Buying Real Estate in The Bahamas

 

If you’re considering buying a piece of real estate in The Bahamas, there are a few things you need to know. These islands are stunningly beautiful and have an excellent tax regime that is friendly to investors. Additionally, there are plenty of world-class amenities in the Bahamas, such as golf courses, shopping malls, spas, and private islands. You can also buy a luxury home or rent a condominium in Paradise Island.

The Bahamas is a tax-free jurisdiction and is a favorite among business executives and investors due to the fact that it is an independent sovereign nation with a stable and democratic government. The country boasts year-round perfect weather and 310 days of sunshine. There is also a thriving expat community. The Bahamas Real Estate Association handbook was published in 1994, filling a gap that had existed for years. However, it is important to remember that you may be faced with delays and hassles if you try to buy real estate in The Bahamas.

You need to understand the legalities and nuances of purchasing and selling property in The Bahamas. While there are laws in place to protect the buyer and avoid fraud, it is still necessary to take advantage of the many advantages that this country offers. First of all, if you plan to buy property in The Bahamas, you should check whether the country is registered as a business or not. Also, make sure that the ownership of the property is clear. If you don’t have a strong sense of the legal issues, you shouldn’t be hesitant to work with a local attorney.

Secondly, you should learn the legal requirements for buying property in The Bahamas. The law does not require a Bahamas license to buy real estate. It allows non-Bahamians to invest in Bahamas property. Non-Bahamians who purchase a single-family dwelling don’t need a permit, but they need to register their acquisition with the Investments Board. Purchasing a piece of land in The Bahamas is still difficult and costly, but it’s a good investment.

The economy of The Bahamas is generally stable, with property prices declining in most years since the global financial crisis. However, housing prices have fallen since the government closed the island’s borders to international tourists in March 2020. The result was a severe decline in tourism, which fell 14.7% y-o-y in Q1 2020. Air travel was down by nearly 25% and the number of residents decreased by 10.5%. According to Damianos Sotheby’s International Realty, the housing market in The Bahamas is now balanced with supply and demand.

The island of Grand Bahama is the fourth largest in the Bahamas and considered the most popular. It has a commercial center called Freeport near its international airport. Freeport is the second-largest city in the archipelago. You can find waterfront properties here that start at US$300,000.

Leave a Reply

Your email address will not be published. Required fields are marked *