What types of real estate are available in Grand Bahama?

Available real estate in Grand Bahama includes beachfront villas, condos, oceanfront estates often with private dockage, and select inland lots. Real estate pricing on the island ranges depending on property type and lot size.

Can foreigners buy real estate in Grand Bahama, Bahamas?

Yes. Foreigners can buy real estate in the Bahamas. There are no restrictions on foreign ownership of residential property, though buyers are required to work with a local Bahamian lawyer to handle conveyancing. Purchases under $500,000 USD require registration with the Investments Board after closing. Transactions at $500,000 USD and above require prior government approval.

How do you get to Grand Bahama?

Grand Bahama has an international airport (GIBA) offering a 35-minute direct flight to South Florida. Western Air and Bahamair offer flights to and from Fort Lauderdale, with select airlines offering seasonal flights to and from Charlotte, Orlando, Toronto, and Montreal.

Are there property taxes in the Bahamas?

Yes. You can expect to pay an annual Real Property Tax for any owned property in the Bahamas. Homes valued between $300,000 and $500,000 USD are taxed at 0.625%, and amounts above $500,000 USD are taxed at 1% on the excess. Owner-occupied homes valued up to $300,000 USD are fully exempt. If you are seeking to purchase non-owner-occupied vacation and investment properties, it is recommended to consult a lawyer about the separate rate schedule.

What is the Hawksbill Creek Agreement?

The Hawksbill Creek Agreement established Grand Bahama as a free-trade zone in 1955. Depending on how property is purchased and if you hold a Grand Bahama Port Authority (GBPA) license, buyers can take advantage of significant exemptions on capital gains, real estate, and private property. It is recommended to consult a lawyer on the exact tax exemptions that you may qualify for.

Is Grand Bahama a good market for vacation rental income?

Yes. Grand Bahama is considered a strong market for vacation rental income thanks to its accessible value, tax advantages, and rebounding tourism. The Hawksbill Creek Agreement specifically can provide buyers with significant exemptions on property tax, capital gains, and real estate.