Under the International Persons Landholding Act, non-Bahamians are required to apply for a ‘Permit to Acquire Property’ for Bahamas Harbour Island real estate is required,if:
- The property being purchased is larger than 2 acres
- All or a portion of the property will be rented
- The property is for commercial development
Buyer is required to pay a fee of BS $500.00 which must be paid directly to the Public Treasury.
Once all documents are received by the Bahamas Investment Authority, it takes 30 days to receive a notice of approval. Once approved, you take the receipt as proof of payment to the Investments Board who then issues the Permit to Acquire Property.
Approval letters are valid for one year from the document date. Once the initial approval expires it must be reapplied for, if applicable.
- Copy of government issued identification such as a Passport, Driver’s Licence, etc.
- Written confirmation that due diligence has been completed to meet “Know Your Customer” requirements, pursuant to the Financial Transactions Reporting Act, 2000.
- A certified current police record (or Sworn Affidavit where applicable) from country of residence
- A current character reference
- Copy of the site plan for the land being purchased
Proof of Bahamas Immigration Status
- Social security number or national identification number
- Real property tax assessment number
- Proof of payment of real property tax
- A copy of the certificate of incorporation registration in the Bahamas is required, if the applicant is a Bahamian registered company
- A current financial reference.
- Source of wealth. If self-employed, you just state in which field and provide proof.
For questions or more information regarding a Permit to Acquire Property’ for Bahamas Harbour Island real estate, contact the Bahamas Investment Authority at:
4th FLoor Cecil Wallace-Whitfield Centre
P. O. Box CB-10980
Tel. (242) 327-5826-9
Fax. (242) 327-5806