Benefits of Buying Real Estate in The Bahamas
If you want to buy real estate in The Bahamas, you’ve come to the right place. The archipelago is made up of hundreds of islands, some of which are incredibly beautiful. The Bahamas is also known for its investor-friendly tax regime, world-class golf and shopping, and luxury homes. Whether you want a simple vacation home or a luxury property, the Bahamas has it all. Below are some of the benefits of buying real estate in The Bahamas.
The Bahamas has many investment incentives, and attracting foreign investors is important. Since the island has a relatively low cost of living, it’s easy to make a profit. But how do you find the right real estate investment? The answer depends on a variety of factors, including your budget and personal goals. Some investment incentives are designed to boost property sales, second homes, and hotel resort development. Hotels are a particularly attractive investment in The Bahamas, and the country’s hotels encouragement act provides investors with attractive incentives to open new hotels, remodel existing ones, or develop existing ones.
Foreign investors can invest in residential property, but it’s not always easy to buy land here. Non-Bahamians must get prior government approval before buying land. Non-Bahamians can also buy undeveloped land, but must apply for a permit for that. Large projects, however, require a permit from the Bahamas Investment Authority. To buy a foreign property, you must submit a project proposal, financial projections, and employment needs.
If you’re not a native of The Bahamas, you’ll probably want to work with a Bahamian attorney or counsel. Bahamian attorneys can act on your behalf and follow your instructions. This is an excellent way to protect yourself from getting scammed. Whether you’re buying a house or a luxury condo, you’ll be sure to receive expert advice. You’ll also benefit from the Bahamas’ low tax rate.
The Abacos is a chain of 120 islands spanning 650 square miles. Great Abaco and Little Abaco are the two largest islands, and are home to Elbow Cay, a beautiful eight-mile-long cay. Houses in this area start at US$300,000. Beachfront properties are typically US$1 million to $8 million. Unlike other Caribbean islands, The Bahamas offers good rental yields.
The Bahamas’ tax-free status makes it a top destination for investment and second-home ownership. With its stable economy and high level of political stability, it has become a popular destination for luxury home buyers. Additionally, residents of the USA enjoy the attractive tax advantages. For these reasons, the Bahamas real estate market continues to grow. There are many reasons to invest in The Bahamas. And don’t forget the fact that you can enjoy the benefits of resort-style living in The Bahamas.
A first-time buyer from outside the Bahamas can buy a developed home in The Bahamas if the land is under two acres. Attorney Robert Van Wynen of the law firm Alexiou, Knowles & Co. in Nassau and Abaco can assist you with your application. Once you have the paperwork in order, the Bahamas Investment Authority will process your application. Once approved, it will take only a few weeks, and will only cost you about $500. Once you’ve purchased a property valued at $750,000 or more, you can even apply for permanent residency in the Bahamas.
If you want to buy real estate in The Bahamas, you’ve come to the right place. The archipelago is made up of hundreds of islands, some of which are incredibly beautiful. The Bahamas is also known for its investor-friendly tax regime, world-class golf and shopping, and luxury homes. Whether you want a simple vacation…