Bahamas real estate business is flourishing. The picturesque islands have attracted visitors for ages due to the intrinsic natural charm they possess and the breathtaking aura they exude. However, it is now time for investors to revel in the tax benefits, government incentives and modest pricing; the islands have to offer to the investors ready to snap up the opportunity.
Bahamas real estate business has boomed in the last few years owing to a number of contributing factors. Government has vehemently taken to infrastructure strengthening in the wake of recovery from economic recession to lure foreign investors and create massive job opportunities for the vast native pool of unemployed brigade. Optimism is exhibited in a massive way in the transportation segment too. The air and sea routes have been revolutionized and the cruise operations have been escalated significantly to keep up with the resurgent tourist influx in the islands. Stamp duty on real estate sale deeds is negligible. Research has revealed that rental properties in Bahamas return back substantially in the form of high rentals. Location factors in while fixing the rental level. Government has imposed no legal restrictions on foreigners interested in purchasing real estate at Bahamas. However, statutory permission needs to be obtained in case the real estate spans greater than five acres or is being planned on an underdeveloped land.
Bahamas real estate scenario has many other good things to offer. Foreigners in ownership of real estate in the island become eligible for annually renewed homeowner’s residence card. Investors who have in their possession properties exceeding five million dollars get precedence over others while being considered for permanent residence. Foreigners do not fall under the purview of any income, sales, and estates taxes. Local banks have started opening up their doors to foreign investors with loans at attractive interest rates. The mortgage markets have widened significantly in the past few years.
Bahamas real estate developers can take heart from the fact that some of the ace construction workers, highly skilled in their respective areas of work are available in the island at competitive rates. The development market is not facing stiff competition which is helping in keeping the prices of raw materials low. Optimism is reflected profusely in construction activities. Numerous large projects are underway. New roads and ports are being developed to facilitate sustaining of steady inflow of tourists. A new harbor to accommodate larger cruise ships is underway after getting government nod. All these factors make Bahamas real estate a great prospect for investors.