Global Market Guide: The Bahamas

Drawing inspiration from our affiliate, Luxury Portfolio International’s blog: Global Market Guide, which provides insights on the luxury market in several countries; we decided to provide you with a short guide of our own on The Bahamas.

Check it out below!

 

The Bahamas is an investor’s paradise and home-buyer’s dream. The archipelagic nation of some 700 islands and cays boats turquoise waters, pristine beaches and unrivaled hospitality which attracts millions of tourists by air and sea each year. The Bahamas has a population of roughly 350,000 people scattered across the archipelago.

The country’s tax benefits, high standard of living and close proximity to the United States, (less than an hour from Florida) continues to make the Bahamas a popular choice for international investors. The Bahamas has immense appeal to second homebuyers, with the family islands such as the Abacos having seen an explosion in the second home market over the years.

                                                             ATTRACTING LUXURY BUYERS

Without a doubt the Bahamas has some of the finest and most luxurious real estate in the Caribbean, including spectacular waterfront properties, with amazing architecture, luxurious condominiums, high-end gated communities and even private islands for sale.

Regardless of what you’re looking for, you will certainly be able to find it here. As we mentioned, luxury buyers coming to the Bahamas are attracted to the country because of the quality of life, the wonderful climate, its proximity to the United States. New Providence boasts some of the most amazing luxury properties whether it be in high-end condo residences or gated communities. The Bahamas Realty team can certainly help you find just what you’re looking for.

                                                                       LUXURY BUYER PROFILE

The Bahamas attracts luxury buyers from all over the world, attracting the likes of Tyler Perry, Johnny Depp, Sir Sean Connery, Bill Gates and Tiger Woods. The country also has expatriates working in industries such as financial services, which is a key pillar in the country’s economy. For many second homeowners, the islands which have a rich history, offer an escape from the daily grind of life.
To find out more about owning property in Bahamas Realty’s Buyers Guide and our recent post Four Steps to Owning a Piece of Paradise.

                                                               

 

 

                                                                  POLITICAL CLIMATE

Although still a member of the British Commonwealth, The Bahamas has been an independent nation since July 10, 1973.

The Bahamas continues to maintain a stable parliamentary democracy styled on the Westminster Parliament and its legal system is patterned on that of British law.

In May 2017 there was a change of government with the new administration pledging transparency in government, fiscal responsibility and numerous legislative reforms in addition to improving the overall economy.

 

                                                                     NEW DEVELOPMENTS

The Bahamas continues to attract developments in various sectors of its economy i.e. tourism and the industrial sector. The Bahamas relies heavily on foreign direct investments (FDI), which is a major contributor to its overall gross domestic product. The Bahamas is seeking to attract new forms of investment via the Commercial Enterprises Bill.

Several companies have already been given the green light to set up shop and in some instances headquarter in the Bahamas.
In 2017, the multi-billion Baha Mar resort officially opened after several delays and legal issues. The resort is expected to create 5,000 direct jobs and is the second major resort development on New Providence, the other being the Atlantis Paradise Island Resort. Other resort developments across the country, large and boutique are in various stages of development.

The Bahamas is a major centre for offshore financial services centre and is moving to introduce legislation to among other things promote greater transparency in financial services.

The Bahamas enjoys a high per capita income and there is no personal income tax in the Bahamas. There are no income, sales, capital gains, withholding, gift or inheritance taxes levied in The Bahamas on either residents or non-residents.  The country introduced Value Added Tax (VAT) at a rate of 7.5 per cent in 2015. The Bahamas could introduce some form of corporate tax in the near future. The Bahamas is also eyeing accession to the World Trade Organization by year-end 2019.

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