Bahamas Real Estate Exchange Your one stop resorce for realestate sales and management in the bahamas

Freeport Grand Bahama Information

BUSINESS AND FINANCIAL

Currency
The Bahamian dollar is at par with the US dollar and is accepted in all retail
transactions. However, all other currencies will need to be converted to
Bahamian dollars.

Banking
Banking hours are generally, Monday thru Thursday 9.30 am to 3 pm
Friday 9.30 am to 5 pm.
There are many branches of international banks in Freeport/Lucaya, including
Barclays Bank
CIBC
ScotiaBank
Royal Bank of Canada

Loans to International Investors
Loans are normally between 2.5% and 3.75% above the Bahamian prime rate.
International investors have to obtain Central Bank Approval to get a loan before the bank can process the loan. Banks will loan between 50% and 60% of the sales price of the property.

Investments
There is a large range of areas for investment by overseas investors, for which we have further information that can be requested.

Joint Ventures
International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is in the absolute discretion of the investor. Joint ventures between international investors and Bahamians are eligible to access funding from Bahamas Development Bank or the domestic capital market. There are various areas of sole investment that are restricted to Bahamians only.

Establishing a business in the Bahamas
An international investor seeking to do business in the Bahamas should submit to the Bahamas Investment Authority (BIA) a project proposal. In the case of a business in the Freeport/Lucaya area it is necessary to put forward a project proposal to the Grand Bahama Port Authority for their approval prior to submitting to the BIA

BOATING INFORMATION

BASRA
Bahamas Air Sea Rescue Association (BASRA) is the Bahamas equivalent of the Coastguard which is staffed by volunteers. They can be reached on VHF
channel 16, or on 242-352-2628.

Marinas
There are five marinas, most of which offer full services. Boat dockage at some marinas can accommodate up to 160 ft. Rates vary from 45¢ a foot upwards.

Other
Boat dealers, boat repair facilities, charter agencies and fishing guides exist throughout Grand Bahama Island.

CUSTOMS DUTIES
All items being brought in to the Bahamas are taxable at varying rates, with the exception of a few items, eg most computer hardware.

IMMIGRATION

Work permits
Work permits for non-Bahamians have to be obtained prior to arriving on the island to take up the position. No expatriate may be offered a position that a suitably qualified Bahamian is available to fill.

Annual Residence Permits
This may be obtained by qualifying under one of four categories.
1) Spouse or dependent of a Citizen of The Bahamas.
2) Spouse or dependent of a permit holder.
3) Independent economic resident.
4) Resident homeowner, or seasonal resident homeowner.

Permanent Residence
This may be obtained by persons who qualify under one of the following categories.
1) Spouse of a citizen of The Bahamas, and if male, must have been married for not less than five years.
2) An economic applicant, who seeks to reside permanently in The Bahamas because of investment in a business or home, or has established roots through family ties. Accelerated consideration is given to applications for annual or permanent residency by major international investors, and to fit and proper owners of residences valued in excess of $500,000.00.

MEDICAL
There are several clinics and one general hospital. One of the clinics has an inpatient facility. All doctors in every field are fully qualified with good referral contacts in the USA should they be requested

REAL ESTATE PROCESS

Steps in the process
1 Offer in writing to the Broker, which is forwarded to the vendor by phone/e-mail.
2 Verbal acceptance by vendor.
3 Agreement of Purchase and Sale signed by purchaser, and receipt of deposit.
4 Agreement of Purchase and Sale signed by vendor
5 Purchaser obtains financing if necessary, and the agreement is sent to the attorney for title search and completion. Please note that ONLY a Bahamian attorney can convey property in the Bahamas.
6 Balance of funds are paid at closing.
7 Documents are then forwarded by the attorney for recording at the Registrar General's Office. Title insurance may be obtained to protect your purchase.

TAX

Personal Taxes
Freedom from taxes on corporate or personal income, capital gains,
dividends, interest, royalties and inheritance. There are no property taxes in the Freeport/Lucaya area.

LEGAL AND GOVERNMENT

Political status
The Bahamas is an independent nation with British style parliamentary democracy. A member of the British Commonwealth with the head of state being the British Sovereign, represented by the Governor General.
The Bahamas has been independent since 1973, and has had a stable democratic government throughout its 275 year history.

Legal
This is based on the British legal system.

THINGS TO DO
There are many forms of activities - watersports (including scuba diving, swimming with the dolphins, parasailing, jet skiing, fishing) booze cruises, golf, nature tours, kayaking, tennis, squash, horseback riding, cricket, soccer, rugby, bridge, womens clubs, service clubs, and more. Other forms of entertainment include casinos, night clubs, bars, restaurants, live entertainment, two cinema complexes and a live theatre

EDUCATION
Primary education to Grade 12 in government schools is free.
Primary education to Grade 12 in private schools fees range on an average
of $550 per term, with 3 terms in the school year.
All schools have their own compulsory uniforms.
Nursery and childcare facilities are also available at varying rates.