nassau and the bahamian out islands - the bahamas investor | investment … · 2016-04-28 · s6...

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special bahamas real estate supplement

COURTESY ATLANTIS PARADISE ISLAND

island living

S2 Island Living Special Bahamas Real Estate Supplement

he winter of 2014 was brutal almost everywhere; oneof the stormiest on record. Yet some people weresmiling through it all like school kids on the firstday of summer holidays.Those broad grins belonged to the people on a

growing list of investors who decided to give wintera pass in 2014, and spend the dreariest months in The Bahamas.During most of February, for example, when winter storms wereblasting large areas of North America and Europe, the afternoontemperature in “the isles of June” was typically 80ºF/30ºC.And while there’s much more to enjoy in The Bahamas than a

balmy climate, there’s nothing wrong with the subtropical basics:a warm sun, an incredible turquoise sea and miles of powderybeaches–a joy to behold and a marvel upon which to take anevening stroll or a morning jog.Many foreigners now living in The Bahamas came originally to

invest their money in one of the world’s premier financial centres.But, in the words of a 1918 post-First World War ditty: “How yagonna keep ’em down on the farm, after they’ve seen Paree?”After you’ve experienced The Bahamas, it’s only natural to

start thinking about spending time here–buying or building aseaside hideaway, or even a palatial second home–overlooking agolf course, perhaps, or on a canal with your boat docked justoutside the back door.

TInvestors follow their moneyto The Bahamas

Living &investing

Ultra wealthy folks can considerowning their own island. Many do,including movie stars (Johnny Depp,and Nicolas Cage, for example) andrecording celebrities (Faith Hill andTim McGraw). James Bond (alias SirSean Connery) is retired at LyfordCay, the oldest and best known ofmany high-end gated communities in The Bahamas. Lyford Cay waslaunched more than 50 years ago by Canadian tycoon E P Taylor, who pioneered the idea of buildinggated communities in exotic locales.Since then, many thousands

of investors have followed their money to The Bahamas, proving tothemselves that there’s more than a

in paradise

Special Bahamas Real Estate Supplement Island Living S3

lovely climate andbeautiful surroundings toconsider. Look aroundand compare, there areno better places than–andvery few equal to–TheBahamas as a place tolive, retire, or spend a fewrestorative weeks ormonths every year.There’s marvelous

scuba diving in TheBahamas’ famously clearocean waters, forexample, as well as tennis, golf,deep-sea fishing, horseback riding,swimming, fine dining, local and liveinternational entertainment,

shopping for a cornucopia of luxuryproducts at duty-free prices,excellent medical facilities and …well, the list just goes on.

Cave Heights is a private oceanview community of condominium residences in western New Providence featuring 24-hour security,swimming pools, fitness centre and many other amenities; adjacent to Caves Village with retail outlets and gourmet restaurants.

COURTESY CAVES HEIGHTS



SEAVIEWPROPERTIESThe best real estate in The Bahamas

242-327-1566

Jason McCarroll(242) 477-7027

[email protected]

Sean McCarroll(242) 359-2957

[email protected]

Roy Solomon(242) 376-7001

[email protected]

Tamara Dorsett(242) 357-7811

[email protected]

THE REEF ATLANTIS (Price on request)• Reference #4911• 1 Bedroom, 1 Bath• Harbour View• 523 sq ft

CAVES HEIGHTS $795,000• 3 Bedrooms, 3.5 Bath Condo• Ocean & Lake Views• Monaco Style/Fully Furnished• Excellent Rental Revenue (Currently tenanted)

DELAPORTE POINT $525,000• 3 Bedrooms, 3 Bathrooms• Harbour View• 7,500 sq ft

OCEAN CLUB CONDOS (Price on request)• 3 Bedrooms, 3.5 Bathrooms• Ocean & Harbour Views• Ocean Club Amenities• 3,200 sq ft

OCEAN CLUB ESTATES $8,500,000• Reference #4644• 6 Bedrooms, 6.5 Bathrooms• Ocean View• 7,500 sq ft

