• August 20, 2022

Buying Real Estate in the Bahamas

Whether you’re looking for a luxury property on a private island or a beachfront condo on the mainland, the Bahamas has plenty of choices available. Famous celebrities including Nicolas Cage, Maria Carey, Sean Connery, Michael Jordan, and Tiger Woods own real estate in the country. If you’re interested in purchasing real estate in The Bahamas, here are some tips to help you make an informed decision. Listed below are just a few options:

The Bahamas is welcoming to foreign investment bahamas real estate and has established several policy documents to encourage this. One such document is the International Land Holdings Act 1993, which encourages non-nationals to invest in Bahamian real estate. In order to purchase real estate in the Bahamas, however, you must register with the Central Bank and Investments Board. This registration fee can range anywhere from $25 to $100, depending on your status. There are many advantages to purchasing real estate in The Bahamas, so it may be worth considering your needs.

Although there are few formal powers of attorney, some transactions still require attorneys. For example, if the buyer is unable to sign the declaration of real property, the attorney will typically complete it. Likewise, if the buyer is unavailable to sign the document, an attorney will usually be appointed to handle the transaction. Moreover, the attorney is authorized to handle the closing of a real estate deal, and he can even sign it on behalf of the buyer.

Purchasing real estate in The Bahamas is a good idea if you’re in the market for a new home. Although the island has a low property tax, there are some governmental charges that apply to property. The Grand Bahama Port Authority imposes additional charges, but they are minimal. It’s important to research the property’s history and current status before making a final decision. If it’s for a large project, it may be worthwhile to purchase property in a company or corporation.

In terms of expertise, MCR’s real estate practice includes a variety of complex transactions. It acts for Bahamian and international developers as well as financial institutions. Among its associates are Stephen Melvin, who specializes in residential property and development. Additionally, MCR continues to service luxury communities, including Lyford Cay, Paradise Island, and Harbour Island – Eleuthera. The firm’s lawyers are well-versed in all aspects of real estate in The Bahamas.

Before the global financial crisis hit The Bahamas, the demand for residential property had already been falling. According to a report by Engel & Volkers, residential property sales were down around 20% in 2019. The government also closed the country’s borders to international visitors in March 2020, to prevent the spread of the disease. Tourism is expected to suffer from the disruption and fall even further during Q2 2020. But this is a temporary blip and should not dampen buyers’ spirits.

Non-Bahamians are encouraged to use their home banks to make their investment decisions. However, non-Bahamians should not overextend the domestic market for credit. There are more than 300 international banks in the Bahamas that can facilitate interbank transfers and provide the necessary documentation. While foreign investors are not required to be a resident of the Bahamas, they must still save their bank documents in case they need them later for application and due diligence.

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