Moving to The Bahamas could be one of the best decisions that you will make. To ensure that it is, get to know The Bahamas first. It will help you manage your expectations and prepare for the life that awaits you here.
Below are three essential things you need to know before moving to The Bahamas.
Where do you want to live?
The Bahamas is over 700 islands-strong with numerous islets and cays in between. Before you book a ticket, it is important to know where you want to live.
Most Bahamians live in New Providence Island, where you will find the capital, Nassau. A bridge connects the capital to Paradise Island, home of Ocean Club Estates. New Providence is also home to the prestigious old-world communities of Old Fort Bay and Lyford Cay. Another major island to consider is Grand Bahama, home of Freeport — the second largest city in The Bahamas.
If you prefer to settle down somewhere slightly off the beaten track, consider Andros. This is the largest island in the archipelago and is home to the Andros Barrier Reef and Kamalame Cay. There, you can enjoy high-end resort-style living.
Buying a home in The Bahamas
Foreigners are allowed to buy real estate in The Bahamas. All you need to do is to register the purchase with the Central Bank and the Investment Board. But if you intend to buy undeveloped land or a property that is over five acres, a special permit is required.
Other things to note about buying a home in The Bahamas:
- It is necessary to hire a local attorney to help you with the legal aspects of buying real estate, such as making sure the title is clean and free of liens.
- Listing prices typically include costs that are shouldered by the seller.
- There is a wide range of homes for sale in The Bahamas, whether you choose to live in Nassau, in a gated community like Old Fort Bay, or in one of the Out Islands.
It is best to hire a licensed real estate agent when buying a home in The Bahamas.. They will be able to help you navigate the home-buying process in the islands.
Applying for residency
Residency requirements in The Bahamas are strict but buying a house can make it easier for you. As a property owner, you are entitled to apply for a Home Owner’s Card. This card will allow you and your immediate family to live in The Bahamas until the card expires.
Another option is to apply for an annual residency permit. This doesn’t require you to purchase a home, provided that you meet its eligibility requirements.
If you are willing to wait and prepare all the necessary paperwork, you can also apply for permanent residence. This grants you almost all of the benefits a Bahamian citizen enjoys. You won’t be allowed to vote, however.
A new life in paradise
Viceroy Luxury Real Estate Group specializes in relocation to The Bahamas to make it stress-free. We are more than happy to guide you through the whole process of moving here. Get in touch with our team at 242.502.3400 or info(at)viceroybahamas(dotted)com to know more.