I was looking for accommodations in The Bahamas at short notice; through a good colleague I got the address of Elizabeth. From the first moment of contact with Elizabeth I was very professionally advised and guided in finding a condominium. After the choice had been made, Elizabeth too great care of all preparations such as furnishing and Internet/TV connections, etc. In short, warm and highly recommended as a real estate agent and property manager. ~ Pim Berkhuizen |
After a very stressful failed rental agreement, I had the pleasure of working with Liz. Naturally I was a bit hesitant after my recent bad experience, but Liz made all my worries go away. She is very responsive and trustworthy. I even had a huge leak a few days after moving in and Liz stayed at my studio with workmen while I was at work. She was there everyday until my apartment was good as new. Working with Liz feels like working with a friend I can trust. ~D. Morley |
BUying or Renting?
Buying or renting real estate in The Bahamas shouldn't be a minefield of uncertainty for you. Taking the time to find a real estate agent who listens and gives you valuable and precise guidance will lower any stress you experience.
Owning a home in The Bahamas continues to be a lifelong dream for many of my clients and it's always better when dreams don't turn into nightmares. That's why I aim to make every transaction I work on as effortless as possible, that takes a calm approach, answering countless questions and connecting valued clients with industry professionals who are equally dedicated.
Yes, you may need a banker, an attorney, a home inspector, an appraiser or property manager. Do you want a golf cart? Have no idea how to get your generator serviced or who to call for pool servicing, a home safe, firearms permit (and the list goes on). With over eight years of experience in property management I can point you in the right direction.
I value your business and will give you the attention you deserve. If you are in the market to purchase or rent a property, contact me and let's see if we're a good match.
Owning a home in The Bahamas continues to be a lifelong dream for many of my clients and it's always better when dreams don't turn into nightmares. That's why I aim to make every transaction I work on as effortless as possible, that takes a calm approach, answering countless questions and connecting valued clients with industry professionals who are equally dedicated.
Yes, you may need a banker, an attorney, a home inspector, an appraiser or property manager. Do you want a golf cart? Have no idea how to get your generator serviced or who to call for pool servicing, a home safe, firearms permit (and the list goes on). With over eight years of experience in property management I can point you in the right direction.
I value your business and will give you the attention you deserve. If you are in the market to purchase or rent a property, contact me and let's see if we're a good match.
If I hadn't met Liz for a rental I’d still be looking for a house to buy. I wrote down my criteria for a purchase and in a few visits she found the right deal. She is responsive and creates a climate of confidence in a friendly manner. Her advice in terms of decoration and her contacts in the trade are extremely valuable. Liz is essential. ~ M.R
Select an real estate agent to list your property
Complete Know Your Client & Needs Assessment Documentation
Property Search & Viewings
Offer to Purchase, Negotiation and Acceptance - at this stage the property is 'under offer' but still on the market
Execution of the Sales Agreement and payment of the deposit- you are said to be 'Under Contract'
Contingencies - mortgage approval, home inspection, appraisal, title search, land survey
Final walkthrough, Conveyance and Closing
We recently moved to The Bahamas from Peru and had to seek a property to rent remotely. Elizabeth visited a number of units on our behalf, did video calls with us, sent photos and videos, advised on the areas that would be safer and would be a match for our needs. She ultimately led the negotiation process with the owners and we were able to move into the apartment upon landing. Without Elizabeth's help our move wouldn't have been smooth. Elizabeth is a dedicated, patient and caring realtor. We highly recommend her services. ~F. Ormeno
WHERE DO I GET STARTED?
First, find an agent you think you will work well with and have an initial consultation. Be very honest about your goals, objectives and timelines. If it's not a good fit, move on. Buying real estate can be a bit stressful and also it can take some time to find a property you love and get to the closing table. To make the process as enjoyable as possible, work with someone you like and trust and it's really best for everyone to make that decision early.
First, find an agent you think you will work well with and have an initial consultation. Be very honest about your goals, objectives and timelines. If it's not a good fit, move on. Buying real estate can be a bit stressful and also it can take some time to find a property you love and get to the closing table. To make the process as enjoyable as possible, work with someone you like and trust and it's really best for everyone to make that decision early.
