Bahamas
View THE BAHAMAS on Wikipedia
Capital: Nassau
Official Language: English
Registrar General's Department
Mrs. Deirdre Clarke Maycock
Registrar General
Email: DEIRDREMAYCOCK@BAHAMAS.GOV.BS / deirdremaycock@bahamas.gov.bs
Email: registra@batelnet.bs
Telephone (242) - 397-9113, (242) - 397-8954-58, (242) - 397-9178
Telefax (242) - 322-5553
Website: http://www.bahamas.gov.bs/rgd
Address: Registrar Generals Department Shirley House #50 Shirley Street P. O. Box N-532 Nassau, N.P., The Bahamas
- The Bahamas, as a premier centre for tourism and business, promotes an investor-friendly atmosphere. Investment in homes, hotels, resort complexes and other businesses is encouraged. Real estate sales and building construction play an important role in the overall development of the Bahamian economy, which consists primarily of tourism and financial services. Therefore, the Government’s investment policy aims for substantial and consistent growth in the real estate field. For the first time, a separate ministry of government has been established, called the Ministry of Financial Services and Investments. In the National Strategy on Financial Services of October 2002, the Minister announced the Government’s intention to streamline the procedures and to expedite the approval of the applications associated with property purchases. The Government promised to replace the red tape with the red carpet, and also to increase the linkages between tourism, investment, real estate and property development.
- The purchase contract, also referred to as the agreement of sale or contract for sale, may contain a variety of provisions, depending on the nature and complexity of the project. It is usually made subject to financing and the approval of the relevant government applications, so that the deposit (usually 10% of the purchase price) is refunded to the proposed buyer in the event that financing or approval is not obtained.
- Some provisions of the agreement of sale are laid down by law, in particular the Conveyancing and Law of Property Act (section 3). However, the parties can, and usually do, exclude some of these provisions, which apply only if and as far as a contrary intention is not expressed in the agreement of sale. Thus, the agreement usually excludes the obligation under this Act to produce an abstract of title.
- Usually within 14 days, the seller is required to produce all of the documents of title in his possession and such other information, as the buyer’s attorneys reasonably require, in order to deduce a good marketable documentary title. Requisitions and objections, if any, in respect of the title or description of the land are to be delivered in writing to the seller’s attorneys within l4 days. The title is deduced for a period of thirty years, or to a grant or lease by the Crown, or to a certificate of title granted by the Supreme Court, whichever period is shorter.
- Regarding requisitions and objections, a seller or buyer may at any time apply in a summary way to the court, in respect of any requisitions or objections, or any claim for compensation, or any other question arising out of or connected with the contract (section 4).
- IN GENERAL
- The procedures are best considered in general, and then separately for homes, hotels and businesses.
- You will have to complete, for your attorney and financial institutions, the due diligence required under the anti money laundering legislation. They compile the Know Your Customer information from you, such as the source of your funds and a copy of your passport, and keep the completed forms.
- The other procedures consist of searches, applications, and drafting, executing, stamping and recording the conveyance and associated documents. The title searches are conducted at the Registry of Records. As a system of registered land has not yet been introduced, such searches are a tedious necessity in an archaic system. In addition, a search is done of the cause list and files of the Supreme Court Registry. For example, under the Judgments Act, a judgment against a seller attaches to his land, and is an encumbrance on the title; if you buy the land, you will not receive a good marketable title. Because many of the books of the Supreme Court Registry are worn out with use and age, you are well advised to obtain the services of a specialized search service and also title insurance. Both Registries are in the process of being computerized.
- Additional searches are also done of the relatively modest real property tax levied by the Government. In addition, for land in Freeport, searches are done of the charges imposed by the Grand Bahama Port Authority.
- Prior government approval is not required for non-Bahamians to purchase residential properties of less than 5 acres. Such purchases are merely registered with the Investments Board. Where the land is 5 acres or more, an application is made to the Investments Board for a permit. A permit is granted on the strength of the investor’s assurances that the land will be used for development and not for pure speculation. For large projects, an application is also made to the Bahamas Investment Authority (BIA) for approval. A project proposal, financial projections and the employment needs of the project must be included. In addition, you apply to the Central Bank for approved investor status, which means that, in the event that you later decide to sell the land, you will be able to repatriate the proceeds, as evidence will have been provided of the foreign source of the purchase money.
- In Bahamian land law, ancient forms and language are still used. A conveyance is drafted by the seller’s attorney and approved by the buyer’s attorney, setting out the transfer of the land. It is the responsibility of the buyer’s attorney to stamp and record the conveyance and any other documents, such as a mortgage or debenture, which may be associated with the transaction. Stamp duty, a major source of government revenue, is determined by a sliding scale according to the purchase price. Recording is important for the protection of the buyer. For large projects and for estate planning purposes, it is often desirable to purchase the property in the name of a company. In that case, a company is incorporated under the Companies Act.
CHAPTER 252 ACQUISITION OF LAND
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