OCEAN CLUB ESTATES $2,600,000• Best Price in Ocean Club Estates• 5 Bedrooms, 4.5 Bathrooms• Golf Course View• 5,000 sq ft

SEAVIEWPROPERTIESThe best real estate in The Bahamas

Luxury home for saleLuxury home for saleOCEAN CLUB ESTATES, PARADISE ISLANDOCEAN CLUB ESTATES, PARADISE ISLAND

242-327-1566 • www.seaviewproperties.bs

Top 10 reasons why so many have made The Bahamas home:• No inheritance, interest, capital gains, corporate or

personal income tax• Ideal climate, beautiful geography and laid-back lifestyle• Freehold purchase of land and homes with several

residency options are available• Same time zone as New York• 40 minute flight to Miami with multiple daily direct flights

to major cities in North America, Europe and Latin America• US and Bahamian currency is at parity and freely exchanged• Modern health care services• State-of-the-art infrastructure and telecommunications• Internationally accredited schools• English-speaking nation with skilled workforce

ABOUT SEA LEVEL:Enjoy living a life of luxury in this magnificent “one of a kind” waterfront estatelocated within the most exclusive gated community on Paradise Island. Amongthis exceptional property’s many features are:

◆ 11,500 sq ft under air plus 5,000 sq ft of covered outdoor space ◆ 25 ft ceilings

◆ six bdrms ◆ 10 baths with Waterworks fixtures ◆ two custom gourmet kitchens

with professional grade appliances ◆ hardwood and marble flooring throughout ◆

Venetian plaster walls ◆ smart home technology ◆ custom-designed home theatre

◆ fully-equipped gym ◆ residential elevator ◆ indoor/outdoor koi pond

◆ lagoon-style pool with waterfall ◆ spacious dockage for vessels up to 150 ft

LISTING REF #4920

Jason McCarroll(242) [email protected]

For price call Jason McCarroll at Seaview Properties


If you enjoy yachting, forexample, you’ll think you have diedand gone to heaven. The Bahamas has700 islands and cays, covering morethan 100,000 square miles ofpollution-free, ocean to explore. Thosein the know say the Exumas, Abacosand Berry Islands are among the mostbreathtaking cruising destinations inthe world.

Good to knowTaking up residence in The Bahamas isa big decision but an easy one. In fact,the more you look at the possibility,the more attractive and doable itbecomes. The country maintains anumber of welcoming programmesthat make the move virtually painless.The Bahamas is a constitutional

democracy dating back to 1729. It’s modelled on the Britishparliamentary system with an electedHouse of Assembly and an appointed

senate. A former colony, it becamesovereign on 10 July, 1973. Of significant interest to investors,

The Bahamas is a tax-free financialcentre in close proximity to marketsin the United States and Canada.At press time, the government was

working toward the introduction of agoods and services value-added taxand a concomitant reduction ofcustoms duties. But no thought isgiven to changing the no-tax regimeapplying to resident expats.

Letters to royalty

In letters to King Ferdinand andQueen Isabella, ChristopherColumbus reported that the Bahamianair in October was as “soft as that ofSeville in April.” The admiral wassmitten by the islands he had justdiscovered in 1492. They were, hewrote: “delightful to behold … themost beautiful I have ever seen.” Andhe was fascinated by reef fish, whichwere “… of the finest hues, in theworld, blue, yellow, red, and everyother colour … I assure yourHighnesses that these lands are themost fertile, temperate, and beautiful… in the world.”–Much has changed since

Columbus sailed the ocean blue, butthe things he enjoyed–sunnyweather, clean air, clear ocean waterand beautiful surroundings–continue to beckon visitors today.

The Reef Residences atAtlantis offer studios,one- and two-bedroomand penthouse residenceswith balconies and manyamenities, including access to the AtlantisCasino, private fitness and business centres and preferred seating at Atlantis Live events.

