Stella Maris is the community name for the development once known as "Adderley's Plantation". Homes here have passed the 100-mark. Shops, clinics, schools and churches are within easy reach in nearby settlements.
Major international airlines including Delta, British Airways, Air Jamaica, American Eagle, U.S. Airways, Spirit, Song, Jet Blue and Continental all fly into Nassau, Bahamas. From Nassau there are daily flights to Long Island on Bahamas air. In addition, Southern Air and the Resort Air Service provides for connections with all major carriers into Nassau or with American Eagle into George Town, Exuma.
Approximate flight times. From Nassau to Long Island, 40 minutes on Bahamas air or one hour on the Resorts plane. George Town, Exuma, to Stella Maris is around twenty minutes.
Legal fees are usually 2.5%.
10% deposit is required to hold lot (held in escrow by the attorneys) with the balance on 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
Up to and including $20,000: 2% (1% purchaser and 1% seller)
From $20,000.01 to $50,000: 4% (2% purchaser and 2% seller)
From $50,000.01 to $100,000: 6% (3% purchaser and 3% seller)
From $100,000.01 to $250,000: 8% (4% purchaser and 4% seller)
$250,000.01 and over: 10% (5% purchaser and 5% seller)
The Conveyance will be prepared by the attorneys.
There is also the filing of the Declaration of Real Property with the Real Property Tax Department.
Incidentals would be paid by the incurring party (Purchaser or Vendor as applicable). When the purchase price of the property 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"). If required, a copy of the Conveyance stamped by the Public Treasury that the stamp duty is paid, can be provided to the Purchaser by the attorneys on request, prior to the original going to the Registrar General's office to be registered.
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 if the applicant/purchaser does not already own property in the Bahamas. If 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 by the local attorneys prior to the purchase. A permit is also required in certain other circumstances.
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 dependent 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.
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 $500000 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.
Bahamian citizens do not pay real property tax on unimproved land. Non Bahamians, in respect of unimproved property other than unimproved property exempt by virtue of Section 39 of the Real Property Tax Act: Upon that part of the market value that does not exceed $3,000 a fee of $30. Upon that part of the market value which exceeds $3,000 but does not exceed $100,000 a tax rate of 1% per annum of the market value of the property.
Upon that part of the market value that does not exceed $500,000 a tax at the rate of 1% per annum of the market value. Upon that part of the market value in excess of $500,000 a tax at the rate of 2% 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.
Regulations for Use and Building. Residential Lots.
Minimum size 900 sq. ft. Maximum: One Duplex Apartment Building comprising of no more than four units as long as lot has minimum of 15,000 sq. ft. size. Minimum distances to be maintained. Front road line 30' Side line, 10' Rear line 10'. Purchaser should comply with all further stipulations of the "Schedule of Restrictive Covenants".
Building costs are around $100 to $250 per square foot depending on the style of home, topography of the land and which local contractor is used.
Some home owners install rain water tanks and/or drill wells, but government water is available.
Electricity supply is installed in some areas and accessible in others, IE. electricity poles may be within close vicinity of a lot or could be several lots away.
Sewerage is by septic tank.
Telephone, the Internet and television service is available.
Home owners at Stella Maris currently pay $45 annually for disposal of refuse.
Other costs for home owners.
Currently, for an annual fee of $125 home owners can enjoy the use of the Stella Maris Resorts oceanside swimming pool. This amount is doubled if the home is being used year round for vacation rentals.
There are currently no formal "maintenance" fees. However, there is a voluntary annual contribution to the Stella Maris Home Owners' Association of $100 to $200. The Association uses this (in addition to ongoing improvements made by Stella Maris itself) for additional improvements or special needs.If you are looking for overseas investment property in the Caribbean or Bahamas.
Visit Port St George, Long Island, off-plan home sites at pre-construction prices.