Investing In The Bahamas

Throughout their history, The Islands of The Bahamas have been defined by two key attributes: their spectacular beauty, and their strategic location.

Only 50 miles off the Florida coast, this 500-mile long archipelago boasts some of the most stunning scenery, boating, fishing and diving to be found anywhere. Add to this the year-round attraction of its tropical climate, a rich history and culture and an exceptionally friendly population, and you'll understand why, for so many, 'The Bahamas' is synonymous with Paradise.

In addition to offering up exceptional natural wonders, the country is a uniquely advantageous place in which to invest or own a home.

The island nation has a long tradition of political and economic stability, and its business-friendly government provides outstanding incentives to foreign investors, including generous financing arrangements for the buying of property and the freedom from taxes on personal income, capital gains, dividends, sales or inheritance.

Nassau, the capital, is a leading offshore financial center, with a modern infrastructure and large pool of highly skilled professionals in banking, finance, business management, law and accountancy. It boasts every convenience and amenity you would expect to find in a sophisticated business hub, from state-of-the-art telecommunications to excellent schools and medical services.

It's not surprising, therefore, that Nassau and nearby Paradise Island comprise some of the most coveted real estate in the world. Many internationally known business people, as well as leading entertainment and sports figures, either live on the islands year-round or own second homes here.

This trend has grown in recent years, thanks in part to the enactment of the International Persons Landholding Act, which went into effect in 1994 and grants non-Bahamians automatic approval to purchase residential property of less than five acres (with very few exceptions), vastly simplifying the buying process.

The legislation allows non-Bahamians to purchase a single family dwelling, or land intended for the construction of this type of dwelling, without the need of a permit.

The Act also enables a non-Bahamian who owns and maintains a home in The Bahamas to apply for an annual homeowner's resident card that, upon approval, entitles the applicant, his or her spouse and minor children to enter and remain in the country for the duration of the card. The cost of the card is $500 and it is renewable annually. Without it, visitors can reside in The Bahamas for a period of up to eight months at a time, if they can provide proof of financial support for the duration and have a return ticket to their homeland or another country that they can legally enter.