If you are planning to relocate to a Caribbean island for business or pleasure, you might be considering investing in Bahamas real estate. The country is known for its stunning natural beauty, investor-friendly tax laws, world-class shopping, spas, and golf courses. And it boasts some of the most beautiful homes in the Caribbean. Read on to learn more about real estate in the Bahamas. But first, what are the best places to invest in Bahamas real estate?
In the Bahamas, land and property transactions are bahamas real estate typically handled by a Bahamian attorney or counsel. The attorney will act on behalf of the buyer or seller to protect their interests. He or she will also arrange for a conveyance and complete the necessary formalities for completion. It is also possible to purchase property in a company, if the buyer is not present. It may be beneficial for large projects to purchase property in a company.
In addition to the Bahamas Multiple Listing Service, the firm also has an in-house search department. The firm handles a wide variety of real estate transactions for both local and foreign clients. Its real estate and development practice is led by Stephen Melvin. Former partner Sterling Cooke is now a co-managing partner, but continues to maintain his real estate practice. Other lawyers on staff include Sandy Lightbourn and Vivienne Gouthro.
Non-Bahamians may also purchase property in the Bahamas, if they are a permanent resident or inherited land from a deceased Bahamian. In such cases, they will be required to register the land they acquired. This is a requirement for undeveloped land greater than five acres (20232 square meters).
Non-Bahamian investors are encouraged to use their local financial institutions for financing. However, investors should keep in mind that a foreigner cannot exceed the Bahamian domestic market for credit. Several international banks are available to make interbank transfers. When the time comes to complete the purchase, the balance of the purchase price will be due. Moreover, investors should save bank documents and produce them during due diligence. Once the purchase price is finalized, the investor can then proceed to the closing.
The government of The Bahamas has recently raised the threshold for permanent residency to US$750,000. This is to attract ultra-high-net-worth individuals to the island. The government also grants property buyers accelerated consideration for purchase. As long as they pay taxes, citizens get all the privileges of the nation, except for the right to vote. However, the country still has a high unemployment rate of 15.2%. Regardless of the level of unemployment, buyers should not shy away from investing in real estate in The Bahamas.
Exumas Island is home to seven hundred islands. Johnny Depp filmed Pirates of the Caribbean in the region. David Copperfield purchased up to 11 islands for US$50 million. Faith Hill and Tyler Perry purchased 17-acre Goat Cay in 2006 and a 20-acre property on White Bay Cay in 2009 for US$6.4 million. The Royal Ocean Club Estates is another full-service development in Paradise Island. At the time of writing, ocean front units were priced as high as US$14 million.