The Bahamas is an archipelago of hundreds of islands with a world-class tax regime and stunning views. The island country is also home to world-class golf, shopping, and spas. And, if all of that wasn’t enough, the Bahamas has some of the most luxurious homes in the Caribbean. You can find your perfect piece of paradise at the Bahamas. Read on to discover why you should consider investing in Bahamas real estate.
First, you’ll need to be sure to understand the legal aspects of buying or selling property in The Bahamas. Bahamian land law uses ancient forms and language. A conveyance is a legal document that outlines a property’s ownership and is signed by a seller and buyer. The buyer’s attorney will then stamp it and record it. This is an important step since it protects the buyer’s interest. Moreover, if you are planning a large development project, it may be advantageous to purchase property in a company.
Another important step in buying or selling Bahamas real estate is to research the country’s history and economic conditions. The country’s government has taken steps to make it an investor-friendly place and encourage investment in real estate. By focusing on financial services and tourism, Bahamas government policies are meant to promote consistent growth in the real estate sector. In October 2002, the government set up the Ministry of Financial Services to facilitate the purchase of property in The Bahamas. This ministry’s goal is to ensure that property purchasing processes are simple and reliable.
For non-Bahamians, buying property in The Bahamas is relatively easy. Non-Bahamians can buy undeveloped land up to five acres in size, but must apply for a permit from the Government. This will require them to submit a project proposal, financial projections, and employment needs. In addition to the local requirements, they will also need to pay a fee to the Government. The fee ranges from $25 to $100.
For foreigners, the Bahamian economy is liberal bahamas real estate and open. Non-Bahamians can purchase property directly or through a trustee or partnership. Companies incorporated elsewhere must have a physical presence in The Bahamas. However, most transactions will not require proof of ownership. In addition, anti-money laundering laws require that buyers obtain proper permits and register leases, whereas, in the U.S., such documents are not required.
In the Bahamas, you’ll find two-bedroom villas on barrier islands that sit above turquoise waters. The Kamalame Cay villa, for instance, is 3,175 square feet and sits 14 feet above sea level. It has 150 feet of beachfront and sits on a three-quarter-acre lot. There are even ocean front condos that can cost more than US$1 million. The Abacos also boast beautiful beaches that are accessible by seaplane.
If you’re looking for a vacation home, you’ve come to the right place. Nassau is the capital city of the Bahamas and is linked to neighboring Paradise Island by a bridge. A luxury development on Paradise Island, Ocean Club Estates, has waterfront properties starting at US$14 million. There are also many luxury condominiums and townhouses available, so you’ll definitely be spoilt for choice when purchasing Bahamas real estate.