What do I need to know when buying property in Bahamas?
When we asked expats what advice they would give a foreigner before buying a property in Bahamas, they said...
"Above all I suggest renting when you first arrive and take the time to learn the island and make contacts before buying into anything. You will discover that some areas are much more desirable than others. The maintenance cost can also be drastically different depending on where you are located, remember that Nassau is subject to hurricanes and hurricane insurance is quite expensive," wrote a member who made the move to Nassau, Bahamas.
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"When purchasing property in the Bahamas it is important to seek legal advice from a real estate attorney or lawyer who is familiar with the laws and regulations in the country. It is also important to be familiar with the zoning regulations in the particular area which you are interested in purchasing as certain locations may be restricted for use for certain activities. You should also be sure to obtain all necessary approvals from local authorities before making any commitment to purchase a property. It is also important to obtain a proper survey of the property before entering into a contract. You will want to be sure to obtain title insurance to protect your investment. Additionally, it is important to be aware of any income, capital gains and other taxes that may apply when purchasing a property. Finally, you should familiarize yourself with the market prices in the area in order to avoid paying an inflated amount for the property," explained one expat living in Bahamas.
Other Questions:
- What do I need to know before retiring in Bahamas?
- How do I meet people in Bahamas?
- What is life like in Bahamas?
- Is there a lot of crime in Bahamas?
- Is there a lot of diversity? Are people in Bahamas accepting of differences?
- What are the schools in Bahamas like?
- Is the cost of living in Bahamas high?
- What advice do you have for expats having a baby in Bahamas?
- What are healthcare services like in Bahamas?
- Is the cost of living in Bahamas high?
- What type of recreational facilities are in Bahamas?
- What is the weather like in Bahamas?
- Are there good restaurants in Bahamas?
- Where will I buy groceries and do other shopping in Bahamas?
- What are the visa & residency requirements in Bahamas?
- Are healthcare and health insurance expensive in Bahamas?
- What do I need to know when buying property in Bahamas?
- Are foreigners allowed to own property in Bahamas?
- What appliances are typically included in a rental?
What do I need to know when buying property in Bahamas?
If you live in Bahamas, newcomers to Bahamas would love to hear your answer to this question:
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.