island Living - The Bahamas Investor

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THE REEF ATLANTIS/COURTESY ATLANTIS PARADISE ISLAND
nassau and the bahamian out islands
special bahamas
real estate supplement
island living
Ultra luxurious
condos
Wealthy buyers opting
for turnkey properties
T
he global economy might have stalled, but wealthy
buyers on the hunt for a second home are still
prepared to shell out money for well-appointed
Bahamian condos … if the price is right.
Although the islands’ condo market is not firing
on all cylinders, recent months have shown steady improvements,
say realtors.
“The condominium market at Caves Heights, on the western
side of New Providence this year is showing a 300 per cent
increase in sales volume over last year,” says Christopher Herrod,
the developer behind the private ocean-view community
comprised of 86 elegant condominium residences situated a
stone’s throw away from upscale retailers and restaurants.
Caves Heights’ condominiums range from 1,900 to 4,200 sq
ft, all with ocean views. The development has two pools, a 24hour lit tennis court, fitness centre, covered parking bays and
24-hour security–all within a secure gated community less than
10 minutes away from the airport, but outside the fly-by zone.
Buyers pay anywhere from $600,000 to $2.4 million to own
a unit in the luxury development.
Herrod says pricing is showing signs of going up. At higher
price points, buyers require little, if any, mortgage financing.
These buyers are shrewd, skeptical and have done their research.
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The Reef Atlantis
Caves Heights
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Columbus Cove, Love Beach
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COURTESY SEAVIEW PROPERTIES
Ocean Club Residences
& Marina
COURTESY MARIO CAREY REALTY
COURTESY CAVES HEIGHTS
COURTESY ATLANTIS PARADISE ISLAND
island living
SEAVIEW
PROPERTIES
The best real estate in The Bahamas
The only number
you’ll ever need to buy
or sell Real Estate
in The Bahamas…
Jason McCarroll
(242) 477-7027
[email protected]
Sean McCarroll
(242) 359-2957
[email protected]
Roy Solomon
(242) 376-7001
[email protected]
242-327-1566
Tamara Dorsett
(242) 357-7811
[email protected]
CAVES HEIGHTS starting
• Reference #3845, #4179, #4180
• 2- and 3-Bedroom Options
• Ocean Views, Two Pools
• Living Area: 1,850 sq ft
at $595,000
OLD FORT BAY $3,700,000
• Reference #4079
• 5 Bedrooms, 4½ Bathrooms
• 4,800 sq ft
• Vast outdoor living and dining area
OCEAN CLUB CONDOMINIUMS $2,195,000
• Reference #3082
• 3 Bedrooms, 3½ Bathrooms
• Harbour and Golf Course Views
• 3,100 sq ft
OCEAN CLUB ESTATES $6,250,000
• Reference #4237
• 5 Bedrooms, 5½ Bathrooms
• Ocean View
• 6,500 sq ft
OCEAN CLUB ESTATES $8,500,000
• Reference #3906
• 6 Bedrooms, 6½ Bathrooms
• Canal front
• 7,500 sq ft
OCEAN CLUB ESTATES $7,500,000
• Reference #3863
• 4 Bedrooms, 4½ Bathrooms
• Canal front
• 9,600 sq ft
www.SeaviewProperties.bs
COURTESY SEAVIEW PROPERTIES
JENNIFER O’NEILL/©DUPUCH
JENNIFER O’NEILL/©DUPUCH
island living
Caves Heights, interior, balcony and pool
Real estate experts cite a laundry
list of reasons why buyers are opting
to purchase high-end units in The
Bahamas: unique location, attractive
pricing, 24-hour security, relatively low
maintenance and a range of amenities.
The Bahamas offers permanent
resident status to owners who
purchase real estate worth $500,000
or more. That means non-Bahamians
can set up corporations, trusts and
other tax-efficient structures to better
manage and preserve their wealth.
“The Bahamas offers a tax efficient,
mature, stable, economically secure
environment and will continue to
benefit from its political and
economic models while
neighbouring countries feel the
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pinch of tremendous budget deficits
being passed to individuals through
increased taxes,” says Herrod.
He notes that the nationality
of his buyers include Swedish,
German, French, British, South
American, Russian, Canadian,
American and Bahamian.
“Fifty per cent of buyers are
buying to own the properties as
second homes, 40 per cent as yearround homes, while 10 per cent are
offering the properties for rental
returns, achieving around five to six
per cent [return on investment], per
year [in] income before capital
appreciation,” says Herrod.
