The Bahamas is an archipelago of hundreds of islands that offers investors and homebuyers alike an unparalleled quality of life. In addition to its investment-friendly tax system, this destination also offers world-class shopping, golf, spas, and luxurious homes. However, before deciding on a Bahamas real estate investment, it’s important to know the benefits of the country’s real estate market. Listed below bahamas real estateare some of the top benefits of investing in Bahamas real estate.
Non-Bahamians are permitted to purchase residential properties of up to five acres. For larger projects, however, they must obtain a permit from the Bahamas Investment Authority. To secure a permit, investors must submit a project proposal, financial projections, and employment requirements. Non-Bahamians may also use a company or trust to purchase land and develop it without registering it. However, they should not expect their property development to be completed on schedule.
Once you decide to purchase a property in the Bahamas, make sure to read up on the local laws. The Bahamas Real Estate Association’s handbook was published in 1994 to help people buy and sell real estate in the country. It’s full of helpful information on the country’s tax laws and real estate market. The handbook also addresses recent trends and developments in the Bahamas. As a result, you can be sure that you’ll get accurate information on the Bahamas real estate market.
The government has also made the process of purchasing property in the Bahamas easier for foreigners. The Bahamas has recently passed the International Persons Landholding Act, replacing the Immovable Property Act of 1981. This act made foreign property purchase easier for non-Bahamians. Foreigners need to register their foreign property with the Central Bank and Investments Board, and any new construction or development must be registered with the government. This act makes the entire process more transparent and easier.
The biggest draw of the Bahamas real estate market is its accessibility. With just a one-hour flight from Miami, Nassau is accessible by plane. Jet Blue, American, and Delta offer 24-hour full-service FBOs with immigration and customs services. Luxury buyers are becoming increasingly interested in buying second homes in this location, as they can be easily accessed through the air. To make the property buying process as smooth as possible, hire a real estate professional with extensive experience in the area.
While buying a property in the Bahamas, it’s important to have an attorney familiar with local law. A Bahamian lawyer can provide assistance in navigating the land laws. The attorney can act for the client, interpreting any written or oral instructions. He can ensure that the title is clear and good, as well as arrange for completion. However, the attorney’s role is more limited than that of the buyer. The attorney should always be in the Bahamas to ensure that the sale is completed smoothly.
Another advantage of buying Bahamas real estate is the country’s low taxes. Income, inheritance, capital gains, and corporate tax are not applicable in the Bahamas. Freeport and Nassau are the main cities in the country, and the ‘Out Islands’ include Bimins and Berry Islands. There are numerous luxury properties for sale in the Bahamas, and you’ll find a range of prices and types. Those who are looking for a luxury property should consider Ocean Club Estates, a luxury development on the eastern end of Paradise Island. Prices start at US$14 million for a waterfront property.