| WATER CAY ~ Buying Bahamas 
RESIDENCY Its not difficult for most nationalities to obtain the legal right to remain in the Bahamas to enjoy their new investment. In order to speed up the entrance of foreign funds into the country, international applications for annual or permanent residence by major investors who purchase residences valued over $500,000 have practically automatic approval.
If you want to live here permanently you must be of "good character" (you can take it that this means they have no criminal record) and you should be prepared to show evidence of financial support. Accelerated consideration of applications for annual or permanent residence will be given to major international investors and fit and proper owners of residence valued at $500,000 or more. Visitors may reside in The Bahamas for a period of up to 8 months at a time, provided that they can indicate means of financial support for this period and have a return ticket to their homeland or some other country where they would be accepted. Visitors are not allowed to engage in any form of gainful occupation while in the Bahamas without a work permit.
The Government of the Bahamas has set specific guidelines that allow non-Bahamians to establish permanent residency in The Bahamas. There are two categories of permanent residency: Permanent residency with the right to work and permanent residency with out the right to work. One of the criteria for permanent residency is the investment of a minimum of $500,000 in The Bahamas. This investment may take the form of the purchase of real property with a minimum value of $500,000. Non-Bahamians who own property in The Bahamas may apply to the Director of Immigration for an annual homeowner's residence card. This card is renewable annually and entitles the owner, spouse and any minor child/children endorsed on the card to enter and remain in The Bahamas for the validity of the card. It is intended to facilitate entry into The Bahamas with minimal formalities. For complete details regarding permanent residency, homeowners permits and citizenship:
If you would like to reside in the The Bahamas on an annual basis you can do so if your spouse or dependent is a citizen of the Bahamas or if he/she is a permit holder, if you are a independent economic resident, or if you are a resident home owner, or seasonal resident home owner. You will also be asked to present the necessary documents required. Apart from the opportunity to live and work in a warm and pleasant environment there are also significant tax advantages for citizens of countries with high personal and corporate income taxes as well as inheritance taxes. The advantages vary depending on the citizenship of the applicant and the tax laws of the applicant's home country.
INTERNATIONAL LANDHOLDERS
Permits are required by non-Bahamians, as provided under the International Persons Landholding Act, if:
* The property being purchased is greater than 5 acres.
* The intention is to rent out all or a portion of the property.
* The property being purchased is for commercial development.
Non-Bahamians who buy land for which a permit is not required must register their purchase with the Foreign Investment Board under such Act.
Non-Bahamians should also register their investment with the Exchange Control at the Central Bank of The Bahamas insure that on resale they will be able to remit the net proceeds of sale outside the Bahamas in the currency of the original investment.
REAL ESTATE PURCHASE COSTS
1. The Government Stamp Duty (Tax on the conveyance of real property). This is a graduated Tax. The total amount of the Tax is calculated as follows - When the value of the consideration is less than $20,000, the rate is 2%
- When the value of the consideration is equal to or greater than $20,000 and is less than $50,000, the rate is 4%
- When the value of the consideration is equal to or greater than $50,000 and is less than $100,000, the rate is 6%
- When the value of the consideration is equal to or greater than $100,000 and is less than $250,000, the rate is 8%
- When the value of the consideration is equal to or greater than $250,000, the rate is 10%
This tax is split between the vendor and the purchaser
2. The legal fees on a sale or purchase are usually 2 1/2 % of the first $500,000, 2% of the next $500,000, 1% of the next $4,000,000 and 1/2% thereafter.
The Purchaser will be responsible for:
1. 1/2 of the Government Stamp Tax as set out above,
2. The purchaser's legal fees as detailed above. This fee includes the lawyers Opinion on the title to the property.
3. Recording fees ($3.50 per page) on the conveyance and other closing documents which need to be recorded.
4. Payment of the permit under the International Persons Landholding Act if applicable. Water Cay is a turnkey purchase. Purchase your lot from 1/2 to 1 1/2 acre and start building!
We even offer free viewing trips direct from Florida.
Contact us and and lets go!
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caribbean real estate 
