ANDROMAR BAHAMAS

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Fact Sheet

Buying in the Bahamas

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The good news about buying property in the Bahamas:

Yes, non-Bahamians can buy property in the Bahamas. Unlike many countries, you do not need to bring in a local partner, and you can own full title, not just a leasehold.

Bahamian law requires that the buyer and the seller each hire a lawyer to represent them. The lawyers are paid a fixed percentage of the selling price, and they handle the process of ensuring the title is clear and that the transfer is recorded properly. Unlike in the U.S., where real estate brokers are needed to do the paperwork, realtors in the Bahamas are just responsible for property marketing, and are not needed in a "for sale by owner" situation.

Clear title is important when purchasing a property. Much of the land in the outer islands is owned communally by a multigenerational family rather than by an individual, so transfering title can be very complex, time consuming, and uncertain. Andromar's title has been held in individual, non-Bahamian ownership for more than twenty years.

There is a sales tax, called "stamp tax", paid to the government based on the price of the property: the rate depends on the price of the property. The tax may be paid by buyer, seller, or shared. After you purchase your property, the rate of property tax you pay will depend on wehther the property is land or built, a residence or rental, the property value, and your residency status.

The Bahamas Handbook is an invaluable resource published annually that contains the most reliable information on all aspects of life and business in the Bahamas, including laws, licenses, duties, taxes, and contact information for all government offices: see www.bahamashandbook.com.