The Bahamas is a premier centre for business and tourism, which is why real estate in The Bahama Islands has a good demand. The government promotes an investor-friendly environment and encourages real estate investment, focusing on both financial services and tourism. In fact, the government has taken steps to boost the real estate industry consistently, establishing the Bahamas Ministry of Financial Services in October 2002. It announced that the government is aiming to simplify property purchase procedures.
Apart from the attractiveness of the bahamas real estate country’s prime location, the Bahamas also boasts of stunning natural beauty. The country’s coral reef and bird and flower species are world-class, and the population is friendly and relaxed. It has also been an investor’s paradise, with many residency options and a stable economy that is growing fast. But the real estate market in The Bahamas is still in good shape. While foreign buyers are still the major source of investment, Bahamians are increasingly buying residential properties in the middle market and buying property in The Bahamas is now easier than ever.
As a non-Bahamian, you do not need prior government approval to buy residential properties in The Bahamas. However, if you wish to purchase residential land over 5 acres, you must obtain a permit from the Bahamas Investment Authority. During the permitting process, you must provide proof that the development will create employment and improve the quality of life. If you are considering buying real estate in The Bahamas, you should check out Global Property Guide to get an idea of how to get the best deals and make the most of your money.
First time non-Bahamians can purchase a developed home or less than two acres of land in the country. Legal advice from a lawyer who practices law in Nassau and Abaco is essential to ensure that the transaction goes smoothly. After filing your application with the Bahamas Investment Authority, you will have to wait a few weeks before you receive approval. If you purchase a home worth at least $750,000, you will also qualify for permanent residency.
In addition to buying a home in The Bahamas, you should also check out the land’s government records. You can find out who owns the property, whether it has been assessed for taxes, and when the last tax payment was made. By doing this, you will avoid making a mistake that will cost you a lot of money. You will also be able to enjoy a great deal of freedom and privacy with your Bahamas real estate purchase.
Bahamian land law is complicated, and most transactions take place informally. Nevertheless, a Bahamian attorney can take on the role of an attorney in real estate transactions, acting on the client’s written and oral instructions. A Bahamian attorney can complete all necessary legal documents for you, including arranging for completion. This will make the whole process much simpler. And you will be able to relax – you’ll be in paradise!