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Getaway Islands for Expats Buying Property in the Bahamas

For a quieter, cheaper and more secluded setting than New Providence or Grand Bahama, where in the Bahamas should you buy your dream Caribbean vacation property?

The appeal of the Family Islands (or Out Islands as they used to be known) to many vacation home buyers in the Bahamas is that they are more sparsely inhabited and less economically developed than better-known Paradise Island, Grand Bahama or the capital Nassau, on New Providence island, where more than 70 percent of the population lives.

Islands like Abaco, Andros, Bimini, Cat Island, Eleuthera, Exuma and Long Island can offer attractive property deals that are extremely affordable and offer whatever level of tranquility you are looking for, tending to be less populous the further south you go. With 30 inhabited islands, cays, and islets to choose from out of the total 700 that make up the entire country, there is plenty of opportunity to find your perfect out-of-the-way vacation property.

ABACO

The Abaco Islands in the northern Bahamas, 180 miles off the South Florida coast, are a 120 mile chain of islands, each with its own charm and appeal. This perfect getaway destination has all the great physical attributes of other islands, but without the crowds and the cost. Due to the extra effort required to get there, the prices are also much lower on these islands than some others. Treasure Cay, with one of the world’s finest beaches,  has a 7,000-foot runway and airport facilities, making it easily accessible from the east coast of Florida. Here, there are available lots in small marina and beachfront communities at very reasonable prices, as well as waterfront condominiums within walking distance of the beach. Treasure Cay is a popular vacation rental destination, which is good news for those looking for a return on their investment while they are away. 

ANDROS

Andros Island, actually an archipelago,  is the largest of the Bahamian Islands, having an area greater than all the country’s other 700 Bahamian islands combined. Hundreds of small islets and cays, mangrove estuaries and tidal swamplands make up the landscape, with a tiny population of just 8,000, almost all of whom are settled along the island's eastern coast. Andros is a popular destination for game fishing and is popular with scuba divers and those exploring the world famous blue holes, water-filled cave systems that abound in the Bahamas. The Andros archipelago is known for its biodiversity, thanks to its fresh water aquifers and the only fresh water river in the Bahamas. 

BIMINI

Bimini is a chain of islands just 50 miles east of Miami and is the closest point in the Bahamas to the mainland United States. During Prohibition in the US, Bimini played an active part in the rum-running trade. The slow pace of life here is the perfect antidote for a busy and stressful lifestyle. It doesn’t have the conveniences and facilities of Paradise Island or Grand Bahama real estate, but the people who live and buy here want it that way. Most buyers who choose Bimini are looking for more of a vacation property than an investment property.

CAT ISLAND

Secluded Cat Island is a haven of quiet boutique resorts that focus on diving and solitude. For transportation, Fernandez Bay Village in Southern Cat Island is serviced frequently from Nassau by local airlines. Beachfront lots in Cat Island can be found for a fraction of the price of a beachfront lot in Nassau or Paradise Island property for sale.

ELEUTHERA & HARBOUR ISLAND

The islands of Eleuthera and Harbour Island sit just to the east of New Providence and are known for their white and pink sand beaches, coral reefs and Colonial-style architecture. They offer a lifestyle that harks back to the time the islands were first settled 300 years ago. Buyers coming here for the area’s old world charm and natural beauty can choose from a selection of homes perfect for enjoying island life, from small and cozy homes to sprawling beachfront estates. Governors Harbour International Airport serves the island, with daily flights out of Nassau and the USA, making it the ideal location for a second home.

EXUMA

South of Nassau and New Providence, Examua’s 365 islands and cays are among the most relaxing destinations in The Bahamas, with crystal clear ocean waters and deserted tropical beaches mere footsteps away from beach houses, oceanfront condos and boutique resorts. It’s a popular area for diving and snorkelling enthusiasts as well as those simply wanting to get away from it all. Property for sale in Exuma, Bahamas, includes bargain inland lots for development just a short drive from the beach. Great Exuma and Georgetown hold the popular annual Georgetown Sailing Regatta. Also in Great Exuma is a world class Greg Norman signature golf course and a full service marina.

