The government also encourages foreign nationals to acquire residential properties in The Bahamas, according to the Bahamas Investment Authority. The International Persons Landholding Act of 1994 simplified the process of foreign ownership of homes and real estate, making it easier for foreigners to own their own piece of tropical paradise.
“When making an investment in Bahamas real estate, it is always best to get in at the beginning of a project and speak with a local realtor to make sure the developer has a good record in keeping development promises.
Foreigners interested in making The Bahamas the location of a vacation home should consult with a reputable real estate professional, Pinder said.
“Our real estate buyers aren’t just coming from the United States,” said Pinder. “We’re getting many calls from Europe and Asia. The desire to buy into a piece of paradise is the primary motivator, of course. We have many affordable properties, some of which are ripe for development. Affordability is just one side of the economic coin. Bahamian liberal real estate and immigration laws draw many buyers.
There are several steps homeowners can take to protect themselves and their real estate from damage during Hurricane Season. The building industry has a wide variety of home improvement items built to protect property from hurricane-force winds and prevent water damage caused by these storms.
Researching the market is essential to making a profitable purchase. When purchasing Bahamas islands real estate, buyers should observe the neighborhood, take into consideration how much utilities cost, look at transportation access to and from the island and investigate comparably priced properties.
The real estate agents’ fees are set by The Bahamas Real Estate Association.