Buying Bimini Real Estate as a Foreign Investor

Can a foreigner buy property in Bimini?

Yes. Foreign nationals can own real estate in Bimini and throughout The Bahamas. The exact registration or permit process depends on the property, acreage, intended use and ownership structure, so buyers should have a Bahamian attorney confirm the requirements for the specific transaction.

For a broader overview of the purchase process and current costs, read Berkshire Hathaway HomeServices Bahamas Real Estate’s Guide for Buying Bahamas Real Estate.

Foreign investor buying process in Bimini

What costs should a foreign buyer expect?

BHHS Bahamas’ buyer guide states that the VAT rate on real estate transactions for foreigners is a flat 10%. The same guide states that a local attorney is required for a Bahamian real estate transaction and that legal fees are typically about 2.5% of the final negotiated sales price, although legal fees are negotiable.

Real estate commissions are typically paid by the vendor or landlord, subject to the negotiated transaction. BHHS Bahamas lists the standard commission as 6% for developed property and 10% for undeveloped land, with VAT also applying to commissions. See the brokerage’s Bahamas buyer cost and tax guide for the full breakdown.

Real Property Tax for investment property

Foreign investors should budget for annual Real Property Tax as part of the carrying cost of a Bimini property. BHHS Bahamas’ current buyer guide lists non-owner-occupied commercial and investment property rates of 0.75% up to $500,000, 1% from $500,001 to $2 million, and 1.5% over $2 million. Classification and exemptions can affect the amount due, so confirm the current assessment and tax treatment for the specific property.

See the BHHS Bahamas Real Property Tax guide for additional owner-occupied rates and exemptions.

Can buying Bahamas real estate qualify you for permanent residency?

Property ownership and immigration status are separate, but qualifying real estate investment can be relevant to a residency application. BHHS Bahamas’ current permanent-residency property search states that foreign buyers who invest US$1 million or more in Bahamian real estate may qualify for permanent residency consideration.

If residency is part of your investment strategy, review Bahamas real estate that may qualify for permanent residency and the brokerage’s Bahamas Relocation Guide, then obtain current immigration advice before purchasing.

Repatriating your investment when you sell

For an international investor, documenting the original inflow of foreign funds is important. BHHS Bahamas’ seller guide states that a foreign owner can repatriate the entire sale proceeds, including profits in the currency of purchase, provided the purchase was registered with the Exchange Control Department of the Central Bank at the time of purchase. Ask your Bahamian real estate attorney to complete the appropriate registration for your transaction.

Learn more in the brokerage’s Guide for Selling Bahamas Real Estate.

Why foreign investors consider Bimini

Bimini combines a close-to-Florida island lifestyle with waterfront homes, condominiums, marina-oriented communities and vacant land. Its proximity to South Florida makes it especially relevant to U.S. buyers who want a Bahamian property that is comparatively easy to reach for personal use, boating and vacation stays.

Investment performance is property-specific. Before purchasing for rental income, verify short-term-rental rules, condominium or resort restrictions, management costs, insurance, hurricane deductibles, utilities, maintenance and realistic occupancy assumptions.

Foreign buyer due-diligence checklist

• Confirm whether the acquisition requires registration or a permit under the applicable foreign-ownership rules.
• Have a Bahamian attorney investigate title and review the purchase agreement.
• Confirm the survey, boundaries, easements and access rights.
• Review condominium, HOA or resort fees and any rental restrictions.
• Obtain insurance quotations, including windstorm/hurricane coverage and deductibles.
• Confirm current VAT, legal fees, Real Property Tax and other closing/carrying costs.
• Discuss the appropriate ownership structure with qualified legal and tax advisers.
• Ensure foreign funds are properly documented and registered for future repatriation.
• If residency is a goal, verify the current investment threshold and immigration requirements before relying on the purchase.

Useful BHHS Bahamas resources for international buyers

Frequently asked questions

Can foreigners own real estate in Bimini?

Yes. Non-Bahamians can acquire Bahamian real estate, subject to the registration or permit requirements applicable to the particular property and use.

What transaction VAT applies to a foreign buyer?

BHHS Bahamas’ buyer guide currently states that real estate transactions for foreigners are subject to a flat 10% VAT. Confirm the current rate and how it applies to your transaction with your attorney.

How much are legal fees?

BHHS Bahamas states that legal fees are typically about 2.5% of the final negotiated sales price, although they are negotiable.

Does buying Bimini property automatically give me residency?

No. Ownership and immigration status are separate. Qualifying real estate investment may support a permanent-residency application; BHHS Bahamas’ current residency property page uses a US$1 million investment threshold for potential qualification.

Can I take my money back out of The Bahamas when I sell?

BHHS Bahamas’ seller guide states that sale proceeds, including profits in the currency of purchase, can be repatriated when the original purchase was properly registered with the Central Bank’s Exchange Control Department.