Looking to buy a piece of Bahamas real estate? The Bahamas is an archipelago of hundreds of islands. The Bahamas has a highly investor-friendly tax structure and an abundance of world-class golf, shopping, spas, and luxury homes. Despite its low cost of living, it is difficult to find the perfect place to buy a piece of real estate in this tropical paradise. To get a feel for the market and see which properties are available, check out Bahamas Property Portal.

Non-Bahamians can purchase residential properties bahamas real estate of up to five acres without prior government approval. Any large projects must be approved by the Bahamas Investment Authority. To acquire a permit, investors must submit a project proposal with financial projections and proof of employment needs. Before beginning any property purchase, non-Bahamians should carefully consider their financial situation and plan ahead. The benefits of owning Bahamas real estate are many. To make the most of the opportunity, take the time to do your research and compare properties.

In the Bahamas, formal powers of attorney are rarely used in real estate transactions. In most instances, parties execute real estate documents directly, though some documents can be signed by a Bahamian attorney without formality. The Bahamas Real Estate Association publishes a handbook to guide buyers and sellers in the process of purchasing and selling real property. The handbook fills a void that has existed for years. There are numerous sources of information online and in the Bahamas.

Prices of real estate in The Bahamas vary significantly. Before the outbreak, the demand for residential property was declining in The Bahamas. According to Engel & Volkers, there were approximately 20% fewer residential sales in 2019. The government also closed the country’s borders to international visitors in March 2020 to limit the spread of the coronavirus disease. As a result, Q1 2020 tourist arrivals were down 14.7% y-o-y and air travel fell by two-thirds. The situation is expected to worsen in Q2 2020.

The Bahamas government requires property owners to file a Declaration of Real Property Form. The form is signed by the property owner and witnessed by an authorized person, such as a magistrate, registered medical practitioner, bank officer, minister of religion, or notary public. Property owners may also pay taxes in US dollars or Bahamian dollars. Personal checks, however, should not be used, as they are not accepted. Foreign cheques must be bank-certified and drawn on a US or Bahamas bank.

Non-Bahamians are welcome to invest in Bahamian real estate. The country’s International Land Holdings Act 1993 aims to make the purchase process easier for non-nationals. Non-nationals must register with the Investments Board and Central Bank, and pay an application fee ranging from $25 to $100. The process may take several months, but it is worth the wait. In the meantime, foreigners can enjoy the benefits of the Bahamas’ property market.