When you’re looking to buy a house in The Bahamas, you may be wondering what to look for. The traditional architecture in the country is colonial with island accents. Most properties feature dormer windows and high-pitched wood shingle roofs. Traditional homes also have double-hung windows and French doors. In recent years, however, many of these features have been removed in favor of more modern features. In addition to the traditional homes, you may also find properties in gated communities that are popular among expats.
The legal system in The Bahamas is based on British Common Law, which creates a transparent environment for property buyers. Moreover, the Bahamas government has taken extensive measures to ease residency requirements. Those who buy property worth more than $1.5 million can qualify for fast-track residency applications. This is an excellent opportunity for anyone who wants to own a piece of real estate and get residency at the same time.
Foreign investors are welcome to purchase Bahamas property. lyford cay bahamas rentals There are a number of policy documents that simplify the process for foreign investors. Most notably, the International Land Holdings Act 1993 aims to simplify the process of purchasing a property in The Bahamas. The first step is to register with the Investments Board and Central Bank, which will cost you between $25 and $100.
Foreign nationals can also purchase property in The Bahamas with a mortgage. Some banks offer mortgages for up to 25 years and only require 10 percent down payment. Foreign investors should choose a BREA member in order to ensure that they receive competitive interest rates. In addition to that, many of their members are accredited by the National Association of Realtors (NAR).
Another popular option is to rent out the stock to the tourism industry. A variety of resorts and other developments offer complete packages for investors who want to buy a property in The Bahamas. These packages include fractional ownership and rental and management packages. The benefits of investing in real estate in The Bahamas include low crime, international accessibility, flexible immigration policy, and an inimitable natural appeal.
When buying property in The Bahamas, it is important to consult a local attorney. An attorney can help ensure that all title documents are in order. Your attorney will also provide an opinion regarding the title of the property. This opinion is similar to title insurance. Should you find that the title to your property is in dispute, you will be held liable for it. If there is a problem, the attorney will be able to work out a solution.
Foreigners can purchase a property in The Bahamas if they have a resident card from the government. Generally, the government allows foreigners to buy property worth more than $500k. For the same amount, a foreigner can get a Home Owner’s Resident Card for a year.