That five or six per cent “is a lot
better” than having money in the bank
Special Bahamas Real Estate Supplement
gaining one per cent or less in interest,
says John Christie, VP of marketing at
H G Christie Ltd–the oldest real estate
service in The Bahamas.
Tax breaks
With a recession stalking Europe’s
weakening economy at press time,
Christie believes foreigners aren’t
purchasing second homes strictly for
sentimental reasons. “Europeans are
buying because of what’s happening
in the market. Their taxes are going
way up. Europeans can actually
emigrate here, get their permanent
residency and not pay any taxes in
their own country.”
A fully licensed real estate broker
who has served as a director of the
COURTESY H G CHRISTIE LTD
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COURTESY H G CHRISTIE LTD
Above, The Reef at Atlantis
Left, Sunnyside Estates, Lyford Cay
Special Bahamas Real Estate Supplement
Bahamas Real Estate Association,
Christie has been active in the local
real estate market since 1993.
“During the past decade the
American second-home vacation
buyers dominated the market. Now,
given the state of their economy, they
don’t necessarily need a second home.
Interest has waned,” Christie explains.
“Europeans, South Americans and
Canadians are actually saving money
by buying here. It’s a financial
incentive for them. It’s not just a
vacation home.”
H G Christie Ltd offers luxury
homes and condos, vacation homes,
beachfront properties, development
properties and private islands.
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Your own
RETREAT IN PARADISE
Overlooking the ocean on a seven-acre elevated plateau, Caves Heights
combines the feel of a magnificent island setting with contemporary
mainland comforts.
This private, ocean-view community of elegant condominium residences
provides a luxurious lifestyle for its international clientele. Each spacious
apartment offers dramatic views from panoramic terraces.
Amenities include two swimming pools, tennis court, fitness centre,
outdoor barbecue and entertaining facilities. The grounds are enhanced by
lush, tropical landscaping and lighted pathways. Additional features
include a large elevator in each building, optional covered parking,
condominium management and 24-hr security with a manned gatehouse.
Situated in western New Providence, Caves Heights is near world-famous
Cable Beach and is just minutes away from the international airport.
This ultra-secure, gated community offers the ultimate in island lifestyle.
CAVES HEIGHTS DEVELOPMENT LTD
WEST BAY STREET, PO BOX CB 13647, NASSAU NP BAHAMAS
+1 242 327 8867
www.cavesheights.com
Ocean Club Residences & Marina penthouse
The condos they show start around
2,200 sq ft and feature top of the line
finishes and amenities including
granite counter tops, vaulted ceilings,
travertine tiles, pools, tennis courts
and beautiful views. Depending on
the price point, some condos provide
access to marinas, beaches, spas and
world-class golfing.
“It’s a good time to buy,” says
Christie. “Some developers are
offering incentives. There are some
people who need to sell. You can
probably find a good deal out there if
you’re looking for one.”
Amenities galore
Ask Jason McCarroll, owner/broker
at Seaview Properties and he’ll tell
you the hottest condominiums on
the market right now would be
Columbus Cove near Love Beach on
the northwest shore of the island.
Residents there enjoy unobstructed
ocean views and private beach
access. Units start at $325,000 and
work up to $800,000.
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COURTESY SEAVIEW PROPERTIES
COURTESY MARIO CAREY REALTY
island living
Columbus Cove, Love Beach
“They do a phenomenal job of giving
value for money,” says McCarroll.
“Those are the ones that are probably
selling the best in this market.”
Amenities include swimming
pools, outdoor sun decks with
lounges, clubhouse with indoor
sauna, fitness and yoga areas, 24-hour
gated-security, tropical landscaping
and water feature, outdoor and
indoor entertainment facilities and
property management services on
selected suites. The property offers
one-, two- or three-bedroom suites.
“The beautiful thing about owning
a condo is that it literally lends itself
so well to foreigners wanting to buy.
The property and pools are
maintained by an association,” says
McCarroll. “Condos are generally
located in a gated community. You
can be here for three or four months
then lock it up and go away when the
weather is right in your home base.”
McCarroll finds that often people
buy condos for their personal use and
discover the rental return is good.
Special Bahamas Real Estate Supplement
Owners rent their properties out
if they have an offer and, if they
don’t, they’ll come and use them,
says McCarroll.
