When you buy property in the Bahamas, you should do your research and learn as much as you can about the legalities involved. lyford cay bahamas rentals First, you must understand the tax structure in the country. The real estate market in the Bahamas is quite mature and the tax structure is very reasonable. In addition, the transaction process is highly transparent and secure. When buying property in the Bahamas, it is important to ensure that the title of the property is valid and that the seller has submitted the required abstracts. Absent these documents, the property will be less marketable. Likewise, you must make sure that the history of the property is accurate and complete.
The Bahamas is a stunning archipelago comprised of hundreds of islands. The country offers a highly investor-friendly tax regime and has some of the most luxurious homes and real estate in the Caribbean. You will be able to enjoy the island’s pristine beauty and tranquility while enjoying golf, spas, and world-class shopping.
Buying property in the Bahamas requires prior government approval if you are not a local. Non-Bahamians can buy residential property under 5 acres without a permit, but if you want to develop it, you will need to get a permit. The government has specific requirements for large development projects, including a business plan, financial projections, and employment needs.
Once the global financial crisis hit, the Bahamas property market declined dramatically, with many areas suffering as much as 60% of their peak. Despite the fact that the economy has been recovering, prices have declined in some areas, with residential property prices in the Bahamas falling by as much as 20% y-o-y, according to Engel & Volkers’ 2019 Real Estate Market Report. In March 2020, the Bahamas government shut its borders to international tourists to combat the outbreak of the coronavirus. As a result, air travel and sea travel both fell sharply. The situation will probably worsen in Q2 2020, with tourism figures dropping by up to 15%.
With its many islands, cays, and islets, the Bahamas offers a variety of different opportunities to purchase real estate. In some areas, the price of property fell by 40%, while in others, prices remained stable. Other investment opportunities include fractional ownership and full rental and management packages. The Bahamas is an attractive place to invest in real estate due to its low crime rate, international accessibility, and inimitable natural beauty. It is also important to note that foreigners can own free title to Bahamas property, making it possible for people of all income levels to purchase real estate in the country.
Purchasing property in The Bahamas can also help you secure residency in the country. Investors who invest more than $750,000 in Bahamas property may be eligible for Accelerated Consideration for Permanent Residence (ACPR).