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Under that regime, the governmentlevies no taxes on incomes, profits,wealth, consumption or the proceedsof trusts and inheritances. Propertytaxes are low, and investors whomeet investment and residencycriteria can come, go and stay in thecountry with a minimum of red tape.The Bahamian judicial system is

based on the common law model ofGreat Britain, although there is also a growing volume of statue law. Thehighest tribunal in the country is theCourt of Appeal, but there is anultimate right of appeal to HerMajesty’s Most Honourable PrivyCouncil in Britain–a well-known andinternationally respected court with a peerless record of objectivity.Education is a natural concern for

families moving to a new location. A sizeable portion of the nationalbudget is allocated to education, andthere are a number of internationallyacclaimed private schools in NewProvidence and Grand Bahama.The Central Bank of The Bahamas

administers exchange control toconserve its reserves of foreigncurrencies and gold, and to maintain a one-to-one pegged relationshipwith the US dollar. But foreigncurrency deposits held in Bahamianbanks by non-residents are exemptfrom Central Bank regulation. UScurrency is used interchangeablywith Bahamian dollars in daily cash transactions.

Baha Mar,tel 677-9000, e-mail [email protected] or visit www.bahamar.com

Caves Heights,tel 327-8867, e-mail [email protected] or visit www.cavesheights.com

Damianos/Sotheby’s International Realty,tel 322-2305 or 362-4211, [email protected] visit www.SIRbahamas.com

H G Christie Ltd,tel 322-1041,e-mail [email protected] visit www.HGChristie.com

Oakridge Estates,tel 327-7708, UK 44-7740-926775, US 1-305-213-9037e-mail: [email protected] visit www.oebahamas.com

Seaview Properties,tel 327-1566, e-mail [email protected] or visit www.seaviewproperties.bs

The Reef Atlantis,tel 363-6838or visit www.OwnTheReef.com

Real Estate contacts

Investing tax-free

A US individual or company can, insome instances, start internationaloperations with relatively smallamounts of capital and then expand with tax-free or low-taxedaccumulations of earnings instead ofnet-tax dollars earned in the US. Thus, expansion abroad can be rapidlyaccomplished with 100-cent tax-freedollars, instead of 65-cent dollars(which is net after approx 35% US tax)–Investor’s Resource Guide, The

Bahamas Investor, January-June 2014.

Oakridge Estates offers meticulouslydesigned homes at the forefront ofeco-friendly construction withoutcompromising on luxury,convenience and comfort; superbamenities and customizing optionsincluding solar power and qualityinterior design.

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As might be expected, theeconomy is based primarily on year-round tourism, which accounts forwell more than half of GDP. Morethan six million people, mostlycruise ship passengers, visit TheBahamas every year. The banking and finance sector

is the second pillar of the economy,accounting for between 15 and 20per cent of GDP. Many of the world’slargest banks and trust companiesare located here, engaged principallyin managing assets for wealthyindividuals.Non-Bahamians wishing to open a

business or local branch will find aninvestor-friendly climate with abusiness-sensitive legal framework anda government committed to buildingfree enterprise with minimal red tape.If you plan to build your own

home, you will find experiencedlocal architects and builders whoknow the designs and materials thatare appropriate to the subtropics.

Unsurpassed eleganceMeanwhile, developers are outdoing

each other by providing superblydesigned dwellings and spectacularscenery with a host of amenities,from pools, terraces and patios tobedrooms, bathrooms, kitchens and,interiors by well-known designers,using only the best materials.Construction not only meets but surpasses local building codes.Home hunters will find a large

selection of apartments, condos,townhouses and estate homes forsale throughout The Bahamas, aswell as choice parcels of oceanfrontand canalfront property.Turnkey dwellings come with all

of the amenities of the good life. To find them, newcomers are welladvised to seek out real estate agentsaccredited by the Bahamas Real EstateAssociation (BREA).

Useful information

The website of the Bahamas FinancialServices Board (BFSB) provides adatabase of information for tax, estateand financial planning practitioners,including a directory of serviceproviders and pertinent legislation at www.bfsb-bahamas.com.

