The demand for residential properties in The Bahamas was already falling before the coronavirus spread. In fact, Engel & Volkers reported a 20% drop in residential sales in 2019. The government had already closed the island’s borders to international tourists in March 2020 to prevent the spread of the disease, but the economic impact of this was felt right away. Tourism in Q1 2020 dropped 14.7% year-on-year to 1.7 million people and air travel declined by nearly 20%. This trend is expected to continue into Q2 2020.
For first-time buyers, the market in The bahamas real estate Bahamas is a good fit. The country is a tax-free zone and a popular choice for vacation home owners and real estate investors. As a sovereign, independent nation, the Bahamas enjoys a stable democracy. The Bahamas also boasts 310 days of sunshine each year and is home to one of the largest expat communities in the world. Bahamas real estate is also priced 37% higher than that of its Caribbean neighbours. The strong political stability and economy are some of the primary factors that make the market in The Bahamas so attractive.
In The Bahamas, the legal system of conveyance is complex. It takes several steps to transfer ownership of a piece of real estate. The buyer and seller have to sign several legal documents. One of these documents is a conveyance, which is drafted by the seller’s attorney and approved by the buyer’s. Once this has been completed, the attorney stamps the document. Recording the conveyance is also essential for the protection of the buyer. In some cases, it is advantageous to buy a property in a company.
The Bahamas is a premier business and tourism centre. Its government policy aims to foster investor-friendly conditions in the real estate market. Moreover, the government has introduced a ministry of financial services in October 2002, and recently announced an intention to simplify the purchase and sale process of real estate in The Bahamas. In the handbook, you can find useful information about the process of purchasing and selling real estate in The Bahamas. With this, you can make a good decision in this regard. So, get your hands on the handbook today. You’ll be glad you did.
The legal process for buying or selling property in The Bahamas is not as complicated as in many other countries. Foreign investors are most likely to come from the United States, Canada, France, Britain, Italy, and other countries. Buying a piece of land in The Bahamas doesn’t require a permit. However, there are some prerequisites that you need to comply with. In addition to registering the acquisition of property, you need to register your business.
The government has also raised the threshold for permanent residency to US$750,000 from $500. These changes aim to attract ultra-high-net-worth individuals. You must purchase a property worth at least $750,000 before you can apply. If you are a non-Bahamian, you can apply for an exemption from paying the seven percent tax. The law also allows non-Bahamians to develop subdivisions, but they don’t have the right to vote.