Who may own real property in the Bahamas?
Bahamian and non-Bahamian persons or entities may own real property. The International Persons Landholding Act, 1993 makes buying and holding real estate in The Bahamas an uncomplicated and easy process for non-residents.
What form of property title is given at The Residences at Abaco Beach resort and Great Abaco Club?
Similar to the United States, condominiums and land are delivered on a freehold basis and U.S. based title insurance is available.
Are there any restrictions on selling my home, condominium or vacant land?
No. Whether the property is a free-standing home, a condo or undeveloped land, it may be bought, sold or bequeathed without any restrictions.
Will there be any income tax imposed by the Bahamas on income earned in the Bahamas?
The Bahamas does not have an income tax regime. All potential buyers should consult with their tax advisors regarding the specific rules regarding the treatment of Bahamas Stamp Tax, VAT as well as miscellaneous expenses associated with purchasing real estate in the Bahamas.
Can I bring my pet to the Bahamas?
Yes. Animals imported will require proof that the pet’s vaccinations are current. The same requirement you would need to board your pet. A permit may be obtained prior to arrival through the Bahamian Department of Agriculture at the cost of $10 and ca last up to one year. Permits may be obtained by phone at (242) 325-7502 or by mail directed to: Department of Agriculture, P.O. Box N-3028, Nassau, Bahamas.
Is the community gated?
Yes. Residences at Abaco Beach Resort and Great Abaco Club communities are gated and provide 24 hour staffed restricted access.
As an owner of a residence or Great Abaco Club homesite, what is the initiation fee to join The Club at Abaco Beach Resort?
The current fee is $25,000. For Residences owners, this fee is currently being waived for units purchased in 2018 as a buying incentive. Please ask your sales executive for current details related to Club Membership.
What are club dues and what does this include?
The club dues are $130 per month and include access to the swimming pools, tennis courts, fitness center and beach as well as special privileges at the restaurants, shops, and concierge services. This club membership will also grant access to future amenities as they come on line.
As an absentee Residences owner, will there be someone onsite to contact if I need assistance?
Yes. The Residences at Abaco Beach Resort have dedicated full-time employees to help with any needs an owner may have. This includes, but is not limited to, stocking the kitchen prior to the owner’s arrival, arranging different Abaco adventures/excursions and checking on the Residences for peace of mind.
How do I furnish my Residence?
For your convenience, the Developer has or will furnish your residence with an exquisite furniture package, designed to the specifications applicable to the Hotel’s rental program.
How do I insure my Residence?
Portions of your monthly fees pay for the insurance on the Residences at Abaco Beach Resort building. If you choose to insure the contents of your residence, the Developer will provide owners with a list of preferred carriers located in the Bahamas. Contents equaling $125,000 can be insured for approximately $158 per month.
How are utilities billed?
Electrical services and chilled water for the HVAC are individually metered to each unit and billed monthly to each owner. Cable, telephone and internet service will be billed monthly to each owner as well.
What are my options for taking ownership? Can I take ownership in the name of a company?
You may choose, as some purchasers do, to form an International Business Company (IBC), which is the equivalent of an LLC in order to take title. Due to the Bahamas being a tax-neutral jurisdiction and a premier global financial center, company formation can occur within 24-hour timeframe. We would be happy to refer you legal firms that can assist.
Want to know more? Simply request the rest of our FAQs and learn the following:
- What is required for a non-Bahamian to purchase property in the Bahamas?
- Are there any real property taxes in the Bahamas?
- Will real property taxes imposed by the Bahamas be deductible in the U.S. by U.S. taxpayers?
- What are typical closing costs?
- If I purchase a Great Abaco Club homesite, how difficult a process is it to build in the islands?
- What are my Residences homeowners’ dues and what does this include?
- What are the recurring costs associated with my purchase of a Great Abaco Club homesite?
- Is there any financing available for my purchase?
- Do I have to enroll in the hotel’s rental program?
- What is the purchase process?
- Is pricing firm or can I made / put in an offer for a specific Residence and/or Great Abaco Club homesite?
- Are there any other incentives for purchasing a Residence at Abaco Beach Resort?