Buying Bahamas Real Estate
For non-Bahamians, buying Bahamas real estate may be easier than in other countries. Non-Bahamians may purchase residential properties up to five acres without prior government approval. However, they must seek permission from the government before they can develop land. For large projects, an investor must apply to the Bahamas Investment Authority, which requires a project proposal, financial projections and employment needs. The buyer will have to pay a stamp duty of up to 5% of the purchase price.
Before the coronavirus epidemic hit, demand for residential property in The Bahamas was already declining. Real estate broker Engel & Volkers reported a 20% drop in residential sales this year. This bahamas real estate prompted the Bahamas government to close its borders to international tourists in March 2020 to prevent the disease from spreading. As a result, Q1 2020 tourist arrivals dropped 14.7% y-o-y to 1.7 million. Air travel likewise declined 28%. Moreover, the government expects tourism in Q2 2020 to be even worse.
The Bahamas is an investor-friendly archipelago of over 700 islands. In addition to breathtaking natural scenery, the Bahamas offers a diversified and investor-friendly tax regime. Other benefits of buying Bahamas real estate include the availability of world-class golf, shopping, spas, and luxury homes. The Bahamas is home to some of the Caribbean’s most luxurious homes. To find a suitable property for your needs, contact Bahamas Property Group today!
In 1994, the Bahamas Real Estate Association published a handbook that was designed to help buyers sell their Bahamas real estate. This handbook is a comprehensive guide to the sale and purchase of real property in The Bahamas. It helps buyers identify properties with a high market value and avoid scams. Moreover, the handbook also discusses development trends and helps buyers decide which one is right for them. You can even buy a house from a Bahamas developer!
Besides attractive tax advantages and beautiful scenery, Bahamas real estate is also an excellent option for investors and second-home owners. Several policies have been developed by the government to ease the process of buying a home in the Bahamas. The International Land Holdings Act of 1993 is one of these documents. While buying a Bahamian property, investors must register with the Central Bank and Investments Board. To do so, you must spend around $25 to $100 to register.
For people who are looking for luxury vacation homes, there is a wide range of Bahamas real estate for sale. The Abaco Islands are one of the most popular areas in the Bahamas. The largest island, Great Abaco, is home to the capital, Nassau. It is also home to the second largest city in the archipelago, Freeport. There are plenty of beachfront properties in the Bahamas ranging from US$1 million to US$8 million.