Buying or Selling Bahamas Real Estate

Buying or Selling Bahamas Real Estate

If you’re considering investing in Bahamas real estate, you are certainly not alone. The islands’ beautiful coral reefs, bird and flower species, and laid-back lifestyle have attracted a number of investors and homebuyers over the years. This island nation has a stable economy, a thriving tourism industry, and a welcoming population. And what’s more, the Bahamas real estate market continues to grow. For many, the Bahamas is the perfect destination for retirement or a permanent move to a tropical paradise.

The Abacos, an archipelago of 120 islands that cover 650 square miles, are the most popular choice for property owners. Elbow Cay is an eight-mile-long cay where  bahamas real estate you can purchase a house for around $300,000. Depending on the location, beachfront properties can cost between US$1 million and $8 million. But you don’t have to be rich to purchase a luxury property in The Bahamas. Even famous celebrities have bought Bahamas real estate.

Buying or selling Bahamas real estate can be complicated and expensive. Fortunately, there are plenty of ways to protect yourself and your assets. Check with the Bahamas government for records regarding ownership, taxes, and the last tax payment. You might be surprised at what you find! Then, get in touch with a professional to make sure your transaction goes as smoothly as possible. After all, your time and money will be worth it! When you’re looking for a luxury property, don’t be afraid to ask a lawyer for their advice!

While the Bahamas has a liberal and open economy, a few legalities can prevent investors from buying property in The Islands. For example, Bahamians can own property directly through trusts, partnerships, and trustees. Companies formed in other countries must incorporate in The Bahamas. Despite these legal requirements, the Bahamas real estate market is open to investors, and there’s no inheritance or gift tax. This makes it easier to invest in real estate in The Bahamas.

It is important to remember that formal powers of attorney are rarely used in real estate transactions. The Bahamian Attorneys Act 1992 makes provisions for the appointment of attorneys to perform specific tasks. If the buyer is unable to sign the agreement or is not available, the attorney will complete the declaration for the property. Otherwise, the attorney will need to consult the buyer. This is not always necessary, however, unless the sale is for a large project.

For a second home or vacation rental, the Bahamas are a great choice. The islands are relatively easy to access by airplane and offer convenient lifestyles. For example, Nassau is only a two-hour flight from Miami and American, Delta, and Jet Blue operate direct flights to the island. In addition, the airport also offers customs and immigration services. Luxury buyers are also becoming more interested in second homes due to ease of access. “The Bahamas is becoming more attractive to foreigners,” says Ryan Knowles, CEO of MAISON Bahamas.

The Bahamas government recently increased the threshold for permanent residency to US$750,000. This measure is designed to attract ultra-high net worth investors. The government also grants accelerated consideration to buyers of residential properties. For large projects, investors must apply to the Bahamas Investment Authority for permission. The authority will consider the feasibility of the project, including financial projections, employment needs, and the like. However, the government’s economic outlook is less than stellar.

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