Clockwise from above areartist's renderings of theelegant Rosewood hotel;pool and deck chairs at theGrand Hyatt, and an imageof what the finished Baha Mar megaresort willlook like from the air.

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Old Fort Club Balmoral Club fitness centre

Poolside dining at the Balmoral Club

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has its privileges

hen buyers move into a gated community, they are not just investing in a home, they’realso buying into a lifestyle–with the hallmarksof protection, privacy, prestige and perks.The amenities luring high-net-worth

individuals and families include golf courses,marinas, fitness centres, fine dining, private beaches, pools andtennis courts–among many other perks, large and small, toonumerous to list.Striking landscape and stately homes are signature features

of the well-established communities where uninvited guests are turned away by uniformed security officers stationed at the guardhouse.The action centre at these upscale enclaves is usually the

community’s private club, to which many of the amenities are attached.

Setting the standardThe oldest of the gated communities on New Providence, which many believe sets the standard for all others, is the club at Lyford Cay. This is an 1,100-acre compound created by thelate Canadian tycoon, Edward Plunkett “E P” Taylor, in 1959.Taylor, who pioneered the concept of gated communities, said

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Albany Club Golf Course

Perched high on a seven-acre elevated plateau, Caves Heights offersunparalleled vistas of a powder white sand beach and sparklingturquoise sea in a luxury paradise setting that is second to none.

This private oceanview community of elegantly designedcondominium residences provides an idyllic lifestyle for year-roundresidents and international clientele looking to get away from theeveryday. Each spacious apartment has commanding views fromoversized covered balconies and offers the ultimate in indoor/outdoorliving with lush tropical landscaping and world class amenitiesincluding two swimming pools, fitness centre, lit tennis court,outdoor entertainment area, and it is ultra secure with 24-hr gatedsecurity. There is also a golf cart track to adjacent Caves Village, a retail complex with gourmet restaurants, food market, pharmacy, bank and upscale spa.

Caves Heights is situated in desirable western New Providence, anarea that is experiencing rapid growth with a new state-of-the-artmedical centre and commercial developments. It is also locatedminutes away from Cable Beach and the upcoming Baha Mar resort,downtown Nassau and the Lynden Pindling International Airport.

For the ultimate in island living, your own retreat in paradise awaits.

YOUR OWN RETREAT IN PARADISE


his objective was to “develop aperfectly planned community whichwould remain for generations as apleasant place to live.”Most of the general services are

handled by the Lyford Cay propertyowner’s association, including 24-hour security, fire services,sanitation, landscaping of commonareas; mail service, and road andcanal maintenance.Other organizations are the Lyford

Cay Foundation and the CanadianLyford Cay Foundation, which is thebiggest charitable organization onNew Providence, offering support to many other local organizations.The heart of the community,

however, is the Lyford Cay Club,which is owned by its members andadministered by an elected board ofgovernors. The club seeks to“maintain the highest qualitystandards of excellence in servicesand facilities for its members andtheir guests.”This is the place where A-list

celebrities who don’t own their own island, come to stay and play.Clubhouse rooms feature privateterraces and seaside views while club cottages sport sitting rooms

and dining verandas. Businessmeeting facilities are also availablefor members.There’s access to Lyford’s 18-hole

golf course and a state-of-the-arttennis centre, along with a regulationEnglish croquet court, a 74-slip yacht harbour, private beach access,a fitness centre and water sports.