“I did very well in the first quarter
of this year. I had two quiet quarters
and I feel and see the market picking
up right now,” says McCarroll.
“People are scared and there’s no
question that the world economy
is upside down, so buyers are
certainly nervous.”
Prices dropping
Mario Carey, whose real estate firm
carries his name, believes the high
end of the luxury condo market
(from low $700,000 to $2.5 million)
continues to hold its own.
Mario Carey Realty has dubbed
itself the “condo king.” The firm’s
primary focus is waterfront condos
and gated communities. Among its
many offerings are three penthouses
in Ocean Club Estates.
Prices there range from $7.5
million up to $10 million and include
island living
full access to the One&Only Ocean
Club facilities and the world famous
Atlantis resort and casino.
The firm also has a $6.9 million
penthouse for sale at The Reef
Atlantis, which offers buyers all the
comforts of home in spacious, wellappointed studios, luxurious suites
and spectacular penthouses featuring
private balconies with breathtaking
water, harbour or terrace views.
“Things are selling but buyers are
extremely aggressive,” says Carey.
“Sellers are having to come off of
their prices. We are seeing prices
drop significantly, around 30 per
cent and, in some cases, a little more
than that.”
Caves Heights,
Mario Carey Realty,
tel 327-8867,
e-mail [email protected]
or visit www.cavesheights.com
tel 677-8255,
e-mail [email protected]
or visit www.mariocareyrealty.com
Damianos
Sotheby’s International Realty,
Palm Cay
tel 322-2305 or 362-4211,
e-mail [email protected]
or visit SIRbahamas.com
ERA Dupuch Real Estate,
tel 393-1811,
e-mail [email protected]
or visit www.erabahamas.com
H G Christie Ltd,
tel 322-1041,
e-mail [email protected]
or visit www.HGChristie.com
Special Bahamas Real Estate Supplement
tel 324-5132,
e-mail [email protected]
or visit www.palmcay.com
Seaview Properties,
tel 327-1566,
e-mail [email protected]
or visit www.seaviewproperties.bs
The Reef Atlantis,
tel 363-6838,
visit www.OwnTheReef.com
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Celebrity isles
in the sun
Ultimate indulgence for
well-heeled escapists
Exuma Cays
COURTESY DAMIANOS SOTHEBY’S INTERNATIONAL REALTY
W
ant to buy an island? You’ve come to the
right place. There are literally thousands of
cays here, and many are for sale.
Knowledgeable realtors advise buyers to
bring lots of patience and determination–not
to mention money–if they want to create an island retreat in the
beautiful Bahamas.
Prices range from hundreds of thousands for a small,
undeveloped island, into many millions for a large built-up one.
“When it comes to private islands there is no ceiling to what
people are willing to pay,” says Mario Carey, president and CEO
of Mario Carey Realty. “Prices are crazy.”
George Damianos, president of Sotheby’s International Realty
in The Bahamas, explains: “We talk in terms of ‘per-acre value.’
You can buy a private island in The Bahamas for as little as
$12,000 per acre, all the way up to $300,000 per acre.”
There are beautiful islands throughout The Bahamas’ but the
most sought-after lie within the Exuma Cays–a 130 mi (209km)
string of more than 300 islands running south from New
Providence. They’re a short hop from Nassau by seaplane.
The entire chain is a yachter’s paradise, with isolated beaches,
protected harbours and The Bahamas’ famously clear waters. The
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Mario Carey, president and CEO,
Mario Carey Realty
Tropic of Cancer runs through a
beach near the main town, George
Town (pop 1,000), on Great Exuma.
According to John Christie, vice
president of marketing at H G
Christie, this is the place to be. “The
Exumas have some of the highest
prices in the market,” he says. “If
you want to be where everyone
is–the billionaires and the
celebrities–you buy there.”
Peter Dupuch, president of ERA
Dupuch Real Estate, agrees. He knows
an island owner who “has his seaplane
pick him up in the morning, fly him to
Nassau where he’d take his jet up to
New York for a meeting, and late that
same afternoon he’s back on his island
in the Exuma Cays.”
Dupuch adds that, despite real
estate problems in the US, “the
John Christie, vice-president of
marketing, H G Christie Ltd
private island market is doing very
well” in The Bahamas.
“I do not think there will be a
downturn in the market. Money is not
an issue for the type of person who
buys a private island,” says Carey.
Illusions and reality
When you buy a private island you’re
taking responsibility for its
development and upkeep.
Islands, by their nature, are isolated.