WHAT CAN I EXPECT?
Expect an experienced agent to ask you questions related to your real estate needs and other objectives. This is important because your purchase decision impacts other outcomes. For example, if you are interested in seeking permanent residence in The Bahamas you will need one purchase of $750,000 or multiple purchases that amount to the minimum threshold for permanent residence. Your agent may also introduce you to an attorney if you don't already have one. Attorneys are needed to close real estate transactions in The Bahamas. Be open with your agent about what you would like to accomplish so that they can give you the best guidance possible.
Expect an experienced agent to ask you questions related to your real estate needs and other objectives. This is important because your purchase decision impacts other outcomes. For example, if you are interested in seeking permanent residence in The Bahamas you will need one purchase of $750,000 or multiple purchases that amount to the minimum threshold for permanent residence. Your agent may also introduce you to an attorney if you don't already have one. Attorneys are needed to close real estate transactions in The Bahamas. Be open with your agent about what you would like to accomplish so that they can give you the best guidance possible.
WHY DO I HAVE TO COMPLETE KYC DOCUMENTS?
Know Your Client (KYC) documentation is now required by law for resident and non-resident buyers irrespective of citizenship. The KYC process should be complete at the time you commit to looking at properties with your agent and no later than at the time you make an offer to purchase a property. Your attorney will have their own KYC due diligence process for you to complete; it is recommended that you begin this process before making an offer so there are no delays in transferring your deposit to your attorney once your offer has been accepted. KYC documentation is not needed for those leasing property.
Know Your Client (KYC) documentation is now required by law for resident and non-resident buyers irrespective of citizenship. The KYC process should be complete at the time you commit to looking at properties with your agent and no later than at the time you make an offer to purchase a property. Your attorney will have their own KYC due diligence process for you to complete; it is recommended that you begin this process before making an offer so there are no delays in transferring your deposit to your attorney once your offer has been accepted. KYC documentation is not needed for those leasing property.
HOW MUCH DOWNPAYMENT DO I NEED?
It varies! 5% to 10% of the purchase price for local mortgages with mortgage indemnity insurance, pending your bank's decision. 20% of the purchase price without mortgage indemnity insurance. 10% of the purchase price for cash transactions. 30% of the purchase price for non-resident USD mortgages.
It varies! 5% to 10% of the purchase price for local mortgages with mortgage indemnity insurance, pending your bank's decision. 20% of the purchase price without mortgage indemnity insurance. 10% of the purchase price for cash transactions. 30% of the purchase price for non-resident USD mortgages.
HOW MUCH MONEY DO I NEED TO CLOSE?
To close very comfortably I recommend that my clients have an additional 10% of the purchase price saved for closing. If you are a first-time home buyer and qualify for the VAT Exemption on the Conveyance then a lower percentage available in cash for will be ok for a comfortable closing.
To close very comfortably I recommend that my clients have an additional 10% of the purchase price saved for closing. If you are a first-time home buyer and qualify for the VAT Exemption on the Conveyance then a lower percentage available in cash for will be ok for a comfortable closing.
WHAT ARE CLOSING COSTS?
Closing costs are fees due before or at the time that the property transfers ownership. Examples include VAT, appraisal fees, legal fees, real estate commission, property insurance, inspection, HOA and utility balances and deposits, etc. The fees you pay will depend now whether you are buying or selling.
Closing costs are fees due before or at the time that the property transfers ownership. Examples include VAT, appraisal fees, legal fees, real estate commission, property insurance, inspection, HOA and utility balances and deposits, etc. The fees you pay will depend now whether you are buying or selling.
IS IT POSSIBLE TO ESTIMATE CLOSING COSTS?
Yes. Costs can be estimated as a percentage of the purchase price.
For the Buyer
VAT on Conveyance (one-half of the assessed VAT)
Legal Fees 2.5% (estimate) plus 10% VAT
The buyer will also pay appraisal and inspection costs if applicable, utility deposits and property insurance (mandatory if the property is mortgaged). These additional fees incur VAT tax at a rate of 10%.
