Aug 20, 2022
Buying and Selling Real Estate in the Bahamas
Buying and selling real estate in The Bahamas is not an easy task. Unfortunately, there have been a number of cases of U.S. citizens losing all of their savings after realizing the seller did not have clear ownership of the property. Other cases involved development projects for high-end properties on family islands that never came to fruition. Regardless of the reasons for these mishaps, you should have a lawyer to represent your interests.
The Bahamas is a beautiful archipelago of hundreds of islands with a very friendly tax system. There is world-class golf, shopping, spas, and more. There are also some of the most luxurious homes in the Caribbean. If you’re looking for a home in The Bahamas, it may be a good idea to invest in property. The Bahamas has a wealth of potential for real estate investors. Whether you’re looking to own a vacation home, an investment property, or a retirement home, there are many options.
The smallest of the islands is Exumas, home bahamas real estate to 700 beautiful islands. It’s famous for Johnny Depp’s Pirates of the Caribbean filming location, and David Copperfield bought up to eleven of the islands for a total of $50 million. Faith Hill bought 17-acre Goat Cay in 2006 and Tyler Perry bought a 20-acre island for US$6.4 million in 2009. Prince Aga Khan IV purchased a 349-acre Bell Island for US$100 million in 2009. Shakira bought a sixteen-acre island in the Bahamas in 2011.
While the Bahamas has many favorable factors for foreign investment, a number of important policy documents are necessary to invest in property in the country. For example, the International Land Holdings Act 1993 aims to simplify the acquisition of Bahamian property for non-Bahamians. It requires a registration with the Central Bank and Investments Board and a fee of $25 to $100. For more detailed information, you can read the Global Property Guide.
The most important thing to remember when buying or selling property in the Bahamas is to ensure that the property is registered. The government of the country is a great source of revenue, so you’ll need to pay a significant amount of stamp duty. You may even want to purchase a property within a company for larger projects. To avoid this issue, make sure you speak to an attorney with experience in Bahamian real estate. It is crucial to protect your interests and prevent any misunderstandings after the transaction is complete.
The Abacos are a 650-square-mile island chain that includes the islands of Grand Bahama, Little Cay, and New Providence. The Abacos are home to the world’s second most populous city, Freeport. You can purchase property in the ‘Out Islands’ like Grand Bahama, Abaco, and Andros. Prices in the ‘Out Islands’ range from $300,000 to more than $8 million for beachfront property.
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