Aside from selling real estate, the Bahamas also provides investors with an excellent opportunity to own a second home or invest in other real estate opportunities in the country. For non-Bahamians looking to buy Bahamian real estate, the country’s policies are designed to facilitate this process. For example, the International Land Holdings Act 1993 seeks to ease the purchase process for non-Bahamians. To purchase real estate in the Bahamas, non-Bahamians must register with the Investments Board and the Central Bank. This registration can cost anywhere from $25 to $100.
Although formal powers of attorney are seldom required in real estate transactions in The Bahamas, Bahamian attorneys often execute real estate documents without the formality of powers of attorney. In fact, some real estate documents are actually executed by Bahamian attorneys without involving a power of attorney, as outlined in the Powers of Attorney Act 1992. The real property declaration is typically executed by an attorney if the buyer is not available to sign the document.
The Bahamas has a stable real estate market. Its unique location attracts both local citizens and second-home owners looking for vacation homes. As an example, a recent Bahamas Guides article stated that the average price of real estate in The Bahamas is approximately 37% higher than its neighbouring countries. This high level of stability makes The Bahamas an attractive destination for luxury home buyers, and its strong economic growth and tourism industry have led to development of real estate products that are attractive to foreigners.
Non-Bahamians must obtain prior government approval for a property purchase before the sale can be completed. For homes worth more than $1.5 million, a non-Bahamian investor must apply for a permit. If the developer is not a Bahamas citizen, they need to submit a project proposal with financial projections and employment needs, among other documents. For a property to be assessed, the owner must file a Declaration of Real Property Form.
Another reputable real estate agent is Mario Carey. Known as a renowned real estate expert, he holds the record for selling the largest beachfront property in the Bahamas, a $21 million vacant plot of land. In addition, he has been a leading producer in Ocean Club Estates since 1999. If you are interested in buying a Bahamas property, ERA Dupuch Real Estate can help you. They specialize in buying and selling property throughout The Bahamas.
For those interested in buying a second home, the island nation of The Bahamas is the perfect destination. The capital city of Nassau is within easy reach of Miami International Airports. Additionally, there is an on-site FBO that offers customs and immigration services for travelers arriving on a plane. Luxury buyers are increasingly looking for easy access second homes. Luxury brokers, such as MAISON Bahamas, are leading realtors in the Bahamas.
The capital of the Bahamas, Nassau is a 21-mile-long island connected to neighboring Paradise Island. The eastern end of Paradise Island is home to Ocean Club Estates, a full-service luxury development. There, waterfront properties cost up to US$14 million. A good local attorney can help you prepare your application and negotiate with the Government. This is one of the best investments you’ll ever make.