Owners have to provide their own
transportation, power and water. All
building materials have to be barged
in. Then there’s staff to look after the
place, especially when the owner is
away. Transforming a raw island into a
self-sufficient retreat can take years, as
well as lots of cash. “Sometimes the
cheapest part of the whole thing is
COURTESY ERA DUPUCH REAL ESTATE
Peter Dupuch, president,
ERA Dupuch Real Estate
buying the island,” says one realtor.
And it’s a lot of work, adds
Damianos. An island is a long-term
investment, something wealthy
people want to keep in the family.
It’s not usually bought to trade.
Still, “A private island is a great
investment,” says Christie. Even
when the market is slow, “there is
still a decent appreciation.”
While buying an island isn’t a
painless path to paradise, it certainly
has its rewards. The appeal is
obvious. With a year-round semitropical climate, dazzling beaches
and colourful waters, a private island
is something extra special–the
ultimate indulgence.
“You have your private plane, your
yacht and then you get your own
island,” says Christie.
Kayu Maya,
Staniel Cay, Exuma
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COURTESY H G CHRISTIE LTD
George Damianos, president,
Sotheby’s International Realty
ROLAND ROSE/©DUPUCH
BARBARA CHRISTOFILIS/©DUPUCH
COURTESY MARIO CAREY REALTY
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Gallery of the rich and famous
Johnny Depp
Little Hall’s Pond Cay, Exuma
Entertainer David Copperfield became an island
owner in 2006 when he purchased Musha Cay
for more than $50 million. The exclusive 150acre island has a staff of 30 and is now rented
out. Prices start at $37,500 a day (or $262,500
per week) for up to 24 people. It’s advertised
as “the most private island resort in the world.”
Beloved country singers Tim
McGraw and Faith Hill own
17-acre Goat Cay and are said
to be building a four-bedroom
mansion for themselves and
their three daughters. The
estate also includes staff
quarters and lookout towers.
Goat Cay, Exuma
COURTESY DAMIANOS SOTHEBY’S INTERNATIONAL REALTY
David Copperfield
COURTESY BAHAMAS REALTY
For his 40th birthday in 2009, movie director
Tyler Perry (I Can Do Bad All By Myself, House of
Payne and Laugh to Keep from Crying) treated himself
to a unique present–his own island. Actually, White Bay
Cay in the Exumas is Perry’s second island. He also
bought a seven acre islet in the same area.
©TIM AYLEN
Musha Cay, Exuma
COURTESY BAHAMAS REALTY
The Aga Khan, Prince Karim, Aga Khan IV, ran into
controversy with his private estate–Bell Island in the
Exumas–which falls within the boundaries of the Exuma
Cays Land and Sea Park. The spiritual leader of 15
million Ismaili Muslims bought the island in 2009 and
began dredging a marina in 2011, despite protests from
environmentalists. The $100 million island was, and
probably still is, the most expensive in The Bahamas.
©DISNEY
Actor Johnny Depp fell in love with The Bahamas while
filming the Pirates of the Caribbean series in the islands
and, in 2004, bought a 45-acre island in the Exuma Cays
to recreate his own castaway experience. Depp uses the
$3.6 million property as a family home and getaway
from the paparazzi. He intends to run the island on
solar power.
COURTESY H G CHRISTIE LTD
Bahamian islands are a magnet for the rich and famous.
Celebrity owners include the following:
White Bay Cay, Exuma
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Making the
grade
Why BREA agents are among the best
W
hen buying real
estate it’s
important to
have a trusted
professional guide you through every
part of the process.
In The Bahamas, real estate agents
are required to be members of the
Bahamas Real Estate Association
(BREA). This affords house-hunters
peace of mind, knowing that their
realtor has been certified by an
independent body that has been
looking out for buyers for more than
50 years.
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Formed in 1959, BREA was the
brainchild of a group of leading real
estate firms. The founding members
wanted an organization that would
represent their interests, uphold
strict standards, police a code of
ethics and give the sector a voice.
Today these goals are still very much
at the forefront of the association’s
mission. Those seeking accreditation
must meet a high standard.
President Patty Birch explains: “The
professionals in our business are just
that, professionals. There is a saying
in real estate: ‘the more you learn, the
Special Bahamas Real Estate Supplement
more you earn’. Our members are
constantly learning about their field.
“It is a little scary buying property
in a foreign country. People think
‘how do I do this, what do I have to
do? You need a professional to guide
you through that process and be on
top of all the options.”
