For foreigners interested in purchasing Bahamas real estate, there are some prerequisites that must be met. Unlike most other real estate markets, the Bahamas is open to foreign investment and offers several policy documents that facilitate the process. One such document is the International Land Holdings Act 1993, which makes it easier for non-nationals to buy property in the Bahamas. It requires registration with the Central Bank and Investments Board. This process can take between $25 and $100.
The Bahamas has a long and steady real estate bahamas real estate market that attracts local citizens and second home owners who are looking for a vacation or permanent home. The average real estate price is 37% higher than its Caribbean neighbours. This steady growth is due to the strong political stability, the proximity to the US, and the thriving tourism industry. As such, it is a good place to invest in real estate. To make a smooth purchase, buyers should make sure to review the handbook, which is available at the Bahamas Real Estate Association.
Bahamian land law follows ancient forms and language. Typically, a conveyance is drafted by the seller’s attorney and approved by the buyer’s. This conveyance is then stamped and recorded. In the Bahamas, the government collects stamp duty on real estate purchases, which is a large source of revenue. The stamp duty is assessed on a sliding scale, and is usually a portion of the purchase price. Recording conveyances is important, and is required in some cases, especially for non-business purchases.
There have been a number of recent incidents involving U.S. citizens who bought real estate in The Bahamas. Some people lost their entire life savings after they realized that the seller did not have clear ownership of the property. Another incident involved a high-end real estate development project on a family island, which failed to materialize. Despite the risks associated with investing in The Bahamas real estate, there are a number of advantages to obtaining a piece of paradise.
For a truly luxurious vacation, it is best to buy property on the island of Grand Bahama. The fourth largest island in the Bahamas is Grand Bahama. It features an internationally-renowned commercial center, Freeport, located close to the international airport. The island is popular with vacationers. Currently, ocean front units in the Royal Ocean Club sell for US$150,000. As the property prices rise, so do the number of celebrities purchasing Bahamas real estate.
A few major advantages of purchasing Bahamas real estate include the tax-free environment and low cost of living. While the country’s cost of living is high, purchase prices for land on the Family Islands are much lower than in Nassau. If you’re interested in purchasing a Bahamas property, contact an experienced real estate adviser at ERA Dupuch. There are many options in the Bahamas, and their professionals will guide you through the entire process.