Residential property in the Bahamas, the Caribbean (2024)

Buying Property In The Bahamas

From the bustling capital city Nassau through to secluded, idyllic islands, property in the Bahamas offers paradise in countless ways.

The laid-back pace of life is a compelling draw for prospective residents, while its favourable tax system is attractive for working families.

The island – just an hour’s flight from Miami - attracts a broader range of nationalities than other Caribbean nations, with the westerly islands of New Providence and Paradise Island being the focus of tourist industries.

Beyond tourism, a fifth of the island's GDP comes from the financial services sector, while the nation boasts the third-largest shipping registry globally.

Buying, Owning Or Selling Property In The Bahamas

There are no restrictions on foreigners buying property in the Bahamas. Property purchasers are eligible for an annual Home Owners Resident Card, and those buying a property valued at $500,000 and above are given priority in permanent residence applications.

Property taxes are levied at a maximum rate of 1 per cent for properties worth more than $500,000, and stamp duty (which is split between the buyer and seller) ranges from 2 per cent to 10 per cent.

Sellers usually pay the agent’s commission, charged at 6 per cent for developed properties and 10 per cent for undeveloped homes or vacant land. Other fees may also apply.

Education

There are roughly 50 international and private schools in the Bahamas for foreign-born residents to choose from.

These are mostly, although not exclusively, concentrated on the larger islands and include Lyford Cay International School, St Andrew’s International School and Lucaya International School.

Most private schools follow a curriculum modelled on the British system, and some still maintain a faith-based denomination.

School attendance in the Bahamas is compulsory between the ages of 5 and 16, just like the UK, a key factor behind the island’s 96 per cent literacy rate.

Major universities on the island include the Princess Margaret Hospital, which has a nursing school, and the University of the West Indies, which offers degrees in hospitality.

Activities

The Bahamas is a diving paradise, with its abundant sea life and the evocative Bimini Road dive site, asymmetrical limestone formation five and a half metres below the waves.

Away from the shore, exploring the country’s only city, Nassau, is a must. Whether it’s visiting Bay Street’s numerous shops, relaxing in the lavish Sky Bar atop Baha Mar, or uncovering its vibrant history, the city offers a vivid juxtaposition to its tranquil coast.

At night, entertainment can be found in luxurious casinos, such as Paradise Island’s Atlantis Casino, or indulge at one of the numerous chic hotels, including Graycliff Hotel, which boasts its own on-site chocolatier, cigar shop and the world's third-largest wine cellar.

Outdoor enthusiasts will also wonder at the underwater cave system – one of the longest in the world – at Lucayan National Park and the vast pine and coppice forests of Blue Holes National Park, which is punctuated with deep vertical caves.

Culture

The dynamic art scene in the Bahamas is best represented at the National Art Gallery, whose permanent collection showcases the best of modern and contemporary Bahamian artists.

The island’s rich maritime past is brought to life in museums, including Pirates of Nassau and the Heritage Museum of The Bahamas, while sports enthusiasts can indulge in the island's rich cricket and horse racing scene.

Foodies will revel in the Bahamas' culinary scene, whose savoury staples such as conch – deep-fried or in salads – lobster and souse will be keenly devoured before popular sweet treats such as rum cake and guava duff. Fish by Jose Andres and The Landing are just two top restaurants that set the bar high for exquisite, locally sourced dishes.

Accessibility

Major UK airports offer direct flights to Lynden Pindling International Airport, while regional UK airports offer indirect routes, usually via New York, Boston, Atlanta or Miami.

Inter-island flights conveniently link up the islands, as do a range of ferry services and water taxis.

Ferries from Miami offer services to various islands, including Grand Bahama, Long Island and the city of Nassau on New Providence.

Major car-rental companies operate in Nassau, Freeport and other tourist centres.