"Unlock Exciting Possibilities: The Benefits of Investing in Bahamas Real Estate Beyond its Stunning Shores" Bahamas properties. Real Estate investments.

 

 

As a real estate advisor in the Bahamas, I have had many clients inquire about obtaining permanent residency while purchasing a home here. The Bahamas has always been a desirable location for real estate buyers, not only for its picture-perfect surroundings but also for its tax-friendly environment and diverse culture. But what exactly do home buyers need to know about obtaining permanent residency in the Bahamas?

 

First and foremost, the Bahamas requires a significant investment for individuals seeking economic permanent residency.   This means owning a property valued at $750,000 or greater. You may be eligible for accelerated consideration if your investment exceeds $1.5 million. 

 

 

Obtaining permanent residency can seem daunting, but it can be smooth and efficient with the proper guidance and information.

 

One of the critical things to remember is the importance of consulting with a reputable real estate attorney. A knowledgeable and experienced attorney can provide valuable insights and guidance.

 

 

Simon Lowe is a partner at the law firm of King & Co. in Nassau. He specializes in real estate transactions, focusing on representing international investors and second-home buyers. He's been practicing in the Bahamas since 2007. King and Co. is recognized as a leading firm representing high-net-worth individuals conducting real estate acquisitions, sales, financing, and development in the Bahamas.

 

Simon has answered some "Frequently Asked Questions"

 

Is it safe to invest in real estate in the Bahamas?

Provided that the necessary due diligence is done with the assistance of a reputable Bahamian real estate attorney, investing in the Bahamas is very safe. The Bahamas has a long tradition of respecting private property rights for Bahamian and foreign investors.

 

Is it essential to be represented by a real estate broker?

Working with a local broker is highly recommended when purchasing real estate in The Bahamas, particularly for investors coming from overseas who may not be familiar with the lay of the land. A good broker will be able to assist with locating suitable properties and will be an essential go-between and introducer for other associated professionals who need to get established in The Bahamas, such as contractors, attorneys, bankers, etc.

 

Why do I need an attorney?

The Bahamas do not have a registered land system. Rather than confirming ownership of a parcel with a local land registry, a seller must produce original title deeds and documents showing they have a good and marketable title. This process requires the expertise of an experienced real estate attorney who will provide an opinion on the title, confirming that the purchaser is acquiring a good title for the property. Non-Bahamian investors are also typically required to obtain approval to purchase from the Bahamas Investment Authority. While this process is simple, it is best handled by a professional.

 

Any legal advice for first-time real estate buyers?

The Bahamas imposes taxes on the initial purchase of property on an ongoing annual basis. Although comparatively reasonable, it is essential to understand the amount of these closing and yearly costs fully.

 

There are many options for finding the perfect property to meet the permanent residency requirement. An essential factor to consider is the location of the property. The Bahamas offers a variety of stunning islands, each with unique benefits and charm. For example, properties on the main island of New Providence (Nassau) offer direct flights to many major cities worldwide, making it a convenient location for those who travel frequently. There are also two award-winning Fixed Base Operations (FBO) for those who prefer private flights.

 

Overall, purchasing a property in the Bahamas is a wise investment. You will have a beautiful home in paradise and access to a tax-friendly environment, diverse culture, and endless opportunities for recreation and relaxation.

 

 

Written by:  Silvina Andrews - [email protected]

Contribution: Simon Lowe - [email protected]