The good lifeOther gated communities may besmaller but are also upscale. Sittingjust east of Lyford Cay is Old FortBay, which takes its name from thefortress-like home originally built byearly settlers. An ancient canongreets visitors on the front lawn.Richly landscaped, Old Fort Bay

offers a private beach, gym, a privateclub with restaurant, marina, bridgesand parks, an elegant pavilion and a swimming pool.The Balmoral, on centrally located

Sanford Drive near Cable Beach, alsofeatures a heritage home transformedinto a centerpiece. “Peace andtranquillity in the heart of Nassau iswhat the Balmoral Club offers,” saysDwayne Mortimer, club president. The main clubhouse was built in

the 1940s as a private residence that

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Above and below, Balmoral Club

Lyford Cay Club

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combined elements of old Bahamianand European architecture. In 2009,this 4.3-acre estate was converted toa private club catering to families,professionals and corporations.Tennis aficionados can join the

tennis pro for a game at The TennisCentre which offers three clay courts,or one can simply enjoy watching amatch from the court deck. “Members can take a leisurely

swim in the pool, have afternoon teaor special blend coffee at the Club’sCafe Balmoral,” says TrevorAdderley, vice president andoperations director at the Club.“They could relax in the spacious

club lounge or covered glasspavilion, or kick back and have funin Sir Oliver’s Pub with a game ofpool or evening cocktail.”The Tavistock Group, along with

professional golfers Tiger Woods andErnie Els, came together to create the600-acre, oceanfront, luxury resortcommunity of Albany, which brokeground in 2008.At Albany, buyers choose from

beachfront, golf course and beach walkhomes. The $1.3 billion project insouthwest New Providence lists amongits amenities an 18-hole championshipgolf course (designed and built by Els)and clubhouse, a megayacht marinawith slips for yachts ranging from 50 to 240 feet, a full-service spa, a fitnesscentre with lap pool and a boxing ring;tennis courts, a water recreationalfacility featuring slides and waterfalls;adult and family pools with privatecabanas, and fine dining.

Another gateddevelopment with a stellarreputation is Ocean ClubEstates on Paradise Island.Home ownership in thisgated community provides a unique opportunity formembership access to the One&Only Ocean Club and all Atlantis resort amenities. The former is an exclusive

resort renowned for its sophisticationand elegance, while the latter is famedfor its exhilarating water park andextensive marine habitat. Home ownership at the Ocean

Club Estates comes with automaticacceptance for golf membership(although fees apply) on the TomWeiskopf-designed, 18-hole golfcourse that has twice hosted a major Ladies Professional GolfAssociation tournament.Residents of Ocean Club Estates

enjoy access to other first classamenities including tennis courts,spa, fitness centre, water-sports,sauna, pool decks, kiddie pool andfamed Cabbage Beach.“It’s like a free lunch,” says Ocean

Club resident, Jason McCarroll, whobuilt his home next to the golf course.“It’s an incredible deal. You have to bea homeowner to actually appreciatewhat membership entails.”

Tennis at Ocean Club

Ocean Club

Albany golf course

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Albany marina

Nestled in lush, tropicalsurroundings overlookingthe tranquil, sparkling

waters of Lake Cunningham,Oakridge Estates offerssophisticated living in timelesscharm, beauty and splendour.

This gated community of 20elegant colonial-style single familyhomes, with 24-hour security islocated off Skyline Drive on thehistoric Oakes estate–once hometo Lady Eunice Oakes, wife of thelegendary Sir Harry Oakes. The

residences range from 3,600 sq ft to more than 5,000 sq ft withadditional verandas, balconies and patio areas, offering spaciousindoor/outdoor living. Every homeis eco-friendly designed and featuresthe latest in technology, from high-end energy-saving appliances to state-of-the-art LED lighting. Standardinterior amenities such as travertinefloors, granite countertops, jacuzzibaths, central air, walk-in closets andhurricane-impact windows combinetraditional design with modern living. Residents also enjoy access to

Oakridge Estates’ onsite recreationfacility with tennis court, swimmingpool and gym. Oakridge Estates is a short drive

from downtown Nassau and isonly minutes away from shoppingand dining venues on CableBeach and the exciting new Baha Mar development.

Visit Oakridge Estates’ salesoffice and show home today.

Experience lake front living in the midst of paradise.


ne reason visitors returnyear after year is thestunning beauty of theBahamian islands. Whocan resist gorgeous

white beaches, turquoise