Loans – Temporary Residents

Published: Friday January 28th, 2022

Loans - Temporary Residents

i. borrower’s name and address (supported by copy of the relevant pages of passport and Bahamas
immigration document, i.e., work visa or spousal permit);

ii. lender’s name and address;

iii. confirmation of amount and currency of the loan;

iv. confirmation of the purpose of the loan (with supporting documentation – e.g., Sales Agreement,
Builder’s Contract, etc.);

v. a copy of Commitment Letter/Loan Agreement (inclusive of the terms of loan, i.e. loan amount,
terms of repayment, rate of interest to be charged, collateral, etc.);

vi. a copy of the Bahamas Investments Board permit approving security arrangement (where local
property is used to secure loan to lender that is not a local commercial bank);

vii. a copy of the Bahamas Investment Authority’s approval (where shares of a local operating
company is used to secure the loan to lender that is not a local commercial bank);

viii. confirmation of the source of funds for loan repayment (i.e., conversion of Bahamian Dollars
derived from local income or foreign currency from external sources).

NOTES:

(i) temporary residents, borrowing jointly with their resident Bahamian spouses, may borrow in Bahamian
Dollars without limit to finance an owner-occupied residential dwelling, without reference to Central
Bank.

(ii) temporary residents, who have resided and worked in The Bahamas for at least three (3) years, may borrow
up to B$1,000,000 to finance an owner-occupied residential dwelling, without reference to the Central
Bank.)