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| Building & Purchasing Building or purchasing a home in Emerald Bay is accomplished as easily as in the United States. The purchasing process is handled by a qualified agent of Emerald Bay, at no cost to the homebuyer. If you are building a home, Emerald Bay can recommend several excellent homebuilders who provide turnkey services. Depending upon the complexity of the design and materials, building a home can take six to eight months. Closing Legal representation for your closing is available in both the U.S. and The Bahamas. Emerald Bay works with the firm Kohl & Tanzer and Bahamian counsel Mackay & Moxey. We can recommend an independent lawyer of your choosing who is familiar with Emerald Bay. Title insurance is provided by First American Title, the largest insurance provider in The Bahamas. Escrow funds are deposited in an interest-bearing account in Northern Trust Bank in the U.S. Insurance Home insurance rates in The Bahamas are comparable to those of South Florida. Taxes At conveyance of property there is a Bahamian transfer tax, based upon lot value. The Bahamian government assesses an annual property tax based on market value and months of residency. Residency Individuals who purchase real estate in The Bahamas are entitled to a Home Owner Resident Card, which allows unlimited entry into the country and allows the owner, spouse, and any minor children to remain in the country for the duration of the validity of the card for a fee of $500 per annum. Individuals may also obtain a permit for Annual Residency or establish Permanent Residency by meeting certain criteria. For More Information For more information, consult your Emerald Bay representative or the following websites: Bahamas Travel Directory Real Estate Tax Information |
