FREQUENTLY ASKED QUESTIONS
1. What is the currency system in Great Exuma?The Bahamian Dollar is  made up of 100 cents. The Bahamian Dollar is pegged to the US$ at a  rate of US$1 = $1Bahamian Dollars.
2. What is the cost of living in Great Exuma? The cost of living is  much cheaper than in the UK or USA, although eating out in top local  restaurants costs about the same.
3. What language is spoken in Great Exuma? The official language is  English.
4. Can I use a UK driving license in Great Exuma? Any person holding  a full UK driving license is legally able to drive a car on Great Exuma
5. Are there any legal safeguards for foreign investors? The same  legal safeguards exist as in the UK.
6. What is the government system in Great Exuma? The Bahamas is an  independent country and a member of the Commonwealth of Nations.  Political and legal traditions closely follow that of the United  Kingdom.  Queen Elizabeth II is the ceremonial head of state,  represented by a Bahamian Governor? General. The Prime Minister is  the head of government and is the leader of the party with the most  seats in the elected House of Assembly. The current Governor General  is Arthur Dion Hanna and the current Prime Minister is Hubert  Alexander Ingraham.
7. Is there instability on the island? There is no political or  social upheaval and there are no strikes.
8. Is it safe and easy to travel around the island? Yes it is. The  entire island chain of the Exumas is 130 miles long and 27 square  miles in area. Great Exuma is the largest island in the group. The  main roads are good throughout the island, and you can travel by hire  car, taxi, bus, boat or helicopter. Taxis are available at the  airport as well as in most hotels and towns. The Taxi Association  sets fixed rates for most routes around the island.  Car hire  companies are also situated at the airport.
9. Is there a drug and crime problem in Great Exuma? Great Exuma is  much safer and more drug free than most major cities in the UK and  US. The police are very vigilant and the government, as part of its  drive to promote tourism, is clamping down on such crime as does  occur. Crime targeted at tourists is very rare.
10. Is there much poverty on the island? There are fewer beggars on  Great Exuma than in urban areas of the UK. Most Great Exumans live in  the Countryside where they grow their own food and since it is such a  fertile island, no one goes hungry.
11. How close are the nearest medical facilities? In Great Exuma,  there is a government-operated clinic in George Town for emergency  and overnight treatment, staffed by a resident doctor and nurse, as  well as a private clinic. Where more comprehensive medical treatment  is prescribed, patients are flown to Princess Margaret Hospital in  Nassau, just 45minutes away.
12. Where is the nearest pharmacy? There is a pharmacy within 5  minutes drive of the development.
13. Where is the nearest police station? Police protection is  provided by the Bahamian government. The police force at Great Exuma  is headquartered in George Town, the largest town on the Island, and  there are local constables in other communities on the island not  more than five miles from any subdivision unit.
14. Where is the nearest post office and bank? There is a post office  and bank within 5 minutes drive of the development.
15. Is VAT payable on property and if so at what rate? There is no  VAT in the Bahamas.
16. If I sell my property what costs are involved? The stamp duty tax  is 10% which is split 50/50 between the vendor and the purchaser.
17. Are there many estate agents in the Bahamas? There are a large  number of well established estate agents throughout the Bahamas  offering a wide variety of services.
18. What happens to my property if I die? It passes to your heirs as  it would in the UK or as instructed in your will.
19. Do I need to make a will? No, but it is always advisable. The  will from the owners country of domicile would be recognized in the  Bahamas.
20. Is there tax on any rental income I accrue?  No, providing the  money is kept in the Bahamas
21. In what currency are payments made?  All payments are made in US  Dollars.
22. Will all contract documents be in English?  All contract  documents will be in English.
23. What kind of building standards will be used in the building?   Minimum standards as per the UK and the USA.
24. How long will construction take?  It is estimated that individual  homes will take approximately 12 months to complete with the total  construction of the whole resort estimated at 36 to 42 months.
25. Who are the contractors?  Jones Construction, a Bahamian based  organization with over 40 years of construction experience.
26. What are the general building specifications?  All US standards.  US standards for construction exceed those in the UK
27. What are the start and completion dates? The estimated start date  is late 2008.
28. Can I rent my property? Yes, Sanctuary owners will have the  opportunity to place their residence in the Sanctuary Rental  Management Program. Private rentals are prohibited to ensure  consistency in quality of standards of service and accommodations.
29. Can I get a mortgage? A number of banks are happy to mortgage  your purchase. First Caribbean offer 70% loan to value mortgages.
30. Who will manage the development and what services will there be  for the owners? The Sanctuary Residence Association Ltd. Services  will include property maintenance, estate maintenance (roads, common  areas, lighting etc.) rental services.
