Bahamas

Country Information & Lifestyle Ocean circled around cays The Bahamas is situated 50 miles off the coast of Florida and consists of 700 islands in 100,000 sq m of ocean circled around cays of which only 23 are inhabited and the rest are unpopulated. The Exumas were settled in 1783 by American Loyalists and slaves worked in the cotton plantations until 1834 when slavery was abolished. After the abolition of slavery the islands changed drastically, the plantations were dissolved and both blacks and whites turned to the bountiful sea or tried to farm. The Bahamas have earned an international reputation for sailing due to the calm waters and cooling trade winds, and regattas and races are held all year round. The islands are actually the birthplace of the Gulf Stream and legendary game fish draw sport fisherman in search of the "big one". From the pink sands of Harbour Island and Eleuthera to the deserted sands of Exuma and San Salvador there is a lifetime of beaches to experience. Nassau, the capital, is cosmopolitan and seems a world away from the deserted sanctuary of Inagua. Many of the tiny villages on the islands seem lifted from the Massachusetts coast, set amongst palms and pines and iridescent sands. The natural beauty of the water extends to the thousands of miles of shoreline which has some of the worlds most stunningly beautiful and unsullied beaches, it is no wonder that the famous writer Ernest Hemingway made his home on Bimini. Further inland are the gardens and National Parks home to rare and endangered species such as the exotic Abaco parrot and the Bahamian Iguana. The people are humorous, hospitable and more than happy to introduce you to the richness of their history, folklore, culture and cuisine. Religion is an integral part of Bahamian life and even the tiniest village has a church. Music is in the very bones of the people with African rhythms, Caribbean Calypso, English folk-songs and the unique Bahamian Goombay beat echoing in the air. The fast-tempo "goom-bahh" resonating from drums can be traced back to the days of slavery and is used for both story-telling and dancing. Although virtually any type of international food can be found in the Bahamas fresh seafood and fish play a major role in local cuisine. Never bland, subtly spicy and uniquely flavored more than any other cuisine in the West Indies and influenced by the American south. The conch with its firm, peach-fringed meat is a large type of ocean mollusk, and is served in many ways. Fresh uncooked conch is delicious - the meat is scored with a knife and lime juice and spices sprinkled over the meat. It can also be deep fried, steamed, added to soups, salads and stews or made into conch chowder or fritters. Nassau was once the home to many pirates and by far the most infamous pirate who ever lived was Edward Teach, better known as Blackbeard. Believed to have been born around 1680 in England he left Bristol for the Caribbean where British privateers were inflicting heavy damage on Spanish shipping. It was the beginning of a career that was brutal, glorious and short. He served in Jamaica as a privateer and later captured a French merchantman. He got the name of Blackbeard as before going into battle he would tie slow-burning fuses to the ends of his beard then light them as he approached enemy vessels. The mere sight of him standing on the deck his legendary jet-black beard glowing and smoking was enough to terrify merchant captains into immediate surrender. In 1718 he left the Caribbean to raid the coast towns of Virginia and the Carolinas which led to his death, but not before he padded his bloodthirsty reputation with some of his most ambitious rampages. The Bahamas is one of the safest havens in the world where the British tradition of the Changing of the Guard is continued and the policemen take pride in wearing their starched uniforms.

Purchasing a Property Foreigners are encouraged to purchase a second home or business in the Bahamas, and if a foreigner acquires a single family dwelling or vacant land to be used in construction of such a dwelling, you do need a permit from the Government prior to purchase. You will need to register your acquisition subsequently with the Investments Board. The foreigner will require a permit however if : 1) The property is undeveloped land and of five acres in size or larger or 2) The property is not a private residence or it is not intended for development as such. Failure to obtain a permit will render the acquisition null and void but the foreigner will be entitled to recover all monies paid in consideration of the acquisition less any legitimate deductions. If a permit has been granted for the acquisition of land the intended usage changes then the permit must be varied by the Board otherwise it will be invalid. A registration certificate or permit must be included along with the title documents to be recorded in the registrar Generals Office, otherwise the recording will be null & void.

Fees & Taxes Stamp duty - a graduated tax is payable on the conveyance of real property and is based on the value as follows :- Up to and including $20,000 - 2% From $20,00.01 to $50,00 - 4% From $50,00.01 to $100,00 - 6% From $100,00.01 to $250,00 - 8% Over $250,00.01 - 10% The usual practice is for the tax to be shared between the buyer and seller unless otherwise agreed upon. Foreigners are not permitted to obtain permits, register leases or letting agreements unless they are for trade or business purposes and then the term can exceed 21 years. Property owned by Bahamians and situated in the family Islands is exempt from property tax. Property approved as commercial farm land,(by the Ministers of Agriculture, Trade, Industry and Finance), is eligible for property tax exemptions. Also exempt are : - Unimproved property owned by Bahamians, meaning property without physical additions or alterations or any works benefiting the land which have not increased the market value thereof by $5,000 or more. Places of religious worship, school buildings and their gardens and playing areas. Property owned by foreign governments, property owned by foreign nations and used for consular offices or residence of consular official and employees. Property used exclusively for charitable or public service from which no profit is derived. The foreigner must obtain an annual home owner resident card upon application and payment of a fee to the Director of Immigration. The card authorizes the entry of the holder and his immediate family. Their stay in the Bahamas is authorized provided there are not restrictions for policy reasons or under the Immigration Act. Application for registration $25.00 Application for permit $25.00 Certificate of registration a) the value of the property is $50,000 or less - $50.00 6) the value of the property is over $50,000 but under $101,000 - $75.00 c) the value of the property is $101,000 and over d) Home owner resident card - $550.00 There is no capital gains tax. Agents fees 6% Legal fees between 2-5% There is an annual property tax depending on the value of the property paid.

Visas A valid passport is required by all nationals and an onward/return ticket required for stays of up to 8 months. Proof of sufficient funds is required. Passport and residence/work permit needed for residence and business. Permit required for firearms and to import pets. Check with the nearest Consulate/Embassy for up to date information before travel.

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