Source: Date: Updated: |
Central Bank of The Bahamas
Monday, September 16, 2019 Monday, September 16, 2019 |
As of October 1st 2019, the Central Bank of The Bahamas proposes to liberalize Exchange Controls (EC) on residential property transactions (both purchases and sales) involving non-residents. This would apply regardless of whether the transactions take place in the name of an entity or vehicle ultimately owned by such non-resident; or directly by the non-resident.
Concurrently, the Bank will delegate the authority to commercial banks (authorized dealers) to sell foreign currency for repatriation of residential real estate proceeds, on evidence that the beneficial owner of the sold property is non-resident.