Buying Real Estate in the Bahamas
September 20, 2007–Nassau, Bahamas– Many people dream of buying their own island paradise in the Bahamas, but the idea may seem like a daunting task to many.
Rachel Pinder, president of Island Living Real Estate in Nassau, tells clients interested in investing in Bahamas real estate that there are numerous advantages to doing so.
The government also encourages foreign citizens to purchase residential property in The Bahamas, according to the Bahamas Investment Authority. The International Persons Land Tenure Act of 1994 simplified the process of foreign ownership of homes and real estate, making it easier for foreigners to own their own piece of tropical paradise.
“That law really caused an increase in foreign investors buying second homes in the Bahamas,” Pinder said.
Another benefit that foreign investors enjoy in The Bahamas is the fact that the country does not impose taxes on capital gains, inheritance, corporate and personal income, dividends and interest, according to the Investment Authority.
The Bahamas’ strong economy is guided by prudent fiscal policy and offers proactive investment incentives as well as a secure investment environment.
The Bahamas is equipped for economic progress, having made infrastructure improvement a national priority since 1992. The Bahamas’ six major airports are serviced by several international airlines, allowing direct flights to and from key destinations Worldwide.
How to invest in the Bahamas
Pinder said that an international investor looking to do business in The Bahamas should
submit to the Bahamas Investment Authority a project proposal containing the following information:
o name and address, including telephone/fax numbers
or executive summary of the project
or type of business, whether corporation, partnership, sole proprietorship, or joint venture
o Principals – investors, principal beneficiaries, including their dates and places of birth, as well as passport or social security numbers
or proposed location
or land requirements
or start-up date
o Employment projections – number of Bahamians and non-Bahamians
or employees for key personnel
o Management/staff requirement – years of experience, training and
or work permits for staff
o Financial arrangements for the project, including bank reference
o environmental impact: toxic waste, disposal procedures, toxic inputs
o Total capital investment in the project with a breakdown of elements and start-up cost. The minimum investment is $250,000.
Foreigners interested in making The Bahamas a vacation home location should consult with a reputable real estate professional, Pinder said.
Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, called “Red Roofs”. Red Roofs was built in 1896 and has been home to several families, a Gourmet Deli, and now Island Living.
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