How to Own Bahamas Real Estate
Many celebrities, including Nicolas Cage, Maria Carey, Sean Connery, Michael Jordan, and Tiger Woods, own real estate in the Bahamas. The country is a popular choice for investors and second-home buyers, due to its low taxes and stable economy. Read on to learn bahamas real estate more about how you can own Bahamas real estate. You may be surprised at how much the cost of living can vary by island. There are also several residency programs in The Bahamas.
For example, the Bahamas Real Estate Association has published a handbook to help its members buy and sell real estate in The Islands. This handbook contains valuable information on property laws and legal procedures in The Bahamas. It also contains detailed information about current developments. By reading this handbook, you can be assured that the information you find is up to date. And, you’ll be able to see whether the property is worth what you paid for it.
As of June 2017, the price of luxury properties in The Bahamas fell about 20% from their peak. However, some property owners had already increased their prices. According to Engel & Volkers, residential sales were down as much as 20 percent in 2019. The government had closed the islands’ borders to international travelers in March 2020, to combat the spread of the coronavirus. The result was a fall in tourism figures of 14.7% y-o-y, while air travel dropped by 28 percent. Fortunately, this decline in tourism is expected to worsen during the second half of 2020.
There are several legal requirements for investing in real estate in The Bahamas. Most transactions are conducted with the assistance of a Bahamian attorney or counsel. The attorney can act on the client’s behalf, following his or her written instructions. An attorney can also handle the legal details of the transaction and make sure the title is clear and good. After signing a deal, the attorney should ensure that all documents are recorded properly to protect the buyer’s interests.
Non-Bahamians can invest in Bahamian real estate. As of January 1994, the International Persons Landholding Act (IPLA) has been in effect. This law simplifies the procedures for non-Bahamians to acquire property in The Bahamas. A non-Bahamian may also acquire a single family dwelling without a permit. Non-Bahamians must also register the acquisition of vacant land with the Investments Board.
Foreigners are the largest group of buyers in The Bahamas, primarily from the United States, Canada, France, Britain, and Italy. In addition, property owners should note that acquiring foreign property in The Bahamas is easier than in many countries. While a buyer must obtain a permit from the Government to build on a plot of land that is greater than five acres, the process is quicker and cheaper. Moreover, foreign property owners must register their property with the Central Bank and Investment Board after the transaction.
Located on the east coast of Andros, this two-bedroom villa is situated 14 feet above sea level and boasts a private island. The price of an ocean front unit in this luxury development is US$150,000. A three-quarter-acre lot gives buyers plenty of space. This luxury property is also perfect for vacationers. However, the price of the unit depends on its location. The Bahamas offers excellent weather conditions year-round, and a lot of other luxury amenities.