Services

Our clients benefit from our knowledge, integrity, and marketing strategy, with a wealth of experience, and thorough understanding of the Real Estate market in The Bahamas. Whether you are selling, buying your Luxury Home, Condo, Vacation Home, Beach Front Property, Private Island, or simply investing, we will provide you with the very best service.

We offer you a variety of properties for sale or rental, from single-family homes to condo and townhouse homes, from exclusive lots of land to prestigious private islands, and from multi-unit residential properties to commercial properties.

Our listings are everywhere in the Bahamian territories, including the well-known islands like Abaco, Berry Island, Bimini, Cat Island, Eleuthera, Exuma, Grand Bahama, Long Island, New Providence, Paradise Island, Rose and, San Salvador, and less-known islands like Acklins, Andros, Crooked and Ragged.

Investment Incentives

Investment incentives under the following Acts include exemption from the payment of customs duties* on building materials, equipment and approved raw materials and real property taxes for periods up to 30 years:

• Export Manufacturing Industries Encouragement Act
• Industries Encouragement Act
• Agricultural Manufacturers Act
• Tariff Act
• Hotels Encouragement Act
• Spirits and Beer Manufacturers Act
• Family Island Development Encouragement Act
• Free Trade Zone Act
• *Customs duty exemptions do not apply to personal consumables The following trade arrangements are also in effect:
• Cotonou Agreement
• CARIBCAN
• Carribean Basin Initiative
• Administration of Policy
• The National Economic Council (NEC), headed by the Prime Minister, is responsible for executive management of the investment policy. Operational activities are the responsibility of the Bahamas Investment Authority (BIA).
• Establishing a Business in The Bahamas
• An international investor seeking to do business in The Bahamas should submit to BIA a project proposal providing the information indicated in the following Project Proposal Guideline.

Project Proposal Guideline

• Name and address including telephone/fax.
• Executive summary of the project.
• Type of Business – whether share company, partnership, individual or joint venture.
• Principals – investors, major beneficial shareholders, including their dates and places of birth, as well as passport or social security numbers.
• Proposed location.
• Land requirements.
• Start-up date.
• Employment projections – number of Bahamian and non-Bahamian employees.
• Management/personnel requirement – years of experience, training and work permits* for key personnel.
• Financial arrangements for project, including bank reference.
• Environmental impact – toxic input.
• Total capital investment in project with a breakdown of items and start-up cost. Minimum investment is $500,000.

*Necessary work permits for key personnel will be granted. Businesses requiring permit for persons other than key personnel are encouraged to consult BIA in advance.

General

To ensure the maximum benefit to The Bahamas from the National Investment Policy, certain immigration provisions will apply:

Permanent Residence

Accelerated consideration of applications for permanent residence is now provided to purchases of homes valued at $1.2 million or more.

Access to Credit Facilities of the Bahamas Development Bank

The Bahamas Development Bank was created to assist Bahamians in establishing new businesses or expanding existing concerns through the provision of concessionary funding and technical assistance, for projects which generate jobs and which contribute to the economic growth and development of The Bahamas.

Areas Targeted For Overseas Investors

• Touristic resorts.
• Upscale condominium, timeshare and second home development.
• Marinas.
• Information/data processing.
• Assembly industries.
• High-tech services.
• Ship registration, repair and other ship services.
• Light manufacturing for export.
• Agro-Industries.
• Food Processing.
• Mariculture.
• Banking and other financial services.
• Captive insurance.
• Aircraft services.
• Pharmaceutical manufacture.
• Offshore medical center’s.

Areas Reserved For Bahamians
Wholesale and Retail Operations*.

• Commission agencies engaged in the import/export/trade.
• Real estate and domestic property management agencies.
• Domestic newspapers and magazines.
• Domestic advertising and public relations firms.
• Security services.
• Distribution of building supplies.
• Construction companies, except for special structures for which international expertise is required.
• Cosmetic/beauty establishments.
• Shallow water scale-fish, crustacea, mollusc and sponge-fishing operations.
• Auto and appliance service operations.
• Public transportation.

