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Reply To: Questions/Concerns Regarding the Village

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If a foreigner buys a single family dwelling or vacant land to be used in the construction of such a dwelling, then he no longer needs to obtain a permit from the Government prior to the purchase. He only needs to register the acquisition later with the Investments Board. Permanent residents of the Albany Bahamas Real Estate and foreigners who inherit property in the Bahamas don’t have to obtain a permit before acquiring land but must register afterward. However, there are cases where a permit will be needed for Bahamas real estate. First, if the property is undeveloped land and of five acres in size or larger. Secondly, if the property is not a private residence, or it is not intended for development as such, a permit is needed. In fact, it provides that licensed banks, trust, and insurance companies who acquire an interest in or take possession of property under a court order must register that acquisition. An acquisition by way of foreclosure under a mortgage or of land acquired by an authorized foreign state will not require a permit but must be registered. You are allowed a maximum stay of eight months with proper documents which includes a return ticket and evidence of financial support. If, however, you would like to make the Bahamas your permanent residence by way of Bahamas property investment, then you will have to apply for permanent residency. Once you have decided where you would like to buy a property, the next step is to have a look at more than one property so you can get an overall picture of the market. So whether you’re making an investment or buying a vacation home, the Bahamas will welcome you with open arms. All you have to do is make your ticket to paradise.