September 20, 2007–Nassau, Bahamas– Lots of people have dreams of purchasing their own island paradise in The Bahamas, but the notion can seem a daunting task to many.
Rachel Pinder, president of Island Living Real Estate in Nassau, tells clients interested in investing in Bahamas real estate there are numerous advantages to doing so.
The government also encourages foreign nationals to acquire residential properties in The Bahamas, according to the Bahamas Investment Authority. The International Persons Landholding Act of 1994 simplified the process of foreign ownership of homes and real estate, making it easier for foreigners to own their own piece of tropical paradise.
“That law really sparked a surge in foreign investors purchasing second homes in The Bahamas,” Pinder said.
Another benefit foreign investors enjoy in The Bahamas is the fact that the country imposes no taxes on capital gains, inheritance, corporate and personal income, dividends and interest, according to the Investment Authority.
The Bahamas’ sound economy is guided by prudent fiscal policy, and it offers proactive incentives for investment, as well as a safe investment environment.
The Bahamas is equipped for economic progress, as it has made infrastructure improvement a national priority since 1992. Six major airports in The Bahamas are served by various international airlines, allowing direct flights to and from key destinations around the globe.
How to Invest in The Bahamas
Pinder said an international investor seeking to do business in The Bahamas should
submit to the Bahamas Investment Authority a project proposal containing the following information:
o name and address, including telephone/fax numbers
o executive summary of project
o type of business- whether share company, partnership, individual or joint venture
o principals – investors, major beneficial shareholders, including their dates and places of birth, as well as passport or social security numbers
o proposed location
o land requirements
o employment projections – number of Bahamian and non Bahamian
o employees for key personnel
o management/personnel requirement – years of experience, training and
o work permits for personnel
o financial arrangements for project, including bank reference
o environmental impact – toxic waste, disposal procedures, toxic input
o total capital investment in project with a breakdown of items and start-up cost. Minimum investment is $250,000.
Foreigners interested in making The Bahamas the location of a vacation home should consult with a reputable real estate professional, Pinder said.
Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.
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