The Bahamas has something for everyone. Its breathtaking archipelago of hundreds of islands is filled with world-class shopping, spas, and golf courses. And there bahamas real estate are some of the most luxurious homes in the Caribbean. So why wouldn’t you want to invest in Bahamas real estate? Read on for some tips to make your real estate investment a success. Here are some of the top reasons why you should invest in Bahamas real estate.
For starters, the islands offer beautiful views, pristine coral reef, and exotic bird and flower species. If you’re looking for a relaxing lifestyle, Bahamas real estate is the perfect place to make a purchase. The country’s friendly locals are welcoming and have a laid-back attitude. Moreover, there are several residency options to choose from. Plus, the country’s economic situation is stable, with a thriving tourism industry.
Real estate transactions are normally conducted through a Bahamian attorney or counsel. An attorney will act on the client’s behalf, following the client’s written or oral instructions. The attorney will ensure that the title is clear and the property is in good standing before arranging for completion. If a buyer is not available, the attorney will do the documentation for them. It’s important to understand the nuances of Bahamian land law and the requirements it places on real estate transactions.
Non-Bahamians can also invest in Bahamas real estate. The Government has implemented several policy documents designed to make it easier for non-Bahamians to purchase Bahamian property. The International Land Holdings Act 1993 is an example of such a law, allowing foreigners to purchase Bahamas real estate. This act requires non-Bahamians to register with the Investments Board in order to acquire the property, and a fee of approximately $25 to $100 will be applied to this registration.
Non-Bahamians may purchase residential properties up to five acres. For those buying land greater than five acres, a permit is required. The government grants the permit after the investor provides assurances that the land will be developed. However, if the property is large, the investor needs to submit a project proposal and financial projections to the Bahamas Investment Authority. Non-Bahamians will need to produce their bank documents for due diligence.
If you’re interested in buying or selling property in The Bahamas, you may want to contact a firm that specializes in real estate. Lightbourn Realty, for example, has offices in the Exuma Islands, Man-o-War Cay, and Cherokee Sound. In addition, they also have representatives in Nassau and Long Island. Besides focusing on transactions in the Bahamas, these firms also offer a wide range of legal services.
The Bahamas mortgage market has shrunk, reaching its lowest level since 2005. The Bahamas government shut its international borders to international tourists in March 2020 to prevent the spread of the disease. This had a detrimental effect on the local housing market. As a result, in Q1 2020, total international tourist arrivals declined by 14.7% y-o-y, while air travel was down by 28.7%. The economy of The Bahamas is expected to bounce back in Q2 2020, but housing demand is not expected to recover completely.