Frequently Asked Questions (FAQ) - Buying Real Estate in The Bahamas with Island Property Group

General Information

What does Island Property Group specialize in?

Island Property Group is dedicated to facilitating all the procedures involved in purchasing real estate in The Bahamas. Our brokers and agents are here to assist you at every step of the process.

What currency is used in The Bahamas?

The Bahamas uses the Bahamian dollar (B$), which is on par with the US dollar (US$) and is used interchangeably throughout the Bahamas Islands.

Real Estate Transactions

Can you explain the process of a real estate transaction in The Bahamas?

Real estate transactions involve parties such as the purchaser, vendor, respective attorneys, and the realtor. It begins with an accepted purchase offer, followed by a deposit with the real estate attorney. After approval, a sales agreement is executed, and the conveyance is issued, and held in escrow until the sale completion. The final steps include executing the conveyance and recording it with the government registry.

Purchasing in The Bahamas

What is a Purchase Permit, and when is it required for foreigners?

Foreigners require a Purchase Permit for undeveloped land of five acres or larger, or for properties not intended for private residence. The permit involves a registration certificate or permit, with associated fees based on property value.*

What are the fees for the Purchase Permit and Certificate of Registration?

The fees for the Purchase Permit and Certificate of Registration vary based on property value, ranging from $25.00 to $100.00. Additionally, a Home Owner resident card is available for $500.00.

Are there taxes associated with property transfers in The Bahamas?

Yes, stamp duty is charged at 2.5% on property transfers. The vendor and purchaser typically share this cost 50-50, unless otherwise agreed. Additionally, a 7.5% Value Added Tax (VAT) is applicable.

How are legal fees typically structured in a real estate transaction?

Attorneys typically charge 1.5% of the sale price for their services in the real estate transaction.

Additional Information

How can I get started with Island Property Group for my real estate needs in The Bahamas?

You can reach out to our brokers and agents through our contact page on the website. We are ready to assist you in finding your ideal property in The Bahamas or call us at 800-659-6519.

Are there any other islands you represent?

Yes! Island Property Group assists buyers and sellers of real estate for the following islands: