The Bahamas has a thriving tourism industry and has become one of the top centers for business and finance. The country’s government encourages investment and promotes a business-friendly atmosphere. Its policy goals are to increase tourism and financial services, which are key drivers of economic growth. The Bahamas government’s policy also includes the development of the real estate industry, and in October 2002 it announced its intention to streamline property purchase procedures.
The Bahamas’ legal system is based on British Common Law, which provides a legal environment that’s both fair and transparent. The government has also taken steps to relax residency requirements. For example, residents who own property worth $1.5 million are eligible to apply for fast-track residency. This offers buyers a unique opportunity to buy real estate and essentially obtain residency without ever leaving the country.
Many major banks in the Bahamas offer mortgages to foreign nationals and Bahamians. Some offer terms of up to 25 years, with as low as ten percent down. Be sure to check the restrictions and interest rates of your prospective mortgage provider before committing to a deal. In addition, be sure to get a comparative market analysis from your real estate agent before you sign the deal. This can be extremely useful in determining a fair price for your property. As the Bahamas attracts more international buyers, demand for real estate in the country continues to increase. Many buyers are drawn to the laid-back lifestyle of this island nation.
When purchasing property in The Bahamas, it’s important to understand all of the laws and regulations associated with property ownership. Bahamian law encourages open, globalized and liberal business practices. Bahamian residents can own property directly or through a trust or partnership. Foreign companies, however, must have a physical presence in the country, or incorporate in The Bahamas. Although proof of ownership is not required in most transactions, due diligence may be required to ensure that the buyer is legitimate.
It’s a good idea to get a local attorney involved in the transaction. They will make sure that all documents are in order and are valid. Additionally, they’ll provide you with an opinion on the title to the property. This is like title insurance, but the local attorney will be liable if there’s any problems with it.
Foreign nationals are also welcome to invest in Bahamian real estate. The Bahamas government has implemented several policies that encourage foreign investment. For example, the International Land Holdings Act 1993 aims to make it easier for non-nationals to buy Bahamian property. This law requires foreign investors to register with the Investments Board and Central Bank. bahamas luxury real estate of registration will vary, but generally ranges from $25 to $100.
In addition to low property taxes, The Bahamas also boasts a mature real estate market. Buying property in The Bahamas is a secure and transparent process. When buying or selling a property in The Bahamas, the buyer’s attorney will examine the title to make sure that it is genuine. If there are any missing abstracts, this will reduce the property’s marketability. It is also vital for vendors to provide accurate history of their properties.