Buying a piece of Bahamas real estate is not as difficult as buying a property in another country. Non-Bahamians can buy residential properties without any prior government approval, but they must apply for a building permit for larger projects. These permits are granted based on the investor’s assurances about the future development of the property. If you plan to develop an entire island, you must seek the permission of the Bahamas Investment Authority, which will require you to submit a project proposal, financial projections, and employment requirements.
Bahamian companies are commonly bahamas real estate formed to purchase land or lease it. The government provides incentives to investors to encourage more property sales, second homes, and hotel resorts. The Bahamas’ Hotels Encouragement Act encourages the development of hotels, and offers attractive incentives for investors to build new, remodel, or expand existing hotels. These incentives are aimed at encouraging a diverse range of businesses in the country. The MLS is an excellent resource for prospective investors.
Lightbourn Realty has offices on many islands throughout The Bahamas, including Paradise Island. They can help you choose the perfect home in this idyllic location. You’ll have access to world-class shopping, golf, spas, and dining in this island country. You’ll also have access to a tax regime that is friendly to investors. The Bahamas also offers some of the finest properties in the Caribbean. To find out more about purchasing Bahamas real estate, contact ERA Dupuch.
In a Bahamas real estate transaction, an attorney will be hired by the buyer to determine the validity of the title. The attorney will look for any encumbrances on the title. Missing abstracts or a broken chain of title owners will limit the marketability of the subject property. In addition, you may want to consider purchasing the property in a company. The incorporation of the company will make it easier for the buyer to complete the transaction.
If you are interested in buying a piece of land in The Bahamas, you will need to file a Declaration of Real Property Form to formalize your sale. Generally, the property should be signed by the owner with the signature of an authorized person (such as a notary public or bank officer). A person who is not a Bahamian cannot purchase property in The Bahamas without a proper permit. Non-Bahamians are not required to register leases or obtain permits. Besides, leases are typically for a longer period of time and can last for over twenty-one years.
Buying or selling real estate in The Bahamas requires a lot of money. However, it can be worth it in the long run. While property prices in The Bahamas are quite high, the benefits far outweigh the cost of the transaction. With a little research, it is possible to buy a home for much less than you might expect. You can even save money by avoiding fees by buying property in The Bahamas. But before you decide to buy a property in The Bahamas, make sure it is a good investment.