Application For Permission To Purchase/ Acquire Real Property : Bahamas

Name of the Organization : Bahamas Investment Authority
Type of Facility : Application For Permission To Purchase/ Acquire Real Property
Country : Bahamas

Website : https://www.bahamas.gov.bs/wps/porta…vZ0FBIS9nQSEh/

Application For Permission To Purchase Property

A Permit to Acquire Property is required by all non-Bahamians acquiring an interest in land if the property is undeveloped land with two or more adjoining acres. A Permit is also required if the intended use is not as an owner-occupied property.

Related : Bahamas Applying For Investment Incentive Concessions : www.statusin.org/6379.html

Eligibility :
Non-Bahamians:
** Acquiring an interest in land if the property is undeveloped land
** Acquiring an interest in two or more adjoining acres

Bahamians are also required to apply for a permit where the intended use is not as an owner-occupied property.

Process :
** Complete the entire Form 3.
** Submit Form 3 to the Secretary to the Investments Board, along with the list of documents identified below.
** As applicable, the application is also reviewed by the Securities & Intelligence Branch of the Royal Bahamas Police Force and Government Ministries, depending on the nature of commercial activity proposed.
** Once approved, an approval letter is prepared.
** Upon receipt of an approval letter, the applicant must pay the required fee at the Public Treasury.
** A copy of the receipt must be returned to the Investments Board. The Board then issues the Permit to Acquire Property.

Application Form(s) :
Form 3 – Application for Permit, International Persons Landholding Act, 1993.

Supporting Documents :
** Copy of National Photo Identification (Passport, Driver’s Licence, etc.).
** Written confirmation that due diligence has been completed to meet “Know Your Customer” requirements, pursuant to the Financial Transactions Reporting Act, 2000.
** Police Record / Certificate from country of residence or Sworn Affidavit where applicable (must be current).
** Character Reference (must be current).
** Copy of site plan of land being acquired / purchased (please include size).
** Proof of Bahamas Immigration Status.
** Social Security Number / National Identification Number.
** Real Property Tax Assessment Number.
** Evidence of Payment of Real Property Tax (must be current).
** If the applicant is a Bahamian Registered Company, a copy of the Certificate of Incorporation /
** Registration in The Bahamas is required.
** Financial Reference (must be current).
** Source of Wealth (If self employed, state in which field and provide proof thereof).

NB: Current means dated not more than six months prior to submission to the Investments Board.

Turn-around time :
A determination is communicated within 30 days following the submission of all documents.

Deadline :
All approval letters are valid for one year from the stated date. Therefore, it must be reapplied for, if needed, before the initial approval has expired.

Related Fee(s) :
Applicant must pay a fee of BS$500.00, which can be paid at the Public Treasury. If accessing this service from a Family Island, the requisite fee may be paid at the Public Treasury offices on Grand Bahama or Abaco.

For more information please contact :
Bahamas Investment Authority as Administrative Arm of the Investments Board
4th FLoor Cecil Wallace-Whitfield Centre
Cable Beach
P. O. Box CB-10980
Nassau
New Providence
The Bahamas
Tel. (242) 327-5826-9
Fax. (242) 327-5806
Email: bia@bahamas.gov.bs