ndb8fxe

I'm wondering if anyone could give me the basics of buying property in the Bahamas. Are there any pitfalls or chances for thier govt. to take the land away from a non-citizen.

Any help would be much appreciated.

Thanks,

__________________
Chris L.


Sailfish 206 w/ 150hpdi

flyau98

There is always the chance of a foreign government going shady and taking the foreigner's (or native's) property. I think the Bahamas is probably the least likley place (besides the USA, Canada and European Governend islands) for this to happen in our hemisphere. One nice thing is that you pay your property tax up front as I understand it...much like a sales tax. There are plenty of people around Lauderdale that have property over there...

BigosS

I did lots of research on this and decided to not buy for now, maybe next year.

Values under 250k are tax exempt (for the yearly tax), above that the rates are pretty fair, lower than many places in the US.
Closing costs are very high compared to the states, usually at least 10 -20%.
Laywers are often required for closing
Closings are really slow, usually at least 3 months, often longer
You still have to pay customs fees when you enter, but there are some different classes of foreign owner that might have lower fees if you qualify
You generally can't work for pay there as a foreigner
Building costs are very high, $300/SF minimum in the out islands
Almost everything you move there is subject to customs fees
Waterfront costs in places I consider suitable are skyhigh but still often lower than Florida, while inland lots are reasonable. Built homes are high no matter where you go. One exception is the Lucaya area where condos are dirt cheap but you might have to go armed...
I have yet to find US banks that will mortgage property there, and the rates at the Bahamian banks are pretty high.
Advertised sales prices are often "net to seller" - you pay their fees
Agent commissions seem to be 10%
Trying to reach an agent by email for me was a waste of time. You're lucky if one will even call you back. This was the top name agency in the Bahamas. They have different work ethics, it's just something to get used to but it's also part of the reason for why the Bahamas is such a special place.

With all this, it's still my dream to move there. Just waiting on those special six numbers....

__________________
30' Chris Craft Tournament Sportfish

Stretch

You didn't mention insurance for the next time a hurricane blows your house away. You might want to check out that rat's nest.

Why not simply rent someone else's house and let them deal with all the ownership hassles? Get tired of one island, just pack up and move to another.

ndb8fxe

The reason for the purchase is a combination vacation/retirement home. I've heard there are some very reasonable lots near, but not on the shore on some of the out islands. Andros and the Berries are the most interesting for their proximity to S. Florida. Figure I may buy a lot now and when time and money permit start the slow bahamain process of building. And hopefully property values, like on bimini, will increase significantly.

Bad idea? Please let me know if it is.

__________________
Chris L.


Sailfish 206 w/ 150hpdi

Getaway39

When you buy land, I'm pretty sure that it's for a 99 year lease. I think you own the house that you put on it, but after 99 years, the Bahamian Government owns the land. Someone please correct me if I'm wrong.

endoman

I'm 98% sure you're correct on that one.

Another thing to consider over there is utilities. Electric is all diesel generated and 3-4 times higher than what we pay here. Fresh water is either desalinated or from a cistern. You will pay dearly for that also. Garbage pickup? You're taking it to the dump yourself in most instances.
Hope this helps.

__________________
endoman