The benefits of investing in Bahamas real estate are plentiful. The archipelago is a sight to behold with hundreds of islands. The tax regime is incredibly friendly, and the country boasts world-class golf courses, spas, and shopping. Not only does the country boast some of the most beautiful homes in the Caribbean, but it is also home to some of the most famous people from Hollywood. So what makes investing in Bahamas real estate a great option for you?
Before buying a property in The Bahamas, it is essential to check the property’s ownership. The government can help you determine whether a particular property is owned by someone else. It also offers you valuable information such as who last paid taxes on it. This will help you avoid getting scammed. Also, keep an eye out for fraudsters in the real estate industry. Buying or selling property in The Bahamas is a risky venture, so be sure to do your research before investing your hard-earned cash.
The Bahamas offers tax-free living and a relaxed lifestyle. Many foreign buyers purchase real estate in the country for investment purposes or as a second home. The country’s stable economy and attractive tax incentives also attract American buyers. You will be able to enjoy a comfortable, relaxed lifestyle in a beautiful island paradise. It’s also easy to establish a residency in the country, and most properties in The Bahamas are relatively affordable. With all of these benefits, investing in Bahamas real estate will be a great decision for you and your family.
When you purchase a property in The Bahamas, you’ll first have to file a Declaration of Real Property Form. This document must be signed by the owner and witnessed by an authorized person. This person could be a magistrate, a registered medical practitioner, a bank officer, a minister of religion, or a notary public. Once your property is legally acquired, it will need to be assessed annually by the Chief Valuation Office.
Another major risk for the economy in The Bahamas is the spread of the coronavirus virus. While the government has worked to reduce the risk of the disease spreading to other islands, the demand for residential properties in The Bahamas fell sharply. In fact, Engel & Volkers reported a 20% decrease in residential sales in the first quarter of 2020, compared to the same period in 2019. As a result of the coronavirus outbreak, the government shut down the border to international visitors in March. During Q1 2020, the Bahamas saw a 14.7% y-o-y decline in tourist arrivals, while domestic air travel declined by nearly ten percent. This dip is expected to continue into Q2 2020.
For those who would like to live on a beach in The Bahamas, there are several islands that may be of interest. The Abacos, for example, are a 120-mile-long chain of islands stretching from Florida to Haiti. The Abacos are home to the world’s third-largest fringing barrier reef. The price of a two-bedroom beachfront villa in Staniard Creek is US$2.1 million. Another island of The Bahamas with a high-end real estate market is Eleuthera, which is 50 miles east of Nassau. It has a spectacular coastline of 110 miles of pink and white sands.