BREA oversees the training and
practices of more than 600
professionals working in all sectors
of the property market in The
Bahamas. Members are required to
undertake a stiff training process
before gaining their licence.
COURTESY BAHAMAS REAL ESTATE ASSOCIATION
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COURTESY BAHAMAS REAL ESTATE ASSOCIATION
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COURTESY BAHAMAS REAL ESTATE ASSOCIATION
Zan Munroe training BREA hopefuls
Patty Birch, president, BREA
Everyone seeking accreditation
must undertake a three-month
apprenticeship under a broker so
they can learn the business first
hand. Then there is an intense weeklong course where students are
taught the finer points of the real
estate business. There’s an exam and
80 per cent is the passing grade.
Once the prospective realtor
passes, she or he must fill out an
application form which is then
submitted to the BREA Board for
approval. “It is very rigorous,” says
Birch. “Real estate is a financial
service so it is very regulated.”
To progress from a sales agent to a
broker, applicants must show they
have worked three consecutive years
as a salesperson, have sold a
minimum of $1.5 million worth of
property in arms length transactions
and completed seven additional
courses covering everything from
leasing and selling to the financial
aspects of real estate.
BREA offers its members further
education so they can develop their
skills and/or specialize in a particular
field such as appraisals. Some of the
courses on offer are specifically
tailored towards international
business such as the Certified
International Property Specialist
designation, which is awarded to
realtors who have experience with
foreign buyers.
The Bahamian property market
can be difficult and navigating it
requires in-depth local knowledge,
explains Birch. “Our taxes are
different, our method of conveyancing
is different and our laws are different.
What gives Bahamian real estate
agents the edge is that they know the
system. It is that knowledge of the
market that puts us on top.”
Special Bahamas Real Estate Supplement
BREA has formed links with
international bodies, making sure
that standards in The Bahamas reflect
those elsewhere in the world,
ensuring that foreign buyers can
receive the same quality of service
they would get back home. The
organization became a member of the
International Consortium of Real
Estate Associations (ICREA) in June
2011 and works closely with its sister
organization, the Realtors
Association of the Palm Beaches,
based in Florida.
“We are an international member
of the real estate community, “says
Birch. “We keep up with trends,
what is happening in the market,
what are the legal issues and how
they affect us.”
With the BREA monitoring the
needs of buyers and the capabilities
of sellers, The Bahamas has a highly
trained and professional cadre of real
estate agents who are ready, willing
and able to help foreign buyers.
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No fuss, no muss
with concierge
Ocean Club Estates
L
iving’s easy in The Bahamas,
if you have the right people
to show you the way.
Experienced concierge
firms take the stress out of everyday
life. They come in handy for those
with hectic work schedules, who
travel frequently or are simply too
busy to keep on top of “to-do” lists.
Luxury lifestyle management
Platinum Pineapple, for example,
specializes in “luxury lifestyle
management” for everyone from
newcomers, local residents and
corporations to wealthy visitors
and boaters.
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Founding partners Michelle
Albury and Sarah Campbell-Munro
launched the company in 2006,
capitalizing on their experiences
working in the hospitality industry
and offshore banking.
“In today’s luxury residential market,
buyers expect more than just lavish
accommodations, they are also
buying into a lifestyle,” says Albury.
“We recognized the need for this
service locally, particularly for second
homeowners. Our clients receive the
services of a luxury hotel while residing
in the comfort of their own homes.”
Platinum Pineapple’s team of seven
stays busy every day, providing a
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host of services for clients residing in
eastern and western New Providence,
especially at the exclusive Ocean
Club Estates and Ocean Club
Residences & Marina on Paradise
Island, where Platinum Pineapple
serves as the on-site concierge.
“Currently we are based in New
Providence,” says Campbell-Munro.
“However, we have assisted some of
our clients with planning and
coordinating events at their vacation
homes in the Out Islands.”
She explains that Platinum Pineapple
provides “everything lifestyle-related,”
which could be anything from
arranging ground transportation,
COURTESY ONE&ONLY RESORTS
Services make livin’ easy in The Bahamas
island living
Platinum Pineapple,
tel 393-4921,
e-mail [email protected]
or visit www.platinum-pineapple.com
Island Purveyors,
COURTESY ATLANTIS PARADISE ISLAND
tel 327-7769 or 457-0069,
e-mail [email protected]
or visit www.islandpurveyors.net
COURTESY ATLANTIS PARADISE ISLAND
Concierge services include arranging
ground transportation and making
reservations at top restaurants.
planning parties and booking private
chefs to more domestic tasks such as
grocery shopping, butler service,
housekeeping and bill paying.
