The Bahamas is a premier business and tourism center, and the country is working hard to foster an investor-friendly atmosphere that encourages real estate investment. Its emphasis is on financial services and tourism, and government policy aims to foster consistent growth in this area. The Bahamas government has taken steps to streamline the purchasing process for real estate in the country, including the creation of the Ministry of Financial Services. Read on to discover more about the various benefits and considerations of investing in real estate in The Bahamas.
Buying and selling real estate in the Bahamas can be tricky for U.S. citizens, who have reported experiencing problems purchasing or selling property there. Some even lost their life savings when they discovered that the seller did not have clear ownership of the property. Other incidents involved high-end real estate development projects on family islands. Some of these projects were never completed. Regardless of whether you’re buying or selling real estate in The Bahamas, it’s important to take the time to do your due diligence before committing to a purchase.
There are many different reasons to invest in bahamas real estate Bahamas real estate, including the country’s idyllic environment. The islands are surrounded by water, and the islands are home to some of the most beautiful coral reefs in the world. The islands also offer several residency options for foreigners, including the right to buy or rent properties. As an investor, the country’s stable economy and favorable tax environment make it a good choice for many buyers. As a result, you’ll be able to enjoy the perks that come with ownership in the Bahamas, and you can benefit from some of the best taxes in the world.
Before the outbreak of the coronavirus, demand for residential property in The Bahamas was already falling. According to Engel & Volkers, sales of residential properties dropped by 20% in 2019. The Bahamas government decided to shut down the borders to international tourists on March 2020 to contain the outbreak of the disease. Tourism fell sharply during Q1 2020, and the government has closed the international airport. As a result, arrivals of international tourists fell 14.7% y-o-y. Air travel dropped by 28% and tourism is expected to worsen further in Q2.
Foreign buyers typically come from the United States, Canada, France, Britain, and Italy. Non-Bahamians must acquire a permit to purchase property in the Bahamas. If the land is more than five acres, the Government will require a permit. The Government is currently working to simplify the acquisition process. However, it does have strict requirements. Non-Bahamians must register with the Investments Board to purchase property in The Bahamas. The cost of registration can vary from $25 to $100.