About The Bahamas

When considering purchasing real estate in the Bahamas or any country it is important to be informed.  We have included brief details below to help in your research.

Why buy on Long Island? 

The shades of dark blue and amethyst, seen from the dramatic slopes of the Atlantic coast, promise a great day of deep-sea fishing. Whilst lighter shades of turquoise and translucent opal waters near sandy shores of secluded and pristine beaches offer endless days of undisturbed beach lounging. Our inland caves long to be explored and our Blue Holes await. The friendly people are excited to have you here. Welcome to Long Island, Bahamas!

Located in the southeastern portion of The Bahamas’ archipelago, crossed by the Tropic of Cancer,  you will find this island gem in paradise. Contrasting coastlines, breathtaking hide-a-ways and unexplainable geographic features all stretched over 173 square miles make Long Island special to each of its visitors.

The locals all accept you as family, making a second and third visit not only an option but a must. Known to be the complete opposite of the northern islands of The Bahamas, Long Island has no severe tourist crowds.  Your stay here will be the vacation you have always desired; relaxed and stress-free. With a population of just around 4,000 you might spend an entire week without seeing others.

Scared of being bored when you get here? Don’t be… Although the island’s atmosphere is laid back and easy going, visitors can benefit from pure nature by going scuba diving, snorkeling, kayaking, fishing or cave exploring without the dread of long lines and invaded spaces. In doing so, you will soon discover Long Island to have some of the best fishing, snorkeling and scuba diving sites worldwide. Our second homeowner population continues to return each year and spend the Winter months on the island.  Don’t forget our world-famous “Dean’s Blue Hole”, a must-see for everyone coming to the island.  Powder white sand beaches await your arrival.

Long Island is also famous for boat building of the local island sloops.  These sloops participate in the Annual Long Island Regatta which is held in the harbor in Salt Pond.  Local food and drink, entertainment and socializing at the Regatta grounds keep the festivities going while the races are taking place on the water. This takes place over a Thursday to Saturday period usually during the first week of June.  A great experience to be had by all.

When considering Long Island as your home away from home keep in mind that buyers are attracted to the island for what it is not, meaning that it is not crowded, has no large resorts, no casinos, no traffic, etc.  It is popular for its remoteness and simple lifestyle of leisure, relaxation, sun, sand and sea.  

The rapid growth of property development in Long Island has added to the current boost in the local real estate market. 

Demographics

Starting 60 miles off the coast of South Florida and stretching as far south as Cuba, Haiti and the Dominican Republic you will find the Bahamas. A coral archipelago of 700 islands, 29 of which are inhabited, and over 2,000 rocks and cays.

With a population of over 300,000 people,  and with an adult literacy rate of 95%, The Bahamas, an English Speaking country, has a capable and adaptable work force.

The term, “Isles of June” has often aptly been used to describe the Bahamas due to its mild climate. Having a tropical maritime wet and dry climate, with slight incursions of mildly polar air, generally the Bahamas does not experience extremes of temperatures. The humidity is fairly high, especially in the summer months, but there is usually a pleasant breeze which lessens the humid effect.  Rain showers can occur at any time of the year, but the rainy months are May to October. Rainfall is mainly in the form of heavy thundershowers, which clear quickly.

Infrastructure

THE Bahamas has comprehensive and modern infrastructure, particularly on the two major islands, New Providence and Grand Bahama. Electricity and water are in abundant supply. Telecommunications services and facilities in The Bahamas are state-of-the-art, with direct international links provided through a 100% digital switching system.

Government

The currency of the Bahamas is the Bahamian Dollar. Although all other currencies are foreign, the U.S. Dollar is readily accepted throughout The Bahama islands and is on par with the Bahamian Dollar. The Exchange Control is administered by The Central Bank of The Bahamas.

Economy

The Bahamas is a stable developing nation, according to a United States of Commerce report by the U.S. Embassy in Nassau. The economy is based mostly on tourism and offshore banking and other financial services. Retail and wholesale distributive trade, manufacture, agriculture and fisheries are the other major sectors of the economy. The Gross Domestic Product (GDP) of The Bahamas exceeds $3 billion, 60% of which comes from tourism related activities.

International Home Owners

Overseas investors may acquire up to 1.99 acres of residential property in The Bahamas without prior government approval. However, such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Foreign homeowners are eligible for a ‘Home Owners Residence Card’, renewable annually for a small fee. This card will facilitate entry into The Bahamas and entitle the owner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card. Application may be made to the Director of Immigration.

Annual or Permanent Residence

Accelerated consideration of applications for annual or permanent residence will be given to major international investors.

Work Permits

If setting up a business in The Bahamas, necessary work permits for key personnel will be granted. Businesses requiring permits for persons other than key personnel are encouraged to discuss these requests with The Bahamas Investment Authority in advance.

Local Partners in Joint Ventures

International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is at the absolute discretion of the investor.

Government Stamp Tax & VAT on Property Conveyances

Government Stamp Tax is presently charged on all real estate transactions at a rate of 10%. 

This tax is shared equally (50/50) by the buyer and the seller unless otherwise agreed.

Note that these taxes are subject to change.

Lawyer Fees

All Bahamas real estate transactions must be performed by a licensed Bahamian Attorney.  Both the buyer and the seller are responsible for their legal fees on the sale of property + VAT.   Please note that there is a minimum fee which should be discussed with your Attorney

Rates of Real Property Tax

Property tax must be paid by Bahamians and non-Bahamians owning real property in The Bahamas. Returns are due on or before December 31 each year.  These are filed with the Chief Valuation Officer. Taxes can now be paid online at http://www.bahamas.gov.bs or at the property tax office. 

The rates on real property tax are as follows:

In respect to owner-occupied property:

• The first $250,000 of market value is tax-exempt
• More than $250,000 and not exceeding $500,000 of market value is 0.625%
• Market value over $500,000 and not exceeding $12,000,000 is 1%

In respect of unimproved property other than unimproved property exempt by virtue of Section 39 of the Real Property Tax Act:

• First, $7,000 of market value is $100
• $7,000 and above of market value 2%.

In respect of any other property:

• First, $500,000 of market value is 1%
• More than $500,000 of market value is 2%