Bahamas near bottom of ranking on property registration
Although The Bahamas made transferring property easier by reducing stamp duty, it still made the process more costly by increasing the applicable stamp fees.
This, along with other related factors, led to The Bahamas placing 166, out of 190 economies, on the ‘Ease of Registering Property’ index.
A recent World Bank Group report on doing business showed that, when compared to comparator economies on the ease of registering property, The Bahamas was ranked the lowest.
Neighbors like Jamaica and St. Lucia, which ranked 123th and 104th, respectively, outperformed The Bahamas.
Other countries on the list for comparative economies were The United States (36th), The United Kingdom (47th), Barbados (130th), and Antigua and Barbuda (150th).
According to data collected, registering property in The Bahamas requires seven procedures, takes 122 days and costs 4.7 percent of the property value.
The report asserted that the importance of ensuring formal property rights is “fundamental”.
“Effective administration of land is part of that. If formal property transfer is too costly or complicated, formal titles might go informal again. And where property is informal or poorly administered, it has little chance of being accepted as collateral for loans — limiting access to finance,” the report pointed out.