WHAT-TO-DO - NASSAU, CABLE BEACH & PARADISE ISLAND - JAN 2006 EDITION
Buy land, American humorist Will Rogers once advised, because they aren’t making any more of it.
That was sound advice three-quarters of a century ago; it’s sound advice today. To many people, land ownership is the ultimate investment.
And in The Bahamas that ultimate investment will be a piece of paradise with access to the blue and green ocean, great beaches and year-round sunshine.
Buying a second home in The Bahamas is relatively easy. Instead of obstacles, the Bahamian government lays out the welcome mat and allows foreign ownership. You can buy anything from a timeshare to a condominium to an oceanfront mansion on a large lot.
The real estate industry is established and staffed by professionals in The Bahamas and laws are in place to protect owners and their property. It is a complete industry with a comprehensive supporting infrastructure. In addition to agents, other professionals, including lawyers and licensed building inspectors, are available.
For anyone wishing to remodel an existing home or build a new home, The Bahamas has scores of architects, home builders, contractors and skilled tradesmen.
Local building codes are clearly defined. According to local authorities, the codes exceed the regulations in many of the southern states in the Untied States and are equal to those in Miami-Dade County in Florida.
Local real estate agents are versed in the appropriate laws and can readily assist home buyers meet all legal obligations.
You are well advised to use an agent accredited by The Bahamas Real Estate Association (BREA), who will help negotiate all details and can suggest financing sources.
Agents’ commissions are set by BREA. At press time, the rate was six per cent of the purchase price for homes and condominiums. Undeveloped land carries a 10 per cent commission.
In addition to commissions, the government charges a stamp tax on real estate transactions. As in other countries, buyers can expect other fees, including legal fees.
Foreign purchasers must sign confidential Know Your Customer (KYC) forms. This form records the purchaser’s name and sources of income. References and passport identification are also required.
After purchase, The Bahamas assesses an annual tax based on the value of the property. For detailed information on both the stamp tax on purchases and the property tax, consult with your realtor or read the blue pages in the 2006 Bahamas Handbook and Businessman’s Guide. The handbook contains useful information for potential home buyers.
Disclaimer: The information in this article/release was accurate at
press time; however, we suggest you confirm all details and prices
directly with vendors.
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