*International investors may engage in the wholesale distribution of any product they produce locally.

Immigration, Residency & Employment

Immigration please click https://www.immigration.gov.bs/residence/

The government’s immigration policy is aimed at ensuring the reasonable security, well-being and economic progress of The Bahamas and its people. The government gives consideration to citizenship, permanent residence and work permits for non-Bahamians provided there is compliance with the immigration laws of The Bahamas and policies of the government. Accelerated consideration is given to applications for permanent residence by major international investors with minimum investment of $750,000 and to owners of residences valued at $1.5 million or more.

As The Bahamas is a major tourist destination, every effort is made to keep visitors’ immigration formalities to a minimum. Non-Commonwealth citizens should inquire at the Ministry of Tourism for entry requirements, as they vary from country to country. Visitors must have a return ticket to their homeland or to some other country where they would be accepted. Visitors may visit The Bahamas for up to eight months, provided they can indicate means of financial support for this period. Visitors are not allowed to engage in any for

The International Persons Landholding Act, 1993

The repeal on the 1st January, 1994 of The Immovable Property (Acquisition by Foreign Persons) Act drew a sigh of relief from many attorneys and real estate agents. For years, these professionals had complained that the Act made the acquisition of land in The Bahamas by foreign persons cumbersome and that it acted as a deterrent to legitimate investment.

Registration

The International Persons Landholding Act 1993 encourages foreigners or companies owned by them to purchase a second home in The Bahamas as this area was thought to have the most significant potential. If a foreigner acquires a single family dwelling or vacant land to be used in the construction of such a dwelling then he no longer need obtain a permit from the Government (specifically the Investments Board) prior to the purchase. He need only register the acquisition subsequently with the Investments Board.

pPermanent residents of The Bahamas and foreigners who inherit property in the Bahamas are now treated more kindly. In neither case are they to obtain a permit before acquiring land but must merely register subsequently.

Permit

The foreigner will require a permit however if (1) the property is undeveloped land and of five acres in size or larger, or (2) the property is not a private residence, or it is not intended for development as such.

Failure to obtain a permit will render the acquisition null and void but the foreigner will be entitled to recover all monies paid in consideration of the acquisition less any legitimate deductions. If a permit has been granted for the acquisition of land and the intended usage changes then the permit must be varied by the Board otherwise it will be invalid.

A registration certificate or permit must be included along with title documents to be recorded in the Registrar General’s Office otherwise the recording will be null and void.

Mortgages

pThe new act is not intended to be a stumbling block for legitimate credit transactions. It provides that licensed banks, trust and insurance companies who acquire an interest in or take possession of property under a Court Order must register that acquisition or fact of possession. Acquisition by way of foreclosure under a mortgage or of land acquired by an authorised foreign state will not require a permit but must be registered.

Leases

Foreigners are not required to obtain permits, register leases or letting agreements unless they are for trade or business purposes and the term can exceed 21 years.

Incentives

In line with its policy of actively encouraging foreign investment, the government has included in this Act a provision that a foreigner no longer pays a double rate of stamp duty. He now pays the same single rate as a Bahamian.

Furthermore, a foreigner who owns a home in the Bahamas may now obtain an annual home owner resident card upon application and payment of a fee to the Director of Immigration. The Card authorises the entry of the holder and his immediate family. Their stay in the Bahamas is authorised provided there are no restrictions for policy reasons or under the Immigration Act.

Transfer Of Real Property

All Real Estate transactions in the Bahamas attract Value Added Tax based on the value of the consideration.
pIn assessing the value of the property, the VAT Comptroller may consider the purchase price and the appraisal value of the property and the VAT Comptroller has the authority to choose the higher value. For the avoidance of doubt please note the following:

I.Conveyances include the sale, lease, assignment or other transfer of real property from an owner/s to another.

