Buying Real Estate in The Bahamas
When you’re looking for a vacation home in The Bahamas, there are several things to consider. The country is a premier business and tourism centre, and the government is trying to create an environment that is conducive to investing in real estate. The Bahamas government’s emphasis on financial services and tourism has influenced government policy to encourage investment in the real estate industry. In October 2002, the government formed a ministry of financial services, and announced that they would simplify property purchase procedures.
The island of Andros, which is located 20 miles west of Nassau, is also popular among tourists. Diving and snorkeling are popular activities in the area. The property can be reached easily with the newly launched seaplane airline COCO Bahama Seaplanes. While early pandemic restrictions dampened home sales, they have since been relaxed. Several famous personalities have purchased and sold property in The Bahamas, including Michael Jordan and Tiger Woods.
The Bahamas is home to several leading real estate firms. One of the largest is Bahamas Realty Limited, which has been in the business for three generations. The firm specializes in offshore companies and international buyers. Services offered by Bahamas Realty include residential, commercial, and land leasing. The team at Bahamas Realty also provides property appraisals. Its expertise is unmatched in the Bahamas real estate industry. You can use their services to find a dream home in The Bahamas.
Other benefits of living in The Bahamas include the tax-free bahamas real estate status and resort-style living. The country is popular with tourists and real estate investors, as it offers attractive tax advantages. The country’s economic health has helped make it an attractive choice for second-home owners and investors from the United States. Further, the Bahamas also has a growing and stable tourism industry. This makes it an ideal place to invest in real estate. This island nation offers a relaxed lifestyle and is ideal for expats.
Before buying a Bahamas real estate property, make sure you check the property’s title. There are a few things to look for. Checking the Bahamas government’s records can help you avoid a bad investment. For example, you can look up who owns the property and how much tax the owner paid last year. Once you’ve done this, you can contact the Bahamas government and ask for an appraisal of the property’s value.
If you are a non-Bahamian looking to buy property in The Bahamas, you will have to pay high realtors’ and lawyers’ fees. Purchasing property in The Bahamas is possible for non-Bahamians, and the International Persons Landholding Act (IPL) was passed in 1983. This act made it easier for foreigners to invest in real estate in The Bahamas. Foreigners will only need to obtain a permit if the property is bigger than five acres. The cost of this registration is between $25 and $100.