Yes. Costs can be estimated as a percentage of the purchase price.
For the Buyer
VAT on Conveyance (one-half of the assessed VAT)
Legal Fees 2.5% (estimate) plus 10% VAT
The buyer will also pay appraisal and inspection costs if applicable, utility deposits and property insurance (mandatory if the property is mortgaged). These additional fees incur VAT tax at a rate of 10%.
IS VAT ON THE CONVEYANCE ALWAYS 10%?
No.
For properties below $100,000 VAT on the Conveyance is 2.5%
$100,001 - $300,000 - 4%
$300,001 - $500,000 - 6%
$500,501 - $700,000 - 8%
$700,001 - $1 million - 9%
More than $1 million - 10%
Important Notes:
-The above VAT structure on the conveyance of real property does not apply to corporations
- First-time Home Buyers who are Bahamian will pay 4% VAT when the property value is between $300,000 - $500,000
- VAT on the conveyance is generally shared 50/50 between the buyer and seller unless otherwise negotiated
No.
For properties below $100,000 VAT on the Conveyance is 2.5%
$100,001 - $300,000 - 4%
$300,001 - $500,000 - 6%
$500,501 - $700,000 - 8%
$700,001 - $1 million - 9%
More than $1 million - 10%
Important Notes:
-The above VAT structure on the conveyance of real property does not apply to corporations
- First-time Home Buyers who are Bahamian will pay 4% VAT when the property value is between $300,000 - $500,000
- VAT on the conveyance is generally shared 50/50 between the buyer and seller unless otherwise negotiated
HOW MUCH IS REAL ESTATE COMMISSION AND WHO PAYS IT?
Real estate commission on developed property is 6%, and 10% on vacant land. In a traditional transaction the real estate commission is paid by the seller. Net transactions are less common and involve the buyer paying the real estate fees. Real Estate commission incurs VAT tax at 10%.
Real estate commission on developed property is 6%, and 10% on vacant land. In a traditional transaction the real estate commission is paid by the seller. Net transactions are less common and involve the buyer paying the real estate fees. Real Estate commission incurs VAT tax at 10%.
WHAT IS A NET TRANSACTION?
As opposed to a typical 'gross' transaction, a net transaction involves the buyer paying all closing costs on both sides of the deal so that the seller 'nets' an agreed amount.
As opposed to a typical 'gross' transaction, a net transaction involves the buyer paying all closing costs on both sides of the deal so that the seller 'nets' an agreed amount.
ARE SOME PRICES NET PRICES?
No. Every property represented by BREA Licensed Brokers is listed with a Gross Price. However, a net transaction can still be negotiated between the buyer and seller.
No. Every property represented by BREA Licensed Brokers is listed with a Gross Price. However, a net transaction can still be negotiated between the buyer and seller.
CAN NON-BAHAMIAN CITIZENS OR NON-RESIDENTS GET A MORTGAGE IN THE BAHAMAS?
Yes, foreign buyers can secure a non-resident USD mortgage to purchase real estate in The Bahamas. Let me know if you would like to be connected with a local mortgage specialist. More information can be found on Royal Bank of Canada's website.
Yes, foreign buyers can secure a non-resident USD mortgage to purchase real estate in The Bahamas. Let me know if you would like to be connected with a local mortgage specialist. More information can be found on Royal Bank of Canada's website.
DO I HAVE TO BUY WITH ONE AGENT?
No. You are not tied to a single agent as a buyer. However consider if you want to work with multiple agents which can potentially get messy if you are not careful and different agents 'introduce' you to the same property. My advice, find an agent that you feel comfortable with and work with them. Agents have varying degrees of knowledge and experience in different islands, communities, residential versus commercial property and other distinguishing factors, This is important when choosing an agent who can support you well. If they let you down you can part ways with no obligation and move on but until then you will be better represented by an agent who knows that you trust them to represent your best interests.
