THE RESORT
Where is Grand Bahama?
Grand Bahama is located in the Caribbean chain of islands in the North Atlantic Ocean, just off the southeast coast of Florida.
Where is the nearest airport?
Suffolk Court is a 10 minute drive from Grand Bahama International Airport.
Which airlines fly to Grand Bahama?
American Airlines, Air Tran, American Eagle, Bahamasair, Spirit, Continental Airlines, Delta Connection, Falcon Airway, Sky Bahamas Airlines and many other charter airlines all fly to Grand Bahama.
What is the flight time from the UK?
The flight time is approximately 8.5 hours from the UK to Miami and then just under 1 hour from Miami to Grand Bahama.
What is the political climate of Grand Bahama?
Grand Bahama has enjoyed uninterrupted parliamentary democracy since its introduction in 1729. In 1973 Grand Bahama became fully independent, but as a former British colony it has retained Queen Elizabeth II as its head of state. The governor general represents the Queen on the island. The government is democratically run and consists of two houses; the House of Assembly and the Senate. An independent judiciary is also provided for under the constitution.
THE DEVELOPMENT
How big is the development?
The entire development is situated on a 6-acre site extensively landscaped to provide a tropical paradise for residents.
When can I move in?
The development is ready for immediate occupancy.
Is there a building warranty available on the properties?
Yes, a one-year warranty applies to the building, and specific items will have manufacturer’s warranties that will extend further i.e. HVAC compressor, appliances, etc.
How will the properties be finished?
The apartments are finished to a very high standard. Each unit comes with a fully fitted kitchen including a range of professional appliances. The bathrooms are also luxuriously appointed with marble tiling throughout.
An optional furniture package with a fresh modern look can also be provided.
FINANCE
What is the currency?
The Bahamas has its own currency (“$B”; ISO 4217 code “BSD”), but US currency is widely accepted. The Bahamian dollar is linked to the US dollar.
Can payments be made in other currencies?
Payment must be made in US dollars.
What are the payment terms for Suffolk Court?
10 % deposit is required with the balance on completion.
Is it possible to obtain a mortgage?
Yes, First Caribbean is one of the largest banks on the island and would be happy to accept applications for mortgages in Grand Bahama. Applications are available upon request from the sales agent.
Can the property be re-sold at any given time?
Your property can be resold at any time after completion of your sale.
Can the property be bought in a company name?
Yes it can.
SERVICES
What facilities and amenities are available to residents?
The resort consists of a large residents’ swimming pool, centrally located in the complex. Residents will also be able to relax in the gazebo overlooking the marina and make use of the Grill Bar. Boat moorings are available to purchase or lease for varying terms through the on site management company.
What security measures will be in place?
There is a security gate at the entrance where apartment owners can gain entry. During the hours of 8am until 4pm maintenance personnel are on duty. Security personnel are on duty from 4pm until 8am daily.
Who manages the property?
A dedicated Management Company.
Will each property have its own parking?
Yes.
TAXATION & FEES
What other fees can I expect to pay above the purchase price?
Additional acquisition costs that can be expected are:
Stamp Duty:
Government Stamp Duty on property conveyances in Suffolk Court will be 12%. This will be split 50/50 with the vendor.
Mortgage fee:
Approximately 1% of borrowing depending on mortgage provider.
Legal Fees:
The Bahamas Bar has recommended a minimum scale fee for conveyancing at the rate of 2% of the consideration plus out-of-pocket expenses. The minimum fee is $750 plus expenses.
Capital gains:
There is no capital gains tax in Grand Bahama.
Inheritance tax:
There is no inheritance tax in Grand Bahama.
Annual property tax:
There is no property tax in Freeport.
LEGAL
Is there an independent law firm that specialises in real estate which can be recommended to act for purchasers?
Yes, we have a panel of solicitors who are specialists in property law and are familiar with this development. For further details, please contact your sales agent.