Advantages of Buying Bahamas Real Estate

 

If you’re looking for the ideal location for your vacation home or second home, consider buying Bahamas real estate. With its stunning beauty, friendly tax regime, and world-class golf and shopping, this archipelago has many advantages for both vacationers and property owners. In addition to its real estate, Bahamas offers some of the most luxurious homes in the Caribbean. Read on to learn about the advantages of buying Bahamas real estate. Listed below are a few of the most important factors to consider before purchasing real estate.

Before the outbreak of the coronavirus, demand for residential properties in The Bahamas had already begun to fall. According to an article in bahamas real estate Bahamas Guides, the average price of residential real estate in The Bahamas is 37% higher than that of its Caribbean neighbours. Because of its political stability, proximity to the USA, and tourism-driven economy, the Bahamas has become an attractive destination for luxury home buyers. Meanwhile, the real estate market is expected to continue developing attractive products for buyers.

If you’re a non-Bahamian, you may not be aware of the laws governing foreign investments in real estate in The Bahamas. Fortunately, the country is friendly to non-Bahamians and has even created policy documents to facilitate foreign investments in the Bahamas. The International Land Holdings Act 1993 is one of those documents, and its implementation has made buying Bahamas real estate much easier for non-Bahamians. To get started, investors must register with the Investments Board and the Central Bank. This registration will cost anywhere from $25 to $100.

As the fourth largest island in The Bahamas, Grand Bahama is the most popular. It’s also home to a commercial center, Freeport, which is the second-most populous city in the archipelago. Freeport is popular with vacationers and is home to many luxury condominiums and townhouses. For example, a 17-acre Goat Cay was purchased by Faith Hill in 2006 for US$6.4 million. Meanwhile, US$100 million was spent by Prince Aga Khan IV to purchase the 349-acre Bell Island. Shakira, meanwhile, purchased a 16-million-pound property in Bonds Cay in 2011.

Non-Bahamians can buy property in The Bahamas by creating a company or trust, which holds a land permit. If they don’t, the acquisition will be null and void. The Board will have the authority to vary land permits, but this won’t be effective unless the Board approves it. If a land permit is issued, the property must be registered and the title document should be registered with the Registrar General’s Office.

While buying property in The Bahamas can be lucrative, there are some things to watch out for before making a purchase. The Bahamas has a long history of scams involving the sale of property. There have been numerous incidents where U.S. citizens have lost their life savings after purchasing real estate on a family island. In some cases, the seller did not have clear title to the property and the buyer ended up losing their entire savings. A few other incidents occurred where the buyer was promised high-end real estate development on a family island but then failed to complete it.

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