Buying Real Estate in The Bahamas
Many of today’s top celebrities own property in The Bahamas, including Nicolas Cage, Maria Carey, and Sean Connery. Others include Michael Jordan and Tiger Woods. These prominent residents make real estate in The Bahamas an affordable and desirable investment bahamas real estate opportunity. You may be the next one to own a piece of paradise. Read on to discover how to get started. Listed below are some of the most important facts you need to know about buying property in The Bahamas.
While the vast majority of buyers are foreign nationals, more Bahamians are putting their money into the middle market. While foreign buyers are still the majority of real estate in The Bahamas, there has been a recent increase in domestic buyers from the United States. These buyers tend to come in waves, depending on travel restrictions. The majority of buyers are from Texas, though Californians have become increasingly popular. There is no better time than the present to make your move to the Bahamas and buy real estate!
When purchasing property in The Bahamas, foreign nationals should be aware of some of the laws and procedures surrounding foreign ownership. For example, a person cannot buy real estate in The Bahamas if he or she is not a Bahamian citizen. Foreign buyers should also be aware of the restrictions regarding transferring property in The Bahamas. In general, buying property in The Bahamas is a good idea if you’re thinking about building a vacation home or investing in real estate as an investment.
The Bahamas has a strong business climate. The government encourages foreign investors to invest in the Bahamas real estate market by creating an investor-friendly environment. It also emphasizes the growth of financial services and tourism. This government policy seeks consistent growth in the real estate market. In October 2002, the government set up a ministry of financial services, which announced its intentions to streamline the purchasing process. The Bahamas Multiple Listing Service provides information on real estate, but it is not necessarily accurate.
Non-Bahamians can also purchase property in the Bahamas. Purchasing a property in the Bahamas is not a difficult process if you meet certain requirements. First-time foreigners can purchase a developed home or less than two acres of undeveloped land, according to Robert Van Wynen, a partner at the law firm Alexiou, Knowles & Co. After receiving the approval, the process typically takes a few weeks. Once approved, permanent residency in the Bahamas is available to buyers who purchase a home valued at $750,000 or more.
The government has increased the threshold for permanent residency to US$750,000 to attract ultra-high-net-worth individuals. Property valued above US$1.5 million is given priority consideration. Permanent residents enjoy all the privileges of a citizen, except for the right to vote. In addition to the higher threshold, unemployment is projected to rise to 15.2% this year. In addition, Baha Mar has had to cut jobs due to the Zika virus.