OWN A PIECE OF PARADISE - BAHAMAS

The Bahamas

Unlike some vacation destinations, the Bahamas passed legislation actually encouraging foreign investment in property. Currently, non-residents may purchase property without a permit, under certain restrictions, and may register that purchase after the sale. For more information on purchase requirements, the Bahamas Real Estate Association has some helpful information.

Note: While we've done our best to verify that these websites and resources are legitimate, www.sportdiver.com and Sport Diver magazine cannot be held liable for information obtained from these sources. Each individual is responsible for verifying any information obtained through this or any other website.

EXAMPLES OF WHAT'S AVAILABLE IN THE BAHAMAS

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| |---|---|---| | Damianos Sotheby's International Realty Bahamas Property #1 Renovated condo in Nassau with 1,800 s.f. and access to private beach -- $935,000 www.sirbahamas.com| Damianos Sotheby's International Realty Bahamas Property #2 Beautiful home in exclusive Old Fort Bay, 5,500 s.f. total space -- price on request www.sirbahamas.com| Damianos Sotheby's International Realty Bahamas Property #3 Incredible estate home on Paradise Island with 9,500 s.f. of living space -- $7,900,000 www.sirbahamas.com|

BAHAMAS REAL ESTATE Q & A

Can non-residents purchase property?Yes, as noted above. There are restrictions regarding the lot size and use of property and there are fees associated with any purchase.

Application fees:

• application for registration - $25.00
• application for permit - $25.00

Certificate of registration:

• the value of the property is $50,000 or less - $50.00
• the value of the property is over $50,000 but under $101,000 - $75.00
• the value of the property is $101,000 and over - $100.00
• Home owner resident card - $500.00

There is also a stamp tax based on the value of the property:

• up to and including $20,000: 2%
• from $20,000.01 to $50,000: 4%
• from $50,000.01 to $100,000: 6%
• from $100,000.01 to $250,000: 8%
• $250,000.01 and over: 10%

Can I build a home in the Bahamas? Yes, however, there are restrictions on the size lot you may buy as well as other regulations. In order to build in the Bahamas, you'll have to have your architect's plans reviewed and approved by a licensed Bahamian architect before submitting the plans to the Planning Authority. Consult a real estate attorney for the terms and conditions for building a home in the Bahamas. For more information on the laws regarding the purchase of property, consult the Commonwealth of the Bahamas government website or consult a Bahamian real estate attorney.

What are the residency requirements? To obtain a residency card, you will have to show proof of financial independence, because it will be unlikely that you will obtain a job right off the bat (see below). Other requirements include a fee, proof of identity, proof of character, bank statements and more. Check with the Bahamas Guide and the Commonwealth of the Bahamas for more information.

Are there jobs available in the Bahamas? In general, non-residents are hired only if a resident with the same skills cannot be found. As a result, it might be difficult finding a position unless you are the only one qualified to fill it! In the past, visitors could look for work while on the islands. Currently, this is no longer allowed and applications have to be made in writing. For more on this subject, visit the Bahamas Guide or the Bahamas Department of Labor.

REAL ESTATE COMPANIES IN THE BAHAMAS

Real Estate Company ResourceFor those of you who have investigated the ins and outs of living in and owning property in the Bahamas, we've compiled a samplingof real estate companies doing business in the Bahamas. Try the following links for more information.

Grand Bahama Cape Hope Thompson's Real Estate Agency New Providence/NassauSotheby's - Damiano's Realty Coldwell Banker H.G. Christie, LTD Mosko Realty Long IslandStella Maris Residences Sunshine Realty – Long Island Bahamas Real Estate

Disclaimer: The information and resources listed above are deemed correct at the time of publishing and are not an endorsement nor do they reflect the opinions of Sport Diver magazine and the PADI Diving Society or Bonnier Corporation.