The most obvious way to buy Bahamas real estate is by purchasing a condo or other type of condo-like property. The Bahamas is one of the most popular destinations for vacation and retirement homebuyers. In recent years, some celebrities, including Nicolas Cage, Maria Carey, Sean Connery, Tiger Woods, and Michael Jordan, have purchased property in The Bahamas. But what about those who cannot afford such an extravagant purchase? Should they consider buying a property in a company instead?
The Bahamas is an archipelago comprised of hundreds of islands. It has an investor-friendly tax policy, world-class shopping and spas, and some of the most luxurious homes in the Caribbean. The government makes it easy for foreign investors to purchase Bahamian real estate, though they must register with the Investments Board and Central Bank, and may have to pay up to $100 in fees. But for those who do not want to spend that much, investing in Bahamas real estate is a great option.
The Bahamas’ real estate market is fairly stable bahamas real estate compared to its Caribbean neighbours, and the country has attracted second home owners and tourists alike. This enticement to invest in The Bahamas is largely due to its strong political stability and a thriving tourism industry. With an average real estate price of 37 percent higher than other countries in the region, the Bahamas is a top choice for luxury homes and vacation properties. The Bahamas real estate market continues to develop and attract new real estate products that are ideal for discerning buyers.
The demand for residential property in The Bahamas was already falling even before the onset of the coronavirus. As a result, the Bahamas government closed its borders to international tourists in March 2020 in an effort to limit the spread of the disease. As a result, tourism and air travel to the country dropped dramatically in Q1 2020, with total international visitor arrivals down 14.7% y-o-y. Moreover, this drop is expected to worsen in Q2 2020.
Although the cost of buying a property in The Bahamas is affordable for foreign buyers, realtors’ and lawyers’ fees are still relatively high. Non-Bahamians must obtain a permit from the Government if they wish to develop a residential property on more than five acres. However, if you wish to develop a large project on the property, you need to apply for a permit from the Bahamas Investment Authority. Besides, you will need a permit if you plan to build a business there.
There are numerous islands to choose from in the Bahamas. Grand Bahama is the fourth largest and considered the most famous island. This island is home to a bustling commercial center, Freeport, which is also the second largest city in the archipelago. In 2006, Faith Hill purchased a 17-acre Goat Cay, while Tyler Perry bought a 20-acre White Bay Cay for US$6.4 million. In 2009, Prince Aga Khan IV paid US$100 million for three-hundred-acre Bell Island. In 2011, Shakira bought a beachfront property for US$16 million.