Many celebrities own real estate in the Bahamas. Maria Carey, Nicolas Cage, and Sean Connery all own property there. NBA superstars Michael Jordan and Tiger Woods also own Bahamas real estate. Read on to learn how these celebrities purchased their real estate in the country. Listed below are some of the main factors to consider when purchasing Bahamas real estate. If you have an eye for luxury, then you may want to consider purchasing in a company.
Before the outbreak of coronavirus, demand for residential property in The Bahamas was already decreasing. In fact, Engel & Volkers reported that residential sales were down 20 percent from last year. And, in March 2020, the Bahamas government shut down its borders to international tourists in order to stop the spread of the disease. As a result, tourism in Q1 2020 dropped 14.7% y-o-y to 1.7 million. Air travel fell 28%, while visitor arrivals declined 10.5%. Those numbers are expected to be much worse in Q2 2020.
When it comes to buying or renting bahamas real estate property in the Bahamas, the best option is to use a professional real estate agent. Real estate agents are available through a real estate agent, and a Bahamas Property Portal is a comprehensive directory of Bahamas real estate. You can find luxury homes for sale and rental, Paradise Island condos for rent, private islands, waterfront properties, and more. A good real estate agent will be able to guide you through the entire process, from searching for homes to the closing.
A handbook published in 1994 by the Bahamas Real Estate Association explains the procedures to purchase and sell real estate in The Bahamas. Besides providing detailed information about the country’s real estate, the handbook also includes current development trends. As such, it is important to ensure that the information provided is up-to-date. This handbook can be an invaluable resource in the purchase and sale of real property in The Bahamas. There is no doubt that this handbook is essential for savvy real estate professionals.
Foreign investors looking to invest in Bahamas real estate are welcomed in the country. The government has enacted several policy documents to facilitate their investment. One of them, the International Land Holdings Act, 1993, aims to make it easier for non-nationals to purchase Bahamian property. It requires registration with the Central Bank and Investments Board before you can acquire Bahamian property. The fees for this registration range between $25 and $100.
Investors seeking to buy property in the Bahamas will be able to benefit from the tax-free status of the country. In addition to that, the country’s stable economy and attractive tax advantages make it a popular second-home destination and a top choice for investment. The Bahamas offers an idyllic lifestyle with ideal weather conditions and 310 days of sunshine per year. It is home to a thriving expat community. In addition to offering tax benefits, Bahamas real estate and brokerage are extremely attractive to foreign investors.