|
Buying
Real Estate on Abaco 
-
Safe
and legal
-
Appreciating
values
-
Currency
repatriated
Buying property on
Abaco could not be easier. A simple sales agreement is entered into and a 10% earnest money deposit is wired to the vendor’s Bahamian attorney. In compliance with worldwide banking standards, these client escrow accounts are closely regulated by our government and subject to frequent review and reporting. The U.S. dollar is at par with the Bahamian currency and, within The Bahamas, they are used interchangeably. For the convenience of our worldwide clients, we are pleased to supply a currency converter. Property is held in fee simple or freehold, it is not leased. The reputable Bahamian attorney, who must represent you in the purchase, will conduct a thorough title search and ascertain that there are no liens or undischarged judgements against the property. There are no mandatory structural, pest or soil inspections although we welcome you to contract with a local Civil Engineer to have your purchase inspected.  As a purchaser, you must also comply with international transparency in banking regulations and provide a personal character reference, a banking reference from the institution from which the purchase funds are being sent
as well as a police certificate from the jurisdiction where you are primarily domiciled.
Contact us for the complete
Foreign Investment Board requirements.
When the attorney has examined the title documents, Real Property Tax status and the current status of any applicable dock fees and any Property Owners’ Association fee payments, he or she will recommend that you proceed to completion. The receipt of your wired funds, the signing of the conveyance if there are any protective covenants, as well as the conversion to your name of any utility accounts, competes your purchase.
The new conveyance is sent to The Registrar General of The Bahamas for stamping and recording. Transactions enacted with out this procedure are invalid. Sandra Evans Real Estate Sales is committed to managing every step of this process and to reporting back to you on a regular basis.
If the property is for residential purposes, if it is not more than 5 contiguous acres and if it is being purchased by one entity, government permission to purchase is not necessary. Your purchase is automatically issued a certificate of Registration from the Foreign Investment Board. The repatriation of your funds, in a currency of your choice and to a destination of your choosing, is guaranteed. If the intent is to actively promote the property as an income producing vacation home, permission to purchase is recommended.
Real
Property Tax
The taxable value of your property is based on the latest selling
price. As regards undeveloped land, you are responsible for reporting
the value of the improvements as you make them. The annual tax on owner
occupied property shall not exceed $35,000.
Owner
occupied (excludes any renting of your home)
|
Value
|
Owner
Occupied |
Other |
| First
$250,000 |
EXEMPT |
1% |
| To
$500,000 |
.75% |
1% |
| Excess
of $500,000 |
1% |
2% |
Vacant
Land
|
Value
|
Tax
|
|
| First
$3,000 |
$30 |
|
| $3,001
- $100,000 |
1% |
|
| Excess
of $100,000 |
1.5% |
Any transfer of property in the Bahamas is subject to payment of the Government Stamp Duty.
Government
Stamp Duty
This surcharge is levied by the Government of The Bahamas on all
transfers, deeds of conveyance, gifts of property, mortgages or
assignments and is based on the value of the consideration. It may be
paid for by either party or shared between them.
| Less
than and including $20,000 |
2% |
| $21,000
and including $50,000 |
4% |
| $50,001
and including $100,000 |
6% |
| $100,001
and including $250,000 |
8% |
| $250,001
and above |
10% |
|
