There are no restrictions on foreigners buying property. Since the International Persons Landholding Act took effect in January 1994, replacing the Immovable Property Act of 1981, it has been much easier for foreigners to purchase property in the Bahamas. A permit from the government is only needed if the property to be bought is more than five acres or is an undeveloped land. If otherwise, the property must only be registered with the Investment Board and the Central Bank after the transaction.
Bahamas beachfront homesAn attorney will be hired by the buyer of property to determine the validity of the title and check for encumbrances to the title. A break in the chain of title owners or missing abstracts will reduce the marketability of subject property. Title insurance is neither required nor used in the Bahamas as a means of ensuring good title currently.
The registration of the purchase must be applied to the Office of the Prime Minister. The application should be submitted together with a copy of the conveyance (proof of ownership), and evidence of payment of Stamp Duty and Real Property Tax. A Bankers Draft/Proposal Money Order payable to ´The Public Treasury´ of US$25 is included for the application fee. A Certification of Registration will be issued afterwards.
All Non-Bahamian owners of residential property can apply for a Home Owners Resident Card. This allows the homeowner, homeowner´s spouse, and minor children port entry into theBahamas, and to stay in the country until the card expires. This costs US$500 per annum. If residing yearly in the country is an option, there is the ´Annual Residence Permit´, which costs US$1,000, and US$25 for each dependen