The Bahamas real estate market is booming, with many celebrities owning property here. Hollywood stars, such as Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan, have all purchased property here. You too can own your own piece of paradise. Listed below are some tips for buying Bahamas real estate. Read on to discover how to make your next vacation a memorable one. We’ve compiled some of the top properties available for sale in The Bahamas.
As a premier business and tourism bahamas real estate destination, The Bahamas encourages real estate investment. The government has made great efforts to promote an investor-friendly atmosphere. By focusing on financial services and tourism, the government aims to maintain a steady growth in this industry. In October 2002, the Bahamas established a ministry of financial services to streamline the process of purchasing real estate. In fact, many of the most prestigious property listings can be found on The Bahamas Property Portal.
Before buying or selling property in The Bahamas, it’s important to understand Bahamian land law. The government collects stamp duty on property transactions. Stamp duty is a large source of government revenue and is based on a sliding scale depending on the purchase price. You’ll want to check the title to ensure that it’s clear, as well as any other important information that could affect your purchase. You should also be aware of the local tax laws and regulations.
Foreign investment in real estate in The Bahamas is very welcome and beneficial. In order to encourage foreign investment, the Bahamas government has passed several policy documents. The International Land Holdings Act of 1993 is one of these. This legislation is intended to make purchasing property in The Bahamas easier for foreigners. Foreign nationals are required to register with the Investments Board and the Central Bank to purchase property in The Bahamas. The registration fee ranges between $25 and $100.
Mario Carey is the president and CEO of MCR Realty. He is one of the most respected real estate professionals in The Bahamas and holds the record for the largest beachfront property sold on a single island: $21 million. He has also been a leading real estate producer since 1999. A number of his clients are celebrities, including Faith Hill, Tyler Perry, and Shakira. A variety of different types of properties are available in The Bahamas.
Before the outbreak of the coronavirus, demand for residential properties was declining. Engel & Volkers reported a 20% drop in residential sales in 2019. In March 2020, the Bahamas government closed its borders to international tourists to reduce the spread of the disease. According to the latest statistics, Q1 2020 tourist arrivals fell by 14.7% y-o-y, while air travel dropped by 28%. In Q2 2020, it is forecasted that the situation will be worse.
Foreign investors are encouraged to use their home financial institutions to finance their real estate transactions in The Bahamas. However, they should not exceed the Bahamian domestic market for credit. The Bahamas has more than 300 international banks and can arrange for interbank transfers to finance purchase of Bahamas real estate. Non-Bahamians should ensure they save their bank documents and be prepared to produce them for due diligence. Once the transaction is finalized, they should pay the remaining balance of the purchase price.