes) that may not reflect the project or residences as currently designed or as may ultimately be constructed and are subject to change without notice. The Baha Mar project is owned, offered, marketed, sold, constructed and developed by Baha Mar Ltd. (“Developer”) NOT by Rosewood Hotels and Resorts, L.L.C.; Morgans Hotel Group Management LLC; or Hyatt Corporation; or any of their affiliates (collectively, the “Brands” and individually as “Brand”). All registered trademarks, trade names, and photos and product / facility depictions (collectively “Intellectual Property”) of the respective Brands are owned by each Brand, as applicable, and such Intellectual Property has been included for illustrative purposes only. Developer has entered into a Marketing License Agreement with each Brand pursuant to which Developer has the right to offer and sell residential units in a development to be known as the “Grand Hyatt at Baha Mar”; “Rosewood at Baha Mar”, and “Mondrian at Baha Mar” respectively (the “Residences Component”) using the name “Hyatt,”, “Rosewood, and / or “Mondrian” respectively together with certain trademarks and Intellectual Property which are owned by, licensed to, utilized by, or otherwise associated with the Brands (collectively, the “Brand Trademarks”). Additionally, Developer and Brands have entered into a series of contractual agreements (collectively, the “Residential Agreements”) pursuant to which Brands will (i) oversee and supervise the operation of the Residences Component on behalf of the Developer and (ii) allow the Brand Trademarks to be used in connection with the branding and operation of the Residences Component. The Brand Trademarks will not be associated with the Residences Component, or any residential unit situated within the Residences Component, upon termination of the Residential Agreements for any reason whatsoever. If the Residential Agreements are terminated, the Residences Component will be required to cease using the Brand Trademarks. Accordingly, a purchaser should not acquire a unit within the Residences Component with the expectation that the Brand Trademarks will continue to be associated with the Residences component during his or her entire period of ownership. The right and license to use the Brand Trademarks is not part of the common premises or otherwise included in the purchase of any unit within the Residences Component. Neither any purchaser of any residential unit, nor any community association constituted with respect to the Residences Component or any segment thereof, shall have any right, title or interest in and to the name “Hyatt”; “Rosewood” and / or “Mondrian” respectively or any of the Brand Trademarks. There exists no joint venture, joint enterprise, partnership, ownership or similar relationship between the Developer and any of the Brands as to the Hotel or the Residences. The Brands have no ownership interest in the Residences Component. The Brands do not have any responsibility for the offering, marketing, sale or solicitation of units within the Residences Component. The Brands are not responsible for construction of the Residences component, obtaining required permits, licenses and approvals to develop the Residences Component and sell units within the Residences Component, or ensuring that the units within the Residences Component are sold in accordance with applicable laws, codes, ordinances and other governmental requirements. Under no circumstances shall the Brands be deemed to have made any representation or warranty to any purchaser of a unit within the Residences Component with regard to the foregoing matters or any other matter whatsoever. The Brand’s retention and exercise of rights of approval or inspection with respect to the marketing and sale of units within the Residences Component are for the sole purpose of protecting the reputation and integrity of the Brands’ Trademarks. Any purchase of a Residence should be for personal use and enjoyment and should be without reliance upon any potential for future profit, any rental income potential, economic or tax advantages, appreciation, depreciation or investment potential that may or may not be derived or realized from the ownership of a Residence, or any monetary or financial advantage with respect thereto or from voluntary participation in the Rental Program.