A Permit to Acquire Property is required by all non-Bahamians acquiring an interest in land if the property is undeveloped land with two or more adjoining acres. A Permit is also required if the intended use is not as an owner-occupied property.
Non-Bahamians Acquiring an interest in land if the property is undeveloped land Acquiring an interest in two or more adjoining acres Bahamians are also required to apply for a permit where the intended use is not as an owner-occupied property. Process: (Can be done by your attorney).
Complete the entire Form 3.
Submit Form 3 to the Secretary to the Investments Board, along with the list of documents identified below.
As applicable, the application is also reviewed by the
Assessments are used by the Real Property Tax Valuations Unit to determine the value of a property and its related Property taxes. An assessment can be initiated by the property owner or by the Real Property Tax Unit. A Real Property may fall in the one of the following categories:
Eligibility: All Property Owners. Process:
If a request is made by the owner of the property, the following forms must be completed and submitted to the Real Property Tax Valuation Unit: a. Property Tax Application Assessment form and b. A Declaration of Real Property Tax form
In regards to owner occupied properties, the owner is also required to complete an
The real estate agents commission: Residential developed property is 6% of the gross sales price. Undeveloped property is 10% of the gross sales price.
Bahamas Government Stamp Duty (Tax on the conveyance of real property). This tax is split between the Vendor and the Purchaser
This graduated tax is as follows: Property value less than $20,000, the rate is 4% Property value is equal to or greater than $20,001 and is less than $50,000, the rate is 6% Property value is equal to or greater than $50,001 and is less than $100,000, the rate is 8% Property value is equal to or greater than $100,001 the rate is 10% Legal fees. The Vendor is responsible for their own
When was the last time you heard a term that made you ask, “Wat’chu mean”? Along with our spectacular beaches and captivating culture, Bahamians are reputable for their unique dialect. Some of our language has evolved so rapidly that it’s difficult for foreigners to pick up on enough context clues to translate. This week, we’ve taken some of our favourite local idiomatic expressions and given them a definition and context to help even beginners grasp an understanding of the terms.
Sipsip (noun): If you’ve been away from the island for a while and want to catch up on what you’ve missed, you may ask a friend to give you the “sipsip.” This is the Bahamian word for gossip, deriving from a simple repetition of the word’s second syllable, “sip.” Here’s how
With our crystalline water, powdered-sand beaches and the most friendly, fun-loving people on Earth, it’s no wonder The Caribbean is a staple of every travellers dream. A huge aspect of the unique allurance that these islands possess is the architecture that can’t be imitated elsewhere. Due to the merging of European and African techniques, Bahamian architecture has become the most widely mimicked style in the tropics. We’ve built up a list of the three most distinct types of Bahamian buildings:
1. Clapboard Cottages:
These charming island cottages are most frequently found in Harbour Island and Spanish Wells. Standardized in the early nineteenth century, the ground floor of the cottages are elevated on low stilts, allowing air to circulate
Have you been yearning to own a home, but daunted by the process? Attending Scotiabank’s annual Homeownership Seminar Series on Thursday, August 3, 2017, is the perfect stepping stone to ease the stress of getting started. Experts will breakdown the process for beginners as well as those wishing to switch mortgage providers and simplify the nitty-gritty, legal details. There will even be realty and mortgage specialists ready to assist you in ensuring that the home you choose is the ideal match for you.
The brief seminar will run from 6-7:30 PM at Scotiabank’s East Bay Street Branch, but be sure to be punctual as space (and complimentary refreshments!) are limited. You also won’t want to miss out on fabulous door prizes to upgrade your home like a
Home staging is essential when trying to seduce potential buyers. It can set the scene for love at first sight, leading to love at first buy. To continuously impress buyers, it’s important to keep up with seasonal staging trends. These tips can be used to woo your customers this Summer:
1. Avoid a Colorless Canvas Treat the home as a canvas, using color to set the scene that buyers need to see. You should bear in mind that optimal staging involves a balance between neutralization and strategic shading. Color should be used to make the home’s most attractive features pop without blinding or bombarding them. Use neutralization or a small range of colors to avoid visual jumble. Simple, light colors help draw attention to the best, brightest parts of