As a non-Bahamian citizen, there are a few things you should be aware of when it comes to buying a house in the Bahamas:
- Restrictions on ownership: Non-Bahamian citizens are subject to restrictions on the ownership of real estate in the Bahamas. Specifically, non-Bahamians are not allowed to own more than five acres of land or more than 50% of the shares in a Bahamian company that owns land. Additionally, non-Bahamians must obtain government approval before purchasing real estate in certain areas, such as on the outlying islands.
- Financing: Non-Bahamian citizens may find it more difficult to obtain financing for a home in the Bahamas, as many Bahamian banks do not offer mortgages to non-residents. It may be necessary to obtain financing from a bank in your home country or to pay cash for the property.
- Legal assistance: It’s important to work with a local attorney when purchasing a property in the Bahamas. A local attorney can help you navigate the legal requirements and ensure that the transaction is handled properly.
- Property taxes: Non-Bahamian citizens are subject to property taxes on real estate in the Bahamas. The tax rate is based on the assessed value of the property and can vary depending on the location.
- Residency requirements: If you plan to live in the Bahamas for an extended period of time, you may need to obtain a residency permit. The requirements for obtaining a residency permit can vary depending on the type of permit you’re applying for and your specific circumstances.
Overall, buying a house in the Bahamas as a non-Bahamian citizen can be a bit more complicated than buying a house in your home country. However, with the right legal and financial assistance, it’s possible to navigate the process and enjoy owning a piece of paradise in the Bahamas.