ACQUIRING REAL PROPERTY
APPLICATION FOR PERMISSION TO PURCHASE OR ACQUIRE REAL PROPERTY
The Bahamas is located in one of the most idyllic tropical settings in the world and has many attractive features for those who may wish to relocate permanently or establish a second home.
To meet the diverse and sophisticated tastes of travelers and residents alike, The Bahamas offers something to suit every taste: rest and relaxation, family fun and entertainment, or adventure and exploration. With miles of natural sand beaches, out-door attractions, luxury resorts, golf, casinos, restaurants and shopping, there is no shortage of exciting things to do.
Gated waterfront communities packed with lifestyle amenities from golf and tennis to spas and marinas are attracting more second and third-home buyers from North and South America, Europe, and the Far East.
A Permit to Acquire Property is required by all non-Bahamians acquiring an interest in land if the property is undeveloped land with two or more adjoining acres. A Permit is also required if the intended use is not as an owner-occupied property.
- Acquiring an interest in land if the property is undeveloped land
- Acquiring an interest in two or more adjoining acres
Bahamians are also required to apply for a permit where the intended use is not as an owner-occupied property.
- Complete the entire “Form 3”.
- Submit Form 3 to the Secretary to the Investments Board, along with the list of documents identified below.
- As applicable, the application is also reviewed by the Securities & Intelligence Branch of the Royal Bahamas Police Force and Government Ministries, depending on the nature of commercial activity proposed.
- Once approved, an approval letter is prepared.
- Upon receipt of an approval letter, the applicant must pay the required fee at the Public Treasury.
- A copy of the receipt must be returned to the Investments Board. The Board then issues the Permit to Acquire Property.
Form 3 – Application for Permit, International Persons Landholding Act, 1993.
- Copy of National Photo Identification (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.
- Police Record / Certificate from country of residence or Sworn Affidavit where applicable (must be current*).
- Character Reference (must be current*).
- Copy of site plan of land being acquired / purchased (please include size).
- Proof of Bahamas Immigration Status.
- Social Security Number / National Identification Number.
- Real Property Tax Assessment Number.
- Evidence of Payment of Real Property Tax (must be current).
- If the applicant is a Bahamian Registered Company, a copy of the Certificate of Incorporation / Registration in The Bahamas is required.
- Financial Reference (must be current).
- Source of Wealth (If self-employed, state in which field and provide proof thereof).
*NB. Current means dated not more than six months prior to submission to the Investments Board.
A determination is communicated within 30 days following the submission of all documents.
All approval letters are valid for one year from the stated date. Therefore, it must be reapplied for, if needed, before the initial approval has expired.
Applicant must pay a fee of BS$500.00, which can be paid at the Public Treasury. If accessing this service from a Family Island, the requisite fee may be paid at the Public Treasury offices on Grand Bahama or Abaco.