If you’re interested in investing in real estate in the Bahamas, you’ve come to the right place. The Bahamas is a breathtaking archipelago of hundreds of islands. This archipelago features a highly investor-friendly tax structure, world-class shopping, golf, spas, and luxury homes. But there’s even more to the Bahamas than all that. Here are some of the reasons to invest in Bahamas real estate.
As a premier tourism and business bahamas real estate destination, the Bahamas has a unique position. The islands promote a climate that is conducive to real estate investment, as well as an overall positive impact on the economy. Government policy has aimed for consistent growth in the real estate industry. In October 2002, the Bahamas’ minister of financial services announced the introduction of streamlined property purchasing procedures. Its goal is to increase investor confidence in the country’s real estate market by improving the overall quality of real estate in The Bahamas.
When buying or selling property in The Bahamas, you will most likely need to get prior approval from the government. While a Bahamian attorney will be able to do much of the legal paperwork for you, many of the documents are typically executed directly by the parties. In some cases, though, a Bahamian attorney can perform this role without formality. To get the approval of the government, you must apply to the Bahamas Investment Authority. This organization will review your business plan, financial projections, and employment needs in order to approve your project.
Aside from the tax-free status, another attractive feature of Bahamas real estate is the country’s relatively stable economy. As a result, many international buyers consider the country for their second home ownership and as a vacation destination. The country’s tax benefits make it an attractive place to invest in. In addition, the country also offers a host of benefits, including free trade and the ability to enjoy a relaxed and carefree lifestyle.
Non-Bahamians are encouraged to purchase real estate in The Bahamas. To facilitate this, the country has enacted policy documents that make buying property in The Bahamas easier. The International Land Holdings Act of 1993, for instance, makes the purchase of property in the Bahamas more accessible to non-Bahamians. To obtain an investment permit, you must register with the Investments Board and Central Bank, which will cost you a fee of between $25 and $100.