Do non Bahamians need permission to purchase real estate in The Bahamas?

Category: Real Estate

Answer:

Foreign investors may acquire residential properties in The Bahamas of up to five acres without prior Government approval. Such acquisitions have to be registered with the Foreign Investments Board in accordance with the International Persons Landholding Act. Second Home owners are eligible for a Home Owners Residence card, issued by the Department of Immigration and renewable annually. This card facilitates entry into The Bahamas, and entitles the owner, his spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card.

The International Persons Landholding Act generally deals with the purchase of property by non Bahamians and companies under their control. In the case of undeveloped property, it is necessary to apply for a permit.

There is an active Bahamas Real Estate Association, which provides information and referrals on licensed agents. The industry is regulated under the Bahamas Real Estate (Brokers and Salesmen) Act 1995.