You would be required to get special permission to purchase properties here. Such properties that would be in safe enough places for tourists to rent may be expensive, depending upon whether you are looking at Nassau or the out islands. As for being able to make a living ($60,000/yr), I certainly cannot answer that. You would need to take a look at the real estate sites to see what kind of properties you can buy for what prices, and then think about what you can rent them for.

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You would be required to get special permission to purchase properties here. Such properties that would be in safe enough places for tourists to rent may be expensive, depending upon whether you are looking at Nassau or the out islands. As for being able to make a living ($60,000/yr), I certainly cannot answer that. You would need to take a look at the real estate sites to see what kind of properties you can buy for what prices, and then think about what you can rent them for.

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Buying properties for holiday rentals is very common here. However, you need to be strategic in choosing your location. I would not recommend buying properties on the east side of the island (New Providence) as that is where most crime occurs. Most people will be looking to rent on the west side of the island and someplace near a beach (walking distance) and close to buses (jitneys) and groceries. This is typically the Cable Beach area. To purchase a property in this area, a two bedroom unit will range from $250,000 up to $1 million USD. A three bedroom unit will be in the $450,000 to $1.2 million. I live in a gated community where there are many holiday rentals. The rents go for about $2,500/week (low season) to $3,500 week (peak season). The units here cost on average $350,000 for a 2 bedroom and $500,000 to $650,000 for a 3 bedroom depending on condition. You would need to budget for renting about 15 to 25 weeks a year since many places are vacant from August through to November. You will need to factor in the Stamp Tax that is payable upon purchase (2.5%) plus VAT (7.5%) - often these are split with the vendor. Your legal fees are typically 2.5% of the purchase price. You will also need to consider whether you are financing locally or from a foreign source. If you need a mortgage from a local bank you will pay another Stamp Tax of 1% of the mortgage amount. The lawyers take care of getting the foreign ownership permissions in place for you. You will also need to consider whether you will be required to register for a Business License and VAT depending on the annual revenues.

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Thank you very much for your replies. I own a small property in Freeport, which seems to be renting out quite nicely. My idea was to purchase a couple more units on Grand Bahamas and let them, thus supplementing my income. I would relocate my young(ish) family, so a lot is riding on the rentals to succeed. I've heard that I need a special permission to do this, not sure how easy it is to obtain and what this would entail.

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