LONG ISLAND

Uninhabited pristine beaches are a major feature of Long Island. The local population has a long history of fishing and farming and the island is famous for its deserted beaches and high bluffs. Long Islands is reknowned for its spectacular fishing and diving and it is the home of world record breaking free diving in Deans Blue Hole.

Original Source: https://www.klusster.com/portfolios/bahamas-realty-ltd/contents/28933

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Overview of Bahamian Investment Incentives and Other Tax Benefits

Foreign direct investment (FDI) remains one of the key drivers of growth and sustainability in the Bahamas, where the policy is to boost the economy through investments and actively encourage FDI in key areas in the real estate market, including tourist resorts, upscale condominiums, timeshares and second-home development and marinas.

The development of luxury resort communities and condominiums and the acquisition of private islands and cays have made buying real estate in the Bahamas an attractive proposition. A number of key pieces of legislation that benefit foreign investors are in place. Along with minimal property taxes, foreign investors are eligible for:

Permanent residency upon obtaining over $500,000 in real estate investments;

Fast-tracked permanent residency applications for investments at or above $1.5 million; and

Tax concessions and few restrictions on foreign ownership.

The Bahamas thrives as a stable economy that is supported by a strong legal system, sound monetary and fiscal policies, a skilled professional workforce and sovereign governance. A low-tax environment and stable currency are strong incentives for investors looking for Grand Bahama real estate for sale, enhanced by incentives such as customs duty relief on approved raw materials, equipment and building supplies, as well as allowing exemptions from real property taxes for up to 20 years.

A large number of incentives for FDI are open to any qualifying individual or business. Here are a few that anyone investing in Bahamas real estate would find attractive:

The Hotels Encouragement Act provides duty-free entry of approved construction materials, furnishings and fixtures for hotel development as well as provides for exemption/concession from real property tax for the first 20 years of operation of a hotel/resort.  Hotels with as few as four guest rooms on a Family Island and those with a minimum of 10 rooms in New Providence qualify. The act has been amended to also entertainment facilities as well as shops and restaurants aimed at tourists.

The Family Island Development Encouragement Act provides duty concessions on the import of building materials, equipment and supplies for commercial and/or residential developments on specified Family Islands.

The City of Nassau Revitalization Act provides incentives and duty concessions for the restoration, repair and upgrade of buildings in the City of Nassau by exempting customs duty for building materials. The Act further encourages exemption of real property taxes.

The Bahamas Vacation Plan and Time-Sharing Act provides duty-free concessions for building supplies for the construction of timeshare facilities.

Others – The Export Manufacturing Industries, Encouragement Act,  The Agricultural Manufactories Act, The Spirits and Beer Manufacture Act all provide Investment incentives that include exemption from customs duties on building materials, equipment and approved raw materials and real property taxes for periods up to 20 years. The Tariff Act allows for customs duty exemption on specified raw materials, supplies and equipment for agriculture, floriculture, horticulture, fisheries, forestry, cottage and light industries, and commercial printing.

To ease your entry into a real estate investment in the Bahamas, look to a broker and sales agent licensed by the Bahamas Real Estate Association (BREA). Qualifications for licensing include sitting a written exam. You should ask for and only use the services of a BREA member, who will have expert knowledge of the market and the laws, as well as access to the Bahamas real estate MLS (multiple listing system), a centralized database that allows members to list their properties for sale and, importantly, any other BREA member to bring in a potential buyer.

A reputable agent will be your best guide to looking for real estate investment opportunities, Grand Bahama island property for sale and the many foreign direct investment incentives on offer.

Original Source: https://www.quibblo.com/story/Dce2-KOi/Overview-of-Bahamian-Investment-Incentives-and-Other-Tax-Benefits