“Our clients experience the hasslefree feeling,” says Campbell-Munro.
“Once they contact us, we take it from
there. Nothing is too big or too small.”
When it comes to assisting new
clients moving to New Providence,
Albury notes that Platinum Pineapple’s
services can be especially helpful.
“We act as their personal assistant
to ensure that everything is in place
and ready for their arrival,” she says,
explaining that this includes shipping
belongings, coordinating customs
clearing, arranging for movers and
interior decorators, establishing
accounts at utility companies and
overseeing utility hook-ups.
In addition to making sure a client’s
home is in turnkey condition,
Platinum Pineapple also helps clients
settle in to their new island lifestyle
by making them familiar with their
new environment, pointing out the
locations of various businesses, schools
and whatever else they need to know.
“We provide the lifestyle experience
that our clients are accustomed to,”
says Campbell-Munro.
Errands on the go
Island Purveyors specializes in taking
care of errands for busy clients who
don’t have time to keep on top of
their “to-do” lists.
From tracking down luxury goods
and gourmet foods to locating hardto-find items in The Bahamas and
abroad, this new company “goes to
the nth degree.”
Bahamian Joei Aranha, a former
luxury products supplier to John
Bull, Little Switzerland and Solomon’s
Mines, founded the company in 2011,
specializing in yacht, home, office
and Family Island provisioning.
Special Bahamas Real Estate Supplement
“Really who I’m trying to target is
the local market; people who are
busy and don’t want to do the
grocery shopping, get their gas tank
refilled or don’t have the time to pick
up their dry cleaning.”
In addition to running general
errands, Island Purveyors also
sources imported goods from the
United States and abroad.
“The most challenging aspect is
trying to locate and source as many
products as possible here at home–if
I don’t have to fly it in, I prefer not
to,” she says. “But sometimes you
have to resort to purchasing in the
US and elsewhere.”
However, Aranha says “it’s
amazing what can be found here in
The Bahamas.
“If it’s manufactured or made, I’ll
do my utmost to find it,” says Aranha.
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Buying property
in The Bahamas
What to know before signing on the dotted line
P
urchasing property in
The Bahamas is easier
than you may think.
For one thing, you don’t
have to be a resident to
buy property here, whether it’s a
home or land.
The International Persons
Landholding Act, 1993 allows nonBahamians and their companies to
buy real estate for personal use or as
an investment. And because real
estate is held freehold, owners have
permanent and absolute tenure. This
means the property can be used, sold or
assigned in a will without restrictions.
Before purchasing property in The
Bahamas, it’s important to deal with a
realtor accredited by the Bahamas
Real Estate Association (BREA) who
can help you purchase your property.
Agents can recommend a lawyer and a
local bank, several of which offer loans
to foreigners, whether they are
residents of The Bahamas or not.
The government collects a onetime stamp duty on mortgages at a
rate of one per cent of the amount
borrowed. Also, real estate agents
charge a 10 per cent commission on
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the sale of undeveloped property and
six per cent on developed residential
or commercial property. Agents
charge 10 per cent commission for
Family Island property, whether
land, home or commercial.
A non-Bahamian who buys or
acquires an interest in a condominium
or an owner-occupied property must
apply to the Secretary to the
Investments Board to register the
purchase. An application for
registration must be filed with the
Bahamas Investment Authority,
Office of the Prime Minister, along
with proof of ownership, payment of
stamp duty and real property tax and a
banker’s draft or money order for $25
made payable to the Public Treasury.
A permit to acquire property is
needed if the property is undeveloped
land and comprises two or more
contiguous acres, a commercial
property or if the residence is
intended for rental.
The schedule of fees for a certificate
of registration and permit are:
Application for registration ......$25
Application for permit..............$25
Upon issue of certificate of
Special Bahamas Real Estate Supplement
registration or issue of permit where
the property value is:
$50,000 and under ..................$50
More than $50,000 and less
than $101,000 ..........................$75
More than $101,000 ..............$100
The government stamp tax, a onetime payment due at closing, is
usually split 50/50 by buyer and
seller, unless otherwise agreed.