II.Real Property includes, but is not limited to:

• Vacant land
• Dwellings for first time owner-occupiers whether or not valued over $100,000;
• Commercial buildings
• Condominiums
• Tenements or any other structures attached to the land;
• Time-shares; and
• any buildings constructed for sale by contractors who are also the owners;

STAMP (AMENDMENT) ACT, 2022

• All references to the ‘transfer of land’ have been removed and where a transaction comprising the sale of any business will involve the transfer of any land or share in a landowning company, that transaction will be subject to Value Added Tax (‘VAT’) under the Value Added Tax Act.
• Leases of realty with a term of less than 5 years are now subject to stamp duty at the rate of 2.5% of the annual rent reserved.
• The following instruments are now exempt from stamp duty:
• A lease of realty with a term of 5 years or more
• A transfer of a Crown lease
• Affidavits, other than affidavits of loss relating to a conveyance on which stamp duty or VAT was never paid
• Any agreement not referred to in the First Schedule of the Stamp Act
• Declaration of Condominium
• Grant of right of way
• Lease of easement
• Renunciation or release of dower

VALUE ADDED TAX (AMENDMENT) ACT, 2022

The following items reflect the changes to the Value Added Tax (Amendment) Act, 2022, specifically related to real estate transactions. These amendments are subject to the VAT Rules and Regulations which we are advised are in the process of being amended.

A. Collection of VAT on supply of real property

• Where more than one instrument is executed as part of the collateral to secure the same loan, VAT is chargeable at the applicable rate on only one of the security instruments and no VAT shall be assessed on any other agreement, instrument or document delivered simultaneously with the security document chargeable to VAT. This provision only applies where the entire amount of the loan is secured by the instrument chargeable to VAT and all security documents are submitted simultaneously for stamping.
• Every instrument for a supply of real property shall:
• From 1 October 2022, state the real property tax assessment number(s) in respect of all property to which the instrument relates;
• Be presented to the VAT department within the time prescribed by the VAT Rules; and
• Not be stamped unless all outstanding real property taxes due on the property to which the instrument relates, has been paid.

B. Exchange Control and the International Persons Landholding Act (‘IPLA’)

Any exemptions, permissions, or approvals granted under the Exchange Control Regulations Act or the IPLA in respect of the acquisition of real property are now conditional on payment of VAT within Eighteen (18) months of becoming due. Where the VAT remains unpaid for such eighteen (18) month period, the exemption, permission or approval would be conclusively deemed to be rescinded but will be automatically re-instated upon payment of the unpaid VAT and any applicable fines.

C. Eligibility for a VAT refund

Bahamian Citizens are now eligible for a refund of the VAT paid in connection with the construction or renovation of such citizen’s first home and the criteria for eligibility will be as prescribed in the VAT regulations and VAT Rules.

D. Exempted supplies of real property

• Instruments relating to the acquisition of a dwelling for the first time by a Bahamian citizen where the value does not exceed $300K; a decrease from the previous amount of $500K;
• Instruments relating to the vesting of real property in a beneficiary under a trust, in accordance with the provisions of the trust;
• Instruments relating to the transfer of real property between two or more companies where at least 95% of the shares of both companies are beneficially owned by the same person; VAT would only be payable to the extent of a change in beneficial ownership; and
• Conveyances by way of assent and deeds of assent.

E. New rates for supplies of real property

The new rate of VAT for the following supplies of real property are as follows:

What you need to know about Immigration

Bahamian immigration rules are designed with the view that everyone wants to immigrate to the tiny Bahamas – which, if this were to occur, would sink under the weight. Consequently, while tourism and investment are encouraged, true immigration is possible but tightly controlled. Visas, work permits and residency permits are available.

GENERAL

Everyone entering The Bahamas MUST fill out an embarkation-disembarkation card usually provided by the travel agent, airline or ship. Non-residents surrender the specified part when departing.

PASSPORTS

All persons entering the Bahamas are required to have a valid passport.

