What special permits/approvals are required when purchasing property in The Bahamas?
The type of permits / approvals required under the International Persons Landholding Act depends on how one is taking title to the property and the intended use of the property. The following types of permits apply to purchases of property at Baker’s Bay: * Certificate of Registration – this is an easy approval to obtain and is a post-closing step that takes approximately 30 days. A Certificate of Registration is required if: (i) a person (Bahamian or non-Bahamian) is buying in their own name, (ii) related persons, e.g., husband and wife, are buying property jointly, and (iii) a person is buying in an entity (US or foreign) where they are the sole owner of that entity. Escrows involving a Certificate of Registration will be 30 – 45 days. * Foreign Investment Board Approval (FIBA) – this is a permit, and is more difficult to obtain than the Certificate of Registration. FIBA approval typically takes 90 days to secure from the Bahamian government and it is necessary to obtain FIBA before
The type of permits / approvals required under the International Persons Landholding Act depends on how one is taking title to the property and the intended use of the property. The following types of permits apply to purchases of property at Baker’s Bay: • Certificate of Registration – this is an easy approval to obtain and is a post-closing step that takes approximately 30 days. A Certificate of Registration is required if: (i) a person (Bahamian or non-Bahamian) is buying in their own name, (ii) related persons, e.g., husband and wife, are buying property jointly, and (iii) a person is buying in an entity (US or foreign) where they are the sole owner of that entity. Escrows involving a Certificate of Registration will be 30 – 45 days. • Foreign Investment Board Approval (FIBA) – this is a permit, and is more difficult to obtain than the Certificate of Registration. FIBA approval typically takes 90 days to secure from the Bahamian government and it is necessary to obtain FIBA before