Government stamp duty on property
conveyances or realty transfers is:
$0-$20,000 ................................4%
$20,000.01-$50,000 ..................6%
$50,000.01-$100,000 ................8%
$100,000.01-$250,000 ............10%
Over $250,000 ........................12%
Lawyers who prepare the
conveyance typically charge a fee of
2.5 per cent of the sale price, plus
out-of-pocket expenses.
Effective until July 2013, first-time
homeowners may apply for an
exemption to the government
stamp duty.
Residency permits
Non-Bahamians who wish to reside
in The Bahamas on an annual basis
may qualify under one of four
island living
Helpful contacts
categories, subject to formal
application and approval process.
These include an independent
economic resident, or a resident
homeowner including a seasonal
resident homeowner.
In the case of an independent
economic resident, the applicant
must provide a financial reference
from a reputable bank verifying
economic worth and two written
character references. For an annual
residence permit, a head-ofhousehold pays $1,000 and each
dependent, $25.
A resident homeowner or seasonal
resident homeowner who owns a
second home in The Bahamas may
apply to the director of immigration
for an annual homeowner’s residence
card. The card is renewable annually
and entitles the owner, spouse and
minor children to enter and remain
in The Bahamas for the period
specified on the card. The fee is $500
per year.
These permits and cards do not
allow the owner, spouse or dependents
to be employed in The Bahamas.
Accelerated consideration of
applications for annual or permanent
residence is given to major
international investors and owners of
residences valued at $500,000 or more.
Property tax
Property tax must be paid by
Bahamians and non-Bahamians
owning real property and is due on or
before Dec 31 each year. Returns are
filed with the chief valuation officer
and paid to the public treasury.
Tax rates are based on “market
value” (the amount the property
would realize if sold in the open
market without encumbrances or
restrictions) and are as follows:
Owner-occupied property
(residential and licensed rental homes)
• The first $250,000 of market
value ................................Exempt
• Between $250,000 and
$500,000 ................................3⁄4%
• Between $500,000 and
$5 million ................................1%
• On portion of market value
greater than $5 million ..........1⁄4%
Vacant land owned by
non-Bahamians:
• First $7,000 ........................$100
• Portion over $7,000..............11⁄2%
All other properties/commercial:
• First $500,000 ........................1%
• Portion over $500,000............2%
In Grand Bahama, no property taxes
are collected from owners of properties
located within the Grand Bahama Port
Authority areas of Freeport and
Lucaya, but an annual fee is levied
for trash removal, street maintenance
and landscaping services.
Bahamas Chamber of Commerce and
Employers’ Confederation (BCCEC):
Shirley St and Collins Ave, PO Box N-665,
tel (242) 322-2145, e-mail
[email protected],
www.thebahamaschamber.com
Bahamas Real Estate
Association (BREA):
10 Dowdeswell St, PO Box N-8860,
tel (242) 356-4578 or (242) 325-4942,
e-mail
[email protected],
www.bahamasrealestateassociation.com
Bahamas Bar Association:
Mackey Street & Claire Rd,
P.O. Box N-4632,
tel (242) 393-3220,
www.bahamasbarassociation.com
Association of International
Banks & Trust Companies (AIBT):
Goodman’s Bay Corporate Centre,
West Bay St, PO Box N-7880,
(242) 356-3898,
e-mail [email protected],
www.aibt-bahamas.com
Central Bank of The Bahamas:
Frederick St, PO Box N-4868,
tel (242) 302-2600, e-mail
[email protected],
www.centralbankbahamas.com
Bahamas Investment Authority (BIA):
Office of the Prime Minister, Sir Cecil
Wallace-Whitfield Centre, West Bay St,
Cable Beach, PO Box CB-10980,
tel (242) 327-5826/8 or (242) 327-5940/44,
www.bahamas.gov.bs
Immigration Dept:
Head office: Hawkins Hill, PO Box N-831,
tel (242) 322-7530 or (242) 322-8504,
www.bahamas.gov.bs
Registrar General’s Dept
(Civil Registry):
50 Shirley St, PO Box N-532, Nassau,
tel (242) 322-3316, www.bahamas.gov.bs
Visit us online
Treasury Dept:
Watertower Place, PO Box N-7524, tel
(242) 322-4561/5, www.bahamas.gov.bs
Lands & Surveys Dept:
Bay and Armstrong Sts,
PO Box N-592, (242) 502-1200,
www.bahamas.gov.bs
Special Bahamas Real Estate Supplement
Island Living
S31
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