The Bahamas is an archipelago of hundreds of islands. It offers a favorable tax regime for investors, and the island nation also boasts world-class shopping, golfing, and spas. The Bahamas real estate market is among the most luxurious in the Caribbean. However, before investing in Bahamas real estate, you should familiarize yourself with the local real estate market. Below are some tips for buyers of Bahamas real estate. Read on to learn more.
If you are not a resident of the Bahamas, it is important bahamas real estate to obtain a permit before buying property. The government of the Bahamas requires non-Bahamians to apply for a real estate permit. A permit is granted on the basis of assurances that the project will be developed. For large-scale projects, you need to apply to the Bahamas Investment Authority, which requires a detailed project proposal, employment needs, and financial projections.
When buying property in the Bahamas, make sure that you understand the land law. The Bahamas uses ancient language and forms for land law. An attorney will draft a conveyance and approve it. Once you are satisfied with the terms and conditions of the agreement, your attorney will proceed to stamp the documents and file them with the real property tax authorities. Stamp duty is a substantial source of government revenue and is based on the value of the property. Besides, recording the conveyance is important for your protection. You can also buy property as part of a company.
The Bahamas Real Estate market offers a wide range of home options. You can find luxury oceanfront condos to upscale townhomes. For a small investment, you can choose a luxury condominium in a pristine cove. Lightbourn Realty also has real estate offices on the islands of Long Island, Exuma, and Treasure Cay. In addition, ERA Dupuch Real Estate can help you buy or sell a home in the Bahamas.
While foreigners are welcome to invest in Bahamas real estate, there are several policies to protect the interests of non-Bahamians. For example, the International Land Holdings Act, 1993, simplifies the process for non-nationals to acquire property in the Bahamas. Afterward, investors must register with the Investments Board and Central Bank. The cost of registration varies from $25 to $100. You can check out the Global Property Guide for more information on the property market.
MCR is another good option for buyers and sellers. MCR has an elite team of 25 associates who speak English and multiple languages. This firm has the experience and resources to handle the most challenging real estate transactions. For example, the firm has sold the largest beachfront property in The Bahamas: $21 million worth of vacant land. In addition, the firm continues to serve luxury communities such as Lyford Cay. With these resources, buyers and sellers can find their dream home in the Bahamas.
However, it is crucial to ensure the integrity of the property seller. In addition to checking the legal documents and property documents, the Bahamas government can help buyers verify ownership by checking its records. You can also check the last tax payment on the property. There have been many reported incidents of unscrupulous lawyers collecting money for services that were never rendered. Ultimately, buyers have been scammed out of millions of dollars. Hence, it is important to do thorough research before you decide to invest in Bahamas real estate.