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Beautiful Ocean View Luxury Condo - Sandyport,
Nassau, New Providence Island.
Location: Located 5 minutes from Crystal Palace Casino and
Cable Beach in the beautiful Sandyport Resort. Status:
AVAILABLE This beautiful luxury waterfront condo is set
within the wide canals and colonial charm of the famed Sandyport
Marina Village with its quaint Old World atmosphere. You can watch
boats come and go from the balcony of the condo. Monthly Maintenance Fee: $223.00 Features:Ceiling-Fans Legal Fees:Legal fees are usually 2% if purchaser and seller share the same attorney. If not, legal fees would be 2.5%. 10% deposit is required to hold property (held in escrow with the attorneys), with the balance on completion. At completion:Stamp Tax is shared equally between the buyer and the seller. This tax is payable on the conveyance of all real property in the Bahamas, based on the value as follows: From $100,000.01 to $250,000: 8% (4% purchaser &
4% seller) The Conveyance will be prepared by the attorneys. At the time of preparing the Conveyance or earlier ("subject to conditions") there is also the filing of the Declaration of Real Property with the Real Property Tax Department. Any real property taxes outstanding on the property up to the date of the Agreement are required to be settled by the Vendor prior to or upon completion. When the purchase price and closing costs are paid for in full, Title will be publicly registered with the Bahamas Government at the office of the Registrar General. After registration, Purchaser will receive the Deed of Conveyance ("Title Deed"). Non-Bahamians:Before the Conveyance can be recorded at the office of the Registrar General, application must be made to the Investments Board for a Certificate of Registration where the applicant/purchaser does not already own property in the Bahamas. Where the applicant/purchaser already owns property in the Bahamas and/or is purchasing additional property, or property for use other than as a single family residence, a Permit must be applied for prior to the purchase. The legal fee in either case (in addition to Conveyance, recording and incidentals) is $350 plus where the property value is $100,001 and over - $125.00 (payable to the Public Treasury for the application process/issue of Certificate or Permit). This includes Government's fee of $25 for the Application to the Exchange Control Department of the Central Bank for Approved Investment Status. Also, non Bahamian purchasers are required to complete a due diligence form, supplied by the attorneys, so they can comply with the provisions of the "Financial Transactions Reporting Act 2000" wherein the attorneys are required to verify to the Bahamas Investments Board that due diligence has been completed. This allows the attorneys to complete the relevant applications for the Certificate of Registration and/or Permit. Once a transaction is complete, the Exchange Control Department of the Central Bank of the Bahamas provides Approved Investment Status to a foreign purchaser upon application being made to that Department with supporting documentation (i.e. evidence that the purchase was made in a foreign currency and either converted to Bahamian dollars by the Seller or retained in the foreign currency by the Seller with the prior permission of the Exchange Control Department). This approval would facilitate the conversion of funds to foreign currency for repatriation if the property is subsequently sold to a Bahamian citizen. Home Owners Residence Card:A foreigner who purchases a second home in the Bahamas or builds a second home in the Bahamas, can apply under the provisions of the International Persons Landholding Act to the Bahamas Immigration Department for a Home Owners Residence Card. This would entitle him/her and spouse and dependant children entry into the Bahamas for a period of one year. The card is renewable annually and the annual cost (payable to the Bahamas Government) is $500. Permanent Residence:Accelerated consideration of applications for annual or permanent residence will be given to major international investors and fit and proper owners of residences valued at $500,000 or more. Visitors to the Bahamas:Entry requirements can be found on the Official Tourism Website of the Islands of the Bahamas. The maximum amount of time allowed visitors on entering the Bahamas is at the discretion of the Bahamas Immigration Department. However, visitors may apply to the Bahamas Immigration Department for extensions of stay. Real Property Tax:Real Property Tax is paid annually where applicable. In respect of owner-occupied property: The first $250,000 is tax exempt. On that portion in excess of $250,000 and less than $500,000 the rate of tax is .75% of the market value of the property. On the portion in excess of $500,000 the tax rate is 1% of the market value of the property. Market Value is defined as the amount the property would realize, if sold in the open market, without any encumbrances or restrictions. |
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