FAQ
Yes, non-Bahamians can sell their property, but they may need government approval. The process involves listing the property, finding a buyer, and completing the necessary legal and financial transactions. While there isn't a capital gains tax in The Bahamas, there may be other taxes and fees, such as stamp duty and legal fees. The time to sell can vary, depending on market conditions and the property's appeal. Many sellers opt to work with real estate agents to market their properties, reach a broader audience, and facilitate the sale. Challenges may include market fluctuations, finding qualified buyers, and navigating legal requirements. Sales transactions are typically conducted in Bahamian dollars, but arrangements can be made for transactions in other currencies. While not mandatory, having a real estate attorney can help ensure a smooth transaction, address legal concerns, and protect your interests. Sellers are generally required to disclose any known issues or defects with the property to potential buyers. Yes, but it's crucial to coordinate with the mortgage lender to settle the outstanding balance during the sale.Can non-Bahamians sell their property in The Bahamas?
What is the process for selling a property in The Bahamas?
Are there any taxes associated with selling a property?
How long does it typically take to sell a property in The Bahamas?
Should I use a real estate agent to sell my property?
What are the common challenges faced by sellers in The Bahamas?
Are there any restrictions on the currency in which the sale can be conducted?
Do I need a real estate attorney when selling my property?
Are there specific disclosure requirements for sellers in The Bahamas?
Can I sell my property if there is an existing mortgage on it?