Non-Residential Property Sales

Published: Friday January 28th, 2022

Non-Residential Property Sales

ALL APPLICANTS

i. a copy of the executed sales agreement;

ii. confirmation of the intended use of the property by the purchaser;

iii. confirmation of the currency and amount of the net proceeds of sale to be retained/converted;

iv. a copy of the recorded conveyance in the vendor’s favour;

v. a copy of the Bahamas Investments Board Permit/Certificate of Registration in the vendor’s
favour, if applicable;

vi. documentary evidence to confirm that the vendor’s obligation to pay any portion of VAT on
the transaction has been met (e.g., i. copy of the vatted conveyance to the purchaser or ii. copies
of the vendor’s cheques to Inland Revenue for payment of VAT or iii. copies of the vendor’s
Completion Statement and purchaser’s cheque to the vendor/vendor’s attorney less the amount
of VAT payable by the vendor);

vii. a copy of the Bahamas Investments Board Permit in the purchaser’s favour, if applicable.

INDIVIDUAL PURCHASER/VENDOR

i. a copy of the relevant pages of the passport for the purchaser/vendor;

ii. a copy of the Bahamas immigration document, if applicable, for the purchaser/vendor.

CORPORATE PURCHASER/VENDOR (WHOLLY BAHAMIAN OWNED)

i. a copy of the entity’s Certificate of Incorporation

ii. a copy of the Affidavit of Ownership in favour of the ultimate beneficial owner(s);

iii. a copy of the relevant pages of the passport for the ultimate beneficial owner(s);

CORPORATE PURCHASER/VENDOR (NON-RESIDENT OWNED)

i. a copy of the Board Resolution authorizing the property purchase/sale and payment of the
proceeds of sale to the company’s beneficial owner(s) (where the entity is the vendor);

ii. confirmation of the company’s Exchange Control status;

iii. confirmation of the account on which the purchase funds will pass to the purchasing company
from its shareholders (where the entity is the purchaser);

iv. confirmation of the account on which the net proceeds of sale will pass to the vendor company’s
shareholders (where the entity is the vendor).