The Great Harbour Cay has a vast amount of Caribbean property for sale. Sometimes, it cannot be easy to understand the legal or financial requirements necessary to buy a property here. In this guide, we hope to clear up any uncertainty and provide information that will make purchasing your dream home more straightforward. Let's start by looking at what is needed in The Great Harbour Cay real estate market.
License or Permit
Foreigners do not need a license to buy real estate in the Bahamas. Still, they must declare any intended purchases to immigration officials before acquiring the land or property. A license or permit is not required if you buy less than 2 acres. You also do not need a license if you are purchasing property intending to rent out the property or purchasing for commercial development.
The Bahamas government does not impose restrictions on foreign buyers, and they enjoy the same rights as Bahamian citizens. No tax is levied on foreign nationals purchasing property in the Bahamas, although they must pay other local taxes that regular Bahamians do.
The Bahamas government requires that all Non-Bahamians who have purchased properties should register their investment with the Exchange Control at the Central Bank. The requirement is put in place to ensure that on resale, they can remit the net proceeds of the sale outside The Bahamas in the currency of the original investment.
Ability to Pay for the Property
You must prove that you have sufficient funds to purchase your chosen property. A Great Harbour Cay real estate agent will help you draft a sales contract, and once agreed upon and signed, you will need to pay a 10% deposit.
This proof of funds will come in the form of a bank reference letter indicating how much money you have available in your current account. The seller will usually request this letter before any offer is accepted. Once you find a Great Harbour Cay property for sale, the Bahamas real estate advisory recommends that you seek advice from a local lawyer to ensure all title documents are in order.
Minimum Age Requirement
The next requirement is that you be at least 21 years of age. The law in The Bahamas states that all property purchases need to be made by individuals who are at least 21 years old.
However, this is only sometimes the case, as many properties have been purchased by individuals younger than 21 when they have been licensed to do so. If you are on the cusp of your 21st birthday and looking to purchase property in The Great Harbour Cay, ensure you have your legal documents in order before buying here.
Posted by Mark Wood
The Bahamas real estate is one of the world's most open, simple, and transparent markets, with the smallest document requirements. For incredible deals on Great Harbour Cay property for sale, contact Island Property Group today!