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by Ester Napoli
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obtain permits, register leases, or letting agreements unless they are for trade or business purposes and the term can exceed 21 years.
Not only has the government made owning a second home easy for foreigners, they have also included a condition so that a foreigner no longer pays a double rate of stamp duty; he now pays the same single rate as a Bahamian.
The stamp duty is a tax that is payable on the delivery of all real property based on the value as follows: Stamp duty starts at 2% for real estate valued under $20,000 US, but increases to 10% for real estate over $250,000 US. Payment of this tax is usually shared equally between the seller and the buyer. There is also a 1% stamp duty on mortgages paid by the borrower. The usual practice in the Bahamas is for the tax to be shared equally between buyer and seller unless otherwise agreed upon.
If you are entering the Bahamas, you must fill out an embarkation-disembarkation card which is usually provided by your travel agent, the airline, or the ship you are traveling on. A visa and passport is not required of you if you are a Canadian citizen or subject of the United Kingdom unless the stay exceeds three weeks. U.S. citizens on regularly scheduled airlines, pre-cleared for return at U.S Customs and Immigration at Nassau International Airport also do not require a visa (though proof of citizenship is required).
You are allowed a maximum stay of eight months with proper documents which includes a return ticket and evidence of financial support. If you would like to stay longer, then you have to apply for temporary residency to the Director of Immigration. If, however, you would like to make the Bahamas your permanent residence by way of Bahamas property investment, then you will have to apply for permanent residency. If you plan on working in the Bahamas, a work permit must be applied for separately.
There are different levels of residency. T |
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