When buying real estate in The Bahamas, it is crucial to have a thorough understanding of the local land law. The Bahamas is governed by the Land Law, and the process of buying and selling property in the country is complex. The Bahamas Real Estate bahamas real estate Association has a handbook that can be used to navigate the land market. The handbook covers important information on Bahamas real estate, as well as how to buy and sell it. It also offers tips and tricks for maximizing your investment.
The country’s tax benefits are one of the reasons it’s so popular for investors and second home buyers. A stable economy, beautiful beaches, and a large expat population make it a popular choice for many. The Bahamas also offers appealing tax benefits. Purchasing real estate in The Bahamas is a great way to live on a tropical island without paying high taxes. You can start enjoying the benefits of owning property in The Bahamas today.
Before the outbreak of coronavirus, demand for residential property in The Bahamas was on the decline. According to real estate brokerage Engel & Volkers, there were 20% fewer sales in the residential market during 2019. This trend continued when the government closed its borders to international visitors in March 2020. While the closure was designed to prevent the spread of the disease, it led to a significant drop in tourism. In Q1 2020, tourists arrived to The Bahamas down 14.7% y-o-y, and air travel was down by 28%. The numbers are expected to decline even further in Q2 2020.
Non-Bahamians who want to invest in property in The Bahamas should first check the Bahamas government’s records. The government will be able to tell if the property is owned by a resident, and whether the property has been assessed for taxes. The government will also let you know if the last payment of taxes was made to the local authorities. By checking the property’s government records, you’ll have peace of mind that you are buying a property that will earn you money.
If you’re looking to invest in real estate in The Bahamas, you’ll find that it’s not an expensive investment. However, you should be aware that some people have reported problems with the process of buying or selling real estate in The Bahamas. In some instances, they lost all their savings after discovering the seller didn’t have a clear title to the property. Other incidents involved high-end real estate development projects on family islands that were never completed.
Nassau is the capital of the Bahamas and is a 21-mile island linked to neighboring Paradise Island. Located on the eastern tip of Paradise Island, the waterfront properties in this luxury development start at US$14 million. This is a great place to invest in real estate because it’s close to the ocean and offers an abundance of amenities. If you’re looking to invest in a luxury property in the Bahamas, ERA Dupuch can help you find a property that fits your needs.