31. Will the kitchens be fully fitted?  Yes
32. Will the bathrooms be fully fitted?  Yes
33. Will there be air-conditioning systems? Yes, throughout the  residence.
34. Will there be a security system in the residences? There will be  24 hours security throughout the development.
35. Do I need to furnish my residence? Yes, and we will be able to  project manage this too. We are affiliated with Decorators Unlimited,  one of the premier resort furnishers in the Caribbean.
36. Will the residences be fully insulated? Yes all residences will  be insulated to the appropriate degree.
37. Can I have private telephone and fax lines installed?  Yes
38. Are the road systems lit all night?  Yes.
39. Does Great Exuma suffer from water shortages?  No. The island is  more than equipped to provide the development with clean fresh water  all year round.
40. Is the water drinkable?  Yes
41. Will my property be safe from hurricanes? The Bahamas has a  strict building code to ensure all new properties built can withstand  Hurricanes to category HF5. The Bahamas was the first Commonwealth  Caribbean country to have a mandatory building code incorporating  modern standards. The Bahamas Building Code was implemented in the  early 1970s and its use is mandatory for the design and construction  of all buildings in the country.
The Code is administered by a special section of the Ministry  responsible for planning. As in the UK, building inspectors and  qualified engineers are employed for the examination of building  plans and for the inspection of construction. Mandatory government  inspections are required at the following stages. Each stage has to  be passed before developers can proceed to the next stage. A final  Inspection must be passed before an occupancy permit will be issued.
42. Can I have a copy of the Homeowners Association Policy? A copy  will be forwarded to you in due course. Monthly dues will be  approximately $2,000 US dollars per month.
43. Can I rent my property out? Yes, Sanctuary owners will have the  opportunity to place their residence in the Sanctuary Rental  Management Program. Private rentals are prohibited to ensure  consistency in quality of standards of service and accommodations.  The rental program will be operated by a company who has extensive  success in marketing holiday residences in Exuma. The rental split  will be 50/50.
44. What happens to the payments I make?  Phased payments will only  be used against the construction costs of the building. Purchasers  will have a fully binding sales contract. Please note that should the  developer withdraw at any point during the construction, the  development will be completed via a bond held with the First  Caribbean Bank. The developer has also had title insurance put in  place for the complete protection of all purchasers
45. Will my property have a boat dock? All residencies situated  directly on the Sanctuary Harbour will have a state of the art  Bellingham floating dock. Owners of other residencies will have will  have first refusal on docks in the adjacent Riviera Marina at a 20%  discount on list price (List price currently $12,000 per linear foot).
GOVERNMENT STAMP DUTY ON PROPERTY CONVEYANCES
Stamp Tax is 10%  * The stamp duty is generally shared equally  between buyer and seller  unless otherwise agreed upon. PROPERTY TAX  A graduated tax is payable on the conveyance of all real property  based on the following value:   Your annual property tax is  $35,000.00. PERMANAENT RESIDENCY
Application for Permanent Residency Major international investors and  owners of residences valued at $500,000 receive speedy consideration  for annual or permanent residency permits. Applicants must be of good  character, show evidence of financial support and commit in writing  they wish to live permanently in the Bahamas. Wives and dependent  children (under 18 years) usually resident in a household may be  endorsed on the certificate when the original application is made.  For details contact: Bahamas Investment Authority  Office of the  Prime Minister  Cecil Wallace Whitfield Centre PO Box CB 10980  Nassau, Bahamas Tel.: 242 327 5970
INVESTMENT POLICY Freedom from Taxation One of the most attractive  elements of investing in The Bahamas is the tax?free status accorded  to income. There are no taxes levied on capital gains, corporate  earnings, personal income, sales, inheritance, or dividends. This tax  freedom is available to all resident corporations, partnerships,  individuals and trusts.
Economic and Monetary Stability Investors are also attracted to the  stability of the economy, which is steadied by the solid value of the  Bahamian dollar. This currency is pegged to the US dollar on a 1:1  ratio. US dollars and Bahamian dollars are used interchangeably  throughout the island chain.
Flexible Immigration Policy Accelerated consideration for annual or  permanent residence is given to major investors and to owners of  residences valued in excess of $500,000. All international persons  owning residences in The Bahamas are eligible to receive, upon  application to the Director of Immigration, a "Home Owners Card." The  card does not provide residency status for tax purposes; however, it  facilitates entry into The Bahamas and entitled the owner, his/her  spouse and minor children to enter and remain in The Bahamas for the  duration of the validity of the card.