When making an offer, it’s important to consider the following:
Price: The price of the property is, of course, one of the most important factors to consider. Make sure to have a clear understanding of the local real estate market and comparable sales in the area before making an offer.
Terms: The terms of the sale, such as the closing date and any contingencies, should also be considered.
Deposit: When making an offer, it’s common to include a deposit to show that you’re serious about buying the property. This deposit is typically 10% of the purchase price and is held in escrow until closing.
Once your offer is accepted, it’s time to move on to the next step in the buying process: closing the deal.
Closing the deal on a property in the Bahamas is a complex process typically involving several different parties, including the buyer, the seller, and their respective attorneys. The process usually takes about 30-45 days and involves several steps, including:
Signing the Purchase Agreement: The first step in closing the deal is to sign the purchase agreement. This is a legally binding document that outlines the terms of the sale, such as the purchase price, closing date, and any contingencies.
Conducting Due Diligence: Before closing the deal, it’s important to conduct due diligence on the property. This typically includes things like getting a property inspection, reviewing any documents related to the property, and checking for any outstanding liens or judgments.
Obtaining Financing: If you’re financing the purchase of the property, you’ll need to obtain a mortgage loan from a lender. This typically involves providing financial information, such as income and credit history, to the lender.
Closing the Escrow: Once all of the necessary steps have been completed, the escrow agent will release the deposit to the seller, and the buyer will take ownership of the property.
Buying real estate in the Bahamas can be a complex process, but with the right knowledge and guidance, it can also be a rewarding and enjoyable experience. By following the steps outlined in this guide, you’ll be well on your way to owning a piece of paradise in the Bahamas.
At Serenity Beach Resort, we take pride in our commitment to excellent customer service. Our team will work closely with you throughout the buying process, from finding the perfect property to negotiating a fair price and closing the deal.
We work with locals to offer property management services to help you maximize your investment. Whether you need help with rental management, maintenance, or bookkeeping, we’ve got you covered.
Don’t miss out on the opportunity to invest in beautiful Bahamian real estate. Contact Serenity Beach Resort today to start your property sear
Can foreigners buy property in Bahamas?
Yes, it is possible for non-Bahamians to purchase property for sale in The Bahamas. The country has a long history of welcoming overseas investors, and the process of buying property as a foreign national is relatively straightforward.
Under the International Persons Landholding Act, foreigners are permitted to purchase residential real estate for sale of up to two acres without prior government approval. This means that you can buy your dream home, a vacation property, or an investment property without having to go through a long and complicated approval process.
The process of purchasing property as a foreign national typically starts with finding a suitable property and negotiating a fair price with the seller. Once a purchase agreement is reached, the next step is to have the property registered in accordance with the International Persons Landholding Act.
This typically involves obtaining a legal opinion from a Bahamian attorney, providing proof of identity and nationality, and paying a stamp duty of 5% of the purchase price. Once the registration is complete, the property will be transferred to the new owner, and the transaction will be recorded in the public land register.
It’s important to note that while the process of buying property as a foreign national is relatively straightforward, it’s always a good idea to work with a local real estate agent who has experience helping overseas investors. A good real estate agent will be able to guide you through the process, help you find a suitable property, and provide you with the necessary legal and administrative support.
At Serenity Beach Resort, we specialize in helping overseas investors buy property in The Bahamas. Our team of experienced real estate professionals has a deep understanding of the Bahamian market and can help you find the perfect property to suit your needs. Contact us today to start your search.
Can a US citizen live full time in the Bahamas?
As a US citizen, you have the option to live full time in The Bahamas as a permanent resident owning real estate. To obtain permanent residence status in the Bahamas, you will need to apply for it through the Bahamas Immigration Department after closing on your real estate. The application process typically involves submitting a number of documents, including proof of identity, proof of financial support, and a police clearance certificate.
Once your application for permanent residence is approved, you will be issued a permanent residence certificate, which is valid for a lifetime. This certificate grants you the right to live, work and establish business in the Bahamas as long as you own real estate.
It’s important to note that while permanent residence status grants you the right to live in the Bahamas full-time, it does not grant you the right to vote in national elections. However, you will have the right to work, own real estate, and enjoy all the other benefits of living in the Bahamas.
As a permanent resident, you will also be required to comply with certain legal obligations, such as paying taxes, registering for national insurance, and renewing your residence certificate every five years for those owning real estate.
To maintain your permanent residence status, you will need to comply with certain residency requirements including owning real estate. You will need to spend at least 183 days in the Bahamas each year, and you will need to renew your residence certificate every five years.
Is Bahamas tax free for US citizens?
The Bahamas is considered to be a tax-free country for US citizens, which means that residents and non-residents are not subject to income tax on their earnings. This can be an attractive option for US citizens who are looking to lower their tax bills and own Bahamas real estate.
It’s important to note that while the Bahamas does not impose income tax, US citizens are still required to file US taxes. The United States has a citizenship-based taxation system, which means that all US citizens are required to file taxes, regardless of where they live. This means that while you may not have to pay taxes to the Bahamas government, you will still need to file US taxes and pay any taxes due to the US government.
However, US citizens may be eligible for certain tax benefits and deductions when living abroad, such as the foreign earned income exclusion and the foreign tax credit. These benefits can help to reduce the overall tax burden for US citizens living and working in the Bahamas who one real estate.