Buying a Condo on Grand Bahama
We had some questions from a Texas based client interested in purchasing a Condo on Grand Bahama. I’m glad to hear our Condos are top of their list but as their queries are relevant to many of you interested in property on Grand Bahama, we thought we’d share the information in our blog.
It must be highlighted that we would always recommend you take full legal advice as part of you purchase and the following information serves merely as a useful guide to help people with their initial fact find – i.e. this is not a substitute for full legal advice.
Q & A
1. I’m based in Texas, considering buying a condo at Suffolk Court and have some initial questions regarding property purchase on Grand Bahama. Can I use my own attorney/solicitor?
Although you may have your own attorney elsewhere in the USA, you will have to engage the services of a local attorney to purchase a property on Grand Bahama.
2. How is my interest in the property recorded.
There is a local property registration body to note all property ownership. This will form part of the process your attorney undertakes with your property purchase.
3. How long is the sales/legal process?
Typically the legal process will take about ninety days.
5. How much would it typically cost in fees to acquire a Condo on Grand Bahama
Government stamp tax 2-10% (Purchases over $250,000 will be taxed the 10%);
Legal fees – 5%;
Title Search – $250.00;
Foreign Investment Board – $250.00 first time purchase; subsequent purchases will cost $500.00;
Recording Fees – $4.50 per page;
Miscellaneous – $75.00.
You might also find the following link useful.
http://www.geographia.com/bahamas/investment/propty01.htm
We would be delighted to take any more questions about buying or renting a condo on Grand Bahama or even questions on what it’s like to live in Nassau etc – drop us a line or leave a comment.
Grand Bahama – Construction, Coins & Conch
We decided to get out of the office this Thursday past and hold our weekly meeting outdoors. As you can well imagine, outdoors on the beautiful island of Grand Bahama, Bahamas, is long stretches of sugar like sand, picture perfect like sky blue water, and the sweet sound of the ocean…THE BEACH.
While on the beach in walking distance from our office, we met up with a talkative and curious visitor from New York on the third day of his vacation. The New Yorker all but took over our meeting. The man could talk…asked loads of questions…and talked some more…and then some. Among the many things he picked our brains about were: Coins, Conch, and Construction. If you’re thinking about buying or renting a Bahama condo, we thought you may also share his curiosity so here’s our answer.
Coins – What’s the value of the U.S dollar compared to the Bahamian dollar?
Well as a matter of fact two of the heralded attractions to the Bahamas are the political stability of the Bahamian government and the absence of taxes. The country’s sound fiscal and economic policies have kept the Bahamian dollar ON PAR with the US dollar since 1966. The legal currency of The Bahamas is the Bahamian dollar, but the US dollar is accepted throughout the islands.
Conch – The New Yorker had heard about Conch but didn’t know what this is…
Conch is a Bahamian delicacy…gem of seafoods…uniquely native shell fish…cultural fixture…Conch is sold and eaten fresh at local fish markets or at street corner shacks/trucks…many locals and visitors enjoy it fried, cracked,…roasted….A trip to Grand Bahama, Bahamas, would be incomplete without the delicious conch dining experience….Word has it that the conch seasoning taste better if you take full advantage of the breath taking island views while chewing on CONCH.
CONSTRUCTION – Considering the fact that we pride ourselves as experts in the business of constructing and property sales in The Bahamas, we were very much at home with his question “How difficult would it be for my family to own a nice condo on Grand Bahama Island?”
It’s actually not difficult to buy a Bahamas property, but we find from experience that there are a few items you’ll need on your checklist when searching for a good quality condo or property:
- Does the property have waterfront access?
- Will you get unrestricted sea views?
These properties will attract a higher sale/re-sale price in the future, a strong consideration if you are buying a condo as an investment.
- Is central air conditioning available?
Average 75 degree weather year round and cool sea breezes sound great…but the weeks of nice 90 degrees could call for some A/C…
Better to have it and not need it…than to need it…and not have it.
- Is there an onsite management service?
This is always useful considering you would like to be pampered while staying at your condo or property…and have full attention paid to your investment while you’re away.
We are back in the board room now but thought we’d mention that our beautiful island and world class talents…are not limited to New Yorkers…Feel free to talk to us or ask a question anytime about living here…Coins, Conch, Construction…or whatever you’d like to know.
Don M Archer
