If you are interested in investing in real estate in the Bahamas, you can check out the Bahamas Property Fund, a real estate investment trust. This fund owns commercial real estate properties in The Bahamas including Bahamas Financial Centre, One Marina Drive and Providence House. Its tenants include businesses in a wide range of industries. Shares of the fund trade on the Bahamas International Securities Exchange under the symbol “BPF.” Its investment manager is Royal Fidelity Bank & Trust, and its total assets under management and administration are over $2 billion.
Buying property in The Bahamas is a great way to enjoy the Caribbean lifestyle. The country has many attractions for property investors, from those looking for an inexpensive starter home to those interested in purchasing an estate property. Its relaxed, tropical lifestyle and safe investment climate are major draws for prospective buyers. Foreign nationals who are interested in purchasing property in The Bahamas must apply for a Foreign Investment Board (FIB) permit before purchasing property.
The legal system in The Bahamas is based on British Common Law, which provides a legally transparent environment. The Bahamas government has also taken significant steps to relax the residency rules, allowing individuals to apply for residency quickly after purchasing a property worth $1.5 million. This offers a unique opportunity for foreign investors to purchase real estate in The Bahamas and virtually obtain residency at the same time.
The Bahamas has been welcoming to foreign investors since the 1990s, and it has developed several policy documents to encourage non-Bahamians to invest in property in The Bahamas. The International Land Holdings Act 1993, for example, aims to make property acquisition in The Bahamas easier for foreign investors. However, the country still requires foreign nationals to register with the Investments Board and the Central Bank. ocean club estates bahamas cost approximately $25 to $100.
Before the outbreak of the coronavirus, demand for residential properties in The Bahamas had been falling for some time. According to the latest Engel &Volkers Real Estate Market Report, residential sales in The Bahamas were down by 20 percent. The Bahamas government closed its borders to international tourists in March 2020 to prevent the spread of the virus. This led to a significant decline in tourism figures. Sea and air travellers decreased by 10.5% and 28% respectively. The tourism figures are expected to fall further in the second half of 2020.
Before buying property in The Bahamas, it is crucial to understand the process. You should always hire a local attorney to make sure the title documents are in order. Your attorney will also act as your representative in the transaction. The attorney will also provide an opinion on the title to the property, much like a title insurance policy. If there are issues with the title, the attorney will be responsible for addressing them.
The Bahamas has a mature real estate market and low taxes. As such, the purchasing process is secure and transparent. The buyer’s attorney will check the title of the property and whether there are any missing abstracts. Missing abstracts will reduce the marketability of the property. You must also ensure that the history of the property is correct.