How many properties are available for purchase at The Pink Sands?
The first phase consists of 5 two-bedroom villas.
Who is the operator of Pink Sands Resort?
The Resort is operated by Orchestra Hotels + Resorts which is headquartered in Fort Lauderdale. The owners of the Pinks Sands also own The Hilton Fort Lauderdale Beach Resort and The Conrad Fort Lauderdale Beach and have ownership stakes in The Four Seasons Palm Beach and The Surf Club Four Seasons in Fort Lauderdale.
In what form is title to the properties at Pink Sands given?
The properties at Pink Sands have freehold title and each purchaser will be provided with a Title Insurance policy underwritten by Fidelity National which is the largest title insurance and escrow services conglomerate in the United States.
What are the closing costs?
On all real estate transactions in the Bahamas, the Government levies a Stamp Tax of 2.5% and a Value Added Tax of 7.5%. These taxes are split equally between the buyer and seller. In addition to the Government Taxes, there is a Closing Fee of 0.75% of the purchase price. All closings will be handled by King Closings Ltd.
How much are annual property taxes?
Pursuant to the Hotel Encouragement Act of The Bahamas, properties that participate in the Villa Rental Program at Pink Sands enjoy a concessionary annual property tax rate of $100.
Otherwise, the tax rates are as follows:
For properties that are owner-occupied, the rates of tax are as follows:
The first $250,000 of value: Exempt
On the portion of value between $250,000 and $500,000: 0.625%
On the value more than $500,000: 1%
Maximum tax payable annually is capped at: $50,000
How does the Villa Rental Program Work?
The Resort will manage the Villa Rental Program and the Gross Revenue derived from the rental of each Villa will be distributed as follows: 15% will come off the top for Travel Agent and booking fees. Another 5% will go into a Reserve Fund for the Villa. The Reserve Fund is used to replace furnishings, equipment and appliances that become damaged or worn through use. The remaining rental revenue will be shared equally (50/50) between the Villa Owner and The Resort. For more details, please contact one of our Sales Representatives.
Can I purchase in the name of a company?
Yes. If you wish, King & Co. Law Chambers can incorporate a Bahamian Registered holding company for you, in which to take title to the property.
Can I get residency status in the Bahamas by purchasing a villa at The Pinks Sands?
Purchasing a property in the Bahamas, will allow you to obtain a Homeowner’s Card which enables you to enter the Bahamas and remain as you please. Additionally, anyone who purchases property in the Bahamas, valued at $500,000 or greater, can apply for Permanent Residency status which can potentially provide significant tax advantages in your home country. (Please speak with a tax professional in your home jurisdiction). King & Co. Law Chambers can assist with residency applications.
What are the community maintenance charges at The Pink Sands?
There is a community maintenance charge of US$ 2.60 per A/C square foot per month.
The maintenance charge will include:
· Maintenance of all common areas – roads, landscaping, lighting etc.
· External maintenance of Villa – painting, decks etc.
· Extermination & Rubbish Collection
· Landscaping of Villa & Pool Cleaning
· On-call Maintenance Service
· Bill Payment and Administration
· Hurricane preparation
· End-of-season closing
· Utilities : Electricity, Propane Gas, Cable TV, Water
· Taxes (currently $100 per year while in the rental pool)
· Back-up generators…
Our goal is for any visit to your residence at Pink Sands to be as care free as possible. We have a complete team of well-trained in-residence housekeepers and service providers, such as, plumbers, A/C technicians, electricians, pool & general maintenance, irrigation and landscaping specialists. We provide all the necessary services to ensure your Villa is in the condition expected, and all necessary arrangements have been attended and personalized to you and your Villa’s specific needs. For more information, please ask one of our representatives for our Property Management and Concierge documents.
Are there furniture packages available for the Villas?
Yes, there are complete furniture packages available for purchase, in two different styles. One is a “Colonial West-Indies” package and the other is a “Coastal Contemporary” package. Our Sales Representatives can provide you with the details of these packages.