VISAS

The following persons are not required to have visas when entering the Bahamas:

• British Commonwealth citizens and landed immigrants of Canada, for visits not exceeding 30 days if in possession of Form 100.
• US Citizens entering as visitors for a stay not exceeding eight months.
• Alien residents of the US who, upon arrival, are in possession of their national passports and US alien registration cards and work or residence permits for visits not exceeding 30 days.
• Nationals of a variety of countries whose visits do not exceed three months (check with the Department of Immigration for this extensive list).
• Persons in possession of a valid residence or work permit issued by the Director of Immigration (provided a visa is not required by departing country).
• Persons in transit, including stateless persons in possession of a valid refugee or stateless person’s travel document, provided they are in possession of valid passports and tickets to some destination outside the Bahamas and that their stay, while awaiting onward passage on the first available ship or aircraft, does not exceed three days. This exemption does not apply to Haitian or Dominican Republic citizens, who must possess visas even in direct transit by air.

All other persons require visas. If in doubt, check with the Bahamas Department of Immigration. Persons seeking visas to enter the Bahamas should contact the nearest Bahamian consular office.

CITIZENSHIP, RESIDENCY & WORK PERMITS

CITIZENSHIP

The Bahamas Constitution and the Bahamas Nationality Act, 1973, detail the acquisition and loss of citizenship. Persons born in The Bahamas before July 10, 1973, or outside The Bahamas to a Bahamian father became Bahamian Citizens on Independence Day, July 10, 1973, as did most persons registered as a citizen of The Bahamas under the British Nationality Act of 1948. Persons born in The Bahamas after Independence are citizens if either parent is a Bahamian citizen and are entitled to register as a citizen if born here, subject to interests of national security or public policy, by making application within 12 months after his or her 18th birthday. Persons born legitimately outside The Bahamas after July 9, 1973 to a Bahamian mother and illegitimate children born outside The Bahamas to Bahamian women are entitled to apply between the ages of 18 and 21 years subject to interests of national security or public policy. Any woman married to a Bahamian is entitled to be registered as a citizen upon application provided she is still married to that person and subject to interests of national security or public policy.

Others who are not entitled to be registered or naturalized by virtue of an existing status may apply for citizenship under the Nationality Act. Residence for a period, English proficiency and the intention to make The Bahamas a permanent home are among the qualifications.

RESIDENCY

Annual Residency

Spouses or dependents of work permit holders, resident homeowners, spouses or dependents of citizens, and independent economic residents, may apply for annual residency status. Applicants for annual residency status must show evidence of financial support, in addition to submitting other documentation as required by the Department of Immigration. Fees vary, with spouses of Bahamians paying a one time fee of $250 (no charge for dependents) for a spousal permit to reside and work, to $2000 per year for the annual residence permit for a non-Bahamian second home owner.

Permanent Residency

Those who wish to settle in The Bahamas by investing in property, retiring here or opening a business usually apply for this status. Accelerated consideration for Permanent Residency can be obtained with a minimum property investment of $750,000. Applicants must be of good character, show evidence of financial support, and say in writing that they wish to live permanently in The Bahamas. Wives and dependent children (under age 18) usually resident in a household can be endorsed on the certificate when the original application is made or later, subject to conditions which may be made by the Immigration Board.

Persons with this status prior to the Immigration Act (1975) continue to hold the status automatically. Spouses of Bahamians can receive a Certificate of Permanent Residence with the right to engage in gainful employment at any time for females and after five years of marriage for males. Permanent residency can be revoked for cause including divorce. Cost of Permanent Residence is $15,000 before issuance, with endorsements free.

Work Permits

The Bahamas Government tries to ensure that Bahamians are given fair consideration for employment. A work permit application is not considered if a suitably qualified Bahamian is available or if the prospective employee is already in the country and entered as a visitor. If the Immigration Board considers the prospective non-Bahamian employee will be an asset to the Bahamas it reviews the application, but only after the prospective employer advertises and interviews locally and obtains a certificate from the Labour Exchange stating there is no qualified Bahamian registered who could fill the post. Permits for longer than one year may be given for key personnel on contract, often with an endorsement that the employee will be replaced by a Bahamian or will train a Bahamian to perform the job in a specified time.

Each work permit is for a specified person and job. Work permit fees range from $2000 to $12,500 depending on the job category.