If you are considering buying a home in the Bahamas, then you are probably thinking about its breathtaking beauty and low-tax climate. Not only is the Bahamas a paradise for vacationers and retirees, but its real estate market is also investor-friendly. This archipelago of hundreds of islands offers world-class golf, spas, and shopping. In addition, Bahamas real estate properties can be some of the most luxurious homes in the Caribbean.
The government of The Bahamas is also welcoming of non-Bahamians’ investment. In order to facilitate such investment, the Bahamas Government has adopted several policy documents. For instance, the International Land Holdings Act 1993 makes it easy for non-nationals to buy Bahamian property. However, it requires that investors register with the Investments Board before they can purchase Bahamian real estate. Registration fees vary between $25 and $100.
Other notable celebrities who own property in The Bahamas include Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan. Despite the cost, the benefits are worth the money spent on buying Bahamas real estate. You can live comfortably in The Bahamas with the help of your own family and friends. With its unique and beautiful nature, the Bahamas offers the perfect setting for any type of real estate investment. If you plan to invest in real estate in the Bahamas, consider these tips.
For a hassle-free transaction, you can use the Bahamas Multiple Listing Service (MLS). A MLS is a cooperative database of all properties listed by participating brokers. IDX Symbols are used to distinguish properties listed by other brokers. These properties are not guaranteed to be accurate. ERA Dupuch Real Estate in The Bahamas has offices in Elbow Cay, Cherokee Sound, Man-o-War Cay, and Long Island.
Non-Bahamians may also purchase residential properties if they are not Bahamians. But, they must obtain a permit from the government if they intend to develop them for resale purposes. Non-Bahamians can also invest in The Bahamas by setting up a company in the country. There are more than 300 international banks in The Bahamas that can arrange interbank transfers to finance purchases. The balance of the purchase price is usually due at completion.
A Bahamian attorney will handle the legal aspects of the transaction. Usually, a Bahamian attorney will act on your behalf and follow your oral or written instructions. They will make sure that the title is clear and if the property is being sold, they will arrange for its completion. If you are considering a real estate investment in The Bahamas, you’ll need to understand a few things about it. There are various advantages to owning property in The Bahamas.
The Bahamas government has recently raised the residency threshold for residents from US$500,000 to US$750,000 as a way of attracting ultra-high net worth individuals. In addition to a low cost of living, it is easy to get to Nassau by air. American, Delta, and Jet Blue flights fly to Nassau and return to Miami within about an hour. Then there’s the fact that Nassau is an FBO that offers customs and immigration services. This has made The Bahamas real estate market a desirable option for luxury buyers and second homes.