No. You are not tied to a single agent as a buyer. However consider if you want to work with multiple agents which can potentially get messy if you are not careful and different agents 'introduce' you to the same property. My advice, find an agent that you feel comfortable with and work with them. Agents have varying degrees of knowledge and experience in different islands, communities, residential versus commercial property and other distinguishing factors, This is important when choosing an agent who can support you well. If they let you down you can part ways with no obligation and move on but until then you will be better represented by an agent who knows that you trust them to represent your best interests.
WHAT IS REAL PROPERTY TAX?
Real property tax is assessed annually in The Bahamas. It is a graduated tax and there are differences in assessment based on location, use (residential vs. commercial) and ownership. In summary, Bahamians do not pay real property tax on vacant land anywhere in the country. Non-Bahamians do pay taxes on vacant land. Almost everyone pays real property tax on developed property. To get the skinny on Real Property Tax calculations review this useful FAQ.
Real property tax is assessed annually in The Bahamas. It is a graduated tax and there are differences in assessment based on location, use (residential vs. commercial) and ownership. In summary, Bahamians do not pay real property tax on vacant land anywhere in the country. Non-Bahamians do pay taxes on vacant land. Almost everyone pays real property tax on developed property. To get the skinny on Real Property Tax calculations review this useful FAQ.
WHAT ARE SOME COMMON REAL PROPERTY TAX CALCULATIONS?
- Owner-occupied Residence - Used by the legal owner as their primary residence, the first $300,000 of value is tax exempt; the next $200,000 of value is taxed at 0.625%; any remaining value above $500,000 is taxed at 1%.
- Vacant Land owned by Foreign Nationals - The first $7000 of value is taxed at a fixed rate of $100, with a rate of 2% applied to any value above this threshold.
- Residential Properties (with 4 or less units) - Used solely for the purpose of residences, $300 fixed rate on the first $75,000 of value, and a rate of 0.625% applied to any value above this threshold.
CAN I GET PERMANENT RESIDENCE IF I BUY PROPERTY IN THE BAHAMAS?
Economic permanent residence is available to non-Bahamians who purchase real estate with a total or cumulative value of $750,000. An attorney or immigration specialist can support you through the process. There are important details relating to expedited permanent residence, applying for spouses/partners, dependent minors and persons on the conveyance. Here are all the details on eligibility and the application process.
Economic permanent residence is available to non-Bahamians who purchase real estate with a total or cumulative value of $750,000. An attorney or immigration specialist can support you through the process. There are important details relating to expedited permanent residence, applying for spouses/partners, dependent minors and persons on the conveyance. Here are all the details on eligibility and the application process.
WHAT ABOUT A HOMEOWNERS IDENTIFICATION CARD?
This is an option for those not interested in permanent residence or those investing below the minimum threshold. This identification card allows you ease of entry and unlimited stays in the country. It is renewable each year. More details and the application form are available here.
This is an option for those not interested in permanent residence or those investing below the minimum threshold. This identification card allows you ease of entry and unlimited stays in the country. It is renewable each year. More details and the application form are available here.
HOW CAN I BE SURE I AM WORKING WITH A LICENSED AGENT?
The Bahamas Real Estate Association's website has a Find An Agent feature which you can use to check if someone holds a current license to practice real estate in The Bahamas.
The Bahamas Real Estate Association's website has a Find An Agent feature which you can use to check if someone holds a current license to practice real estate in The Bahamas.
DOES THE BAHAMAS HAVE AN MLS?
Yes. You can search the Bahamas MLS for properties and contact the listing agent or share the property with the agent you wish to work with. Your agent will then make contact with the listing agent and arrange to show the property with you.
Yes. You can search the Bahamas MLS for properties and contact the listing agent or share the property with the agent you wish to work with. Your agent will then make contact with the listing agent and arrange to show the property with you.
IS IT SAFE TO BUY PROPERTY IN THE BAHAMAS?
Yes. The Bahamas is a stable political and financial jurisdiction with a long history of peaceful transitions of government and a currency that is tied to the US dollar. To read more about the financial and economic environment visit the Bahamas Financial Services Board.
Yes. The Bahamas is a stable political and financial jurisdiction with a long history of peaceful transitions of government and a currency that is tied to the US dollar. To read more about the financial and economic environment visit the Bahamas Financial Services Board.
