Frequently Asked Questions

Question

What is the weather like in Grand Bahama?

Answer

As a guide, our range of temperature through winter and summer is as follows:

• 70°F to 81°F during the day.
• 61°F to 70°F at night
• Water temperature ranges between 63°F and 75°F

• 78°F to 90°F during the day.
• 70°F to 78°F at night
• Water temperature ranges between 72°F to 86°F
• Relative humidity varies from 68% to 92%.

Question

Do I need a Visa to enter the Bahamas?

Answer

If you are a national of the US, Canada, the UK, EU countries or another Commonwealth country you will not require a Visa (refer to www.worldtravelguide.net for additional nations and exception nations).

Question

Do you have your own currency?

Answer

Yes we do! The B$ dollar has a ratio of 1:1 with the US dollar.

Question

Can I purchase property online through this website?

Answer

No. While you may select property on this website you cannot actually execute the purchase transaction online. You will be required to communicate with the sales office via email at infosupport@gbdevco.com or telephone 242 350-9232.

Question

What does it take to purchase property in Grand Bahama from the Grand Bahama Development Company Limited ("Devco")?

Answer

Once you have focused on the property you like, please contact a sales agent of Devco at email address infosupport@gbdevco.com or telephone no. 242 350-9232. If you are interested in a particular lot/property you will be required to pay a $200 holding fee which will allow us to hold the property for a period of seven days while the transaction, including the exchange of the purchase amount and/or deposit, is finalized. Preparation of the Sale and Purchase agreement will be done by us and transaction processing periods usually range from 3 to 10 days. It is quite normal for much of the actual transaction to take place by phone, fax and courier. There is usually no need for you to return for closing.

Question

Are there any restrictions to foreigners purchasing property?

Answer

There are no restrictions on foreign ownership. Ownership can be taken in a variety of ways.

If the purchase is for a single-family residence, a foreigner only needs to register the acquisition of property with the Foreign Investments Board of the Bahamas; upon registration a Certificate of Registration is granted. If the purchase is for a multi-family residence or other investment purposes, prior approval from the Investments Board is required. The Investments board has an established list of criteria and supporting documentation required for a permit. Devco can assist with the application process for a single-family home or multi-family residence for a fee of $350.00. Major investors are encouraged to retain a local attorney.

Question

Do you provide financing for the purchase of property?

Answer

We do provide competitive financing to qualifying Bahamians for all sale amounts of Devco properties. For the sale particulars on non- Devco properties, please contact our Sales office. Buyers seeking financing require a twenty percent deposit less a non-refundable $200 holding fee.

Question

Are there any building commitments?

Answer

Building commitments exist on properties within a few selected areas. The sales agent will advise you of which areas building commitments exist. Building commitments exist for ALL purchases by foreign investors. Such commitments require that construction be completed within a maximum of 5 years.

Question

Do you accept land development proposals?

Answer

We welcome all land development proposals. We on a regular basis review proposals for land development of the local housing market and of the tourist commercial market. We do currently have waterfront properties set-aside exclusively for high-end tourist commercial development. Please refer to the "Investors" section of this website and/or contact Mrs. Paula Von Hamm at 242 350-9232 for additional information.

Question

What about taxes?

Answer

Freeport,Grand Bahama,The Bahamas has no taxes: no sales tax, no income tax, no capital gains tax, no property tax and no inheritance tax.

Question

Are there annual fees attached to the purchased property?

Answer

There is an annual service charge attached to each property purchased from Devco. Service charges currently range in price from approximately $280 to $2,000 annually. Service charges are adjusted periodically based on the current cost of living adjustment which is measured against the Consumer Price Index.

Question

Why am I paying service charge fees? What benefits am I getting for the monies I pay?

Answer

All lot owners are obligated to remit the annual service charge fee as stated in their Agreement of Purchase and Sales and also in the Deed of Conveyance.

Service charge monies collected by the Lucaya Service Company Limited on behalf of Devco are used to maintain and repair roads and utilities. They are also used to maintain, improve, construct and operate facilities for the general welfare of lot owners in all subdivisions developed or to be developed in the future by Devco such as drainage, walkways, parks, beaches, waterways and bulkheads. Lot owners should note that service charge expenditure is not limited to the maintenance and improvements of the area in which their lot is located.

Question

How do I transfer ownership of my property?

Answer

The transfer of property can only be effected by deed. The document is usually referred to as a Deed of Conveyance.

Question

Why does my Deed of Conveyance need to be recorded?

Answer

The reasons for recording are two fold. Firstly, it gives notice of the ownership of the property. Secondly, if there are competing interests, the person who first records his Deed of Conveyance will ensure that his interest takes priority over the others. It is therefore recommended that you record your Deed of Conveyance immediately.

Question

How does final purchase closing occur and what is involved?

Answer

Closing or conveyance of title does not occur until full payment is received by Devco. The only major closing cost is stamp duty of 2% through 10% of the sale value, which is paid to Government within 45 days of the final closing to transfer title.

Question

Why do I have to pay the stamp duty, isn't the stamp duty covered in the monies I paid Devco?

Answer

Stamp duty is a tax paid to the Treasury of the Commonwealth of The Bahamas. The duty is calculated by taking a percentage (on a sliding scale) of the value of the property. Stamp duty is not included in the purchase price and the Purchaser is responsible for stamping the Deed of Conveyance.

Question

I no longer wish to keep this lot, what must I do to relinquish interest?

Answer

If you are no longer interested in maintaining your property, you may return same to Devco at no monetary cost to yourself, by forwarding your original Deed of Conveyance and signing a consent letter relinquishing all interest in the said property. If you are canceling the sale of property that Devco is financing, you will be refunded the principal only.

Question

I am selling my property and I have received a Release of Service Charges, does this privilege continue with the new owner?

Answer

Service charges are said to run with the land, not the landowner. Accordingly, the Release of Service Charge will also be attached to the land and all subsequent purchasers will have the benefit of it.

Question

What if I want to sell my property, who will be responsible for paying service charges?

Answer

You should notify Devco of any subsequent sale by forwarding a photocopy of the back page of the Deed of Conveyance to Devco. Devco's records will be adjusted accordingly to reflect the change in ownership. The new owner will be responsible henceforth for paying service charges.

Question

When can I begin to build on the property?

Answer

Provided your property is not subject to a "building commitment" as soon as the Deed of Conveyance is fully executed and Devco is in receipt of the full purchase price you can build on your property.

If your property is subject to a building commitment you can build on your property once Devco is in receipt of the purchase price. A Deed of Conveyance will not be finalized until the commitment to build has been satisfied.