How big is the development?
Suffolk Court is a private waterfront property of 28 luxury condominiums located a 6-acre peninsula with secure gated access and extensively landscaped to provide a unique tropical paradise for residents on the south side of Grand Bahama Island.
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 cab be extended further i.e. HVAC compressor, appliances, etc.
How are 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.
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.
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.
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 are in place?
There is a security gate at the entrance where condo 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 local Management Company - Harcourt Developments (Bahamas) Ltd.
Does each property have its own parking?
What other fees can I expect to pay above the purchase price?
Additional acquisition costs that can be expected are:
How much is Stamp Duty?
Government Stamp Duty on property conveyances in Suffolk Court is 10%.
This will be split 50/50 with the vendor.
How much is the Mortgage fee?
Approximately 1% of borrowing depending on mortgage provider.
How much are 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.
How much is Capital Gains Tax?
There is no capital gains tax in Grand Bahama.
How much is Inheritance Tax?
There is no inheritance tax in Grand Bahama.
How much is Annual Property Tax:
There is no property tax in Freeport.
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.
How do I obtain a residency permit?
It is easy for non-Bahamian investors and home-owners to obtain residency permits. Major international investors and owners of residences valued at BS$500,000.00 or more are given accelerated consideration for their annual or permanent residence applications.
All non-Bahamian residence owners can acquire a home-owner’s card. The card expedites the immigration process at all Bahamian ports of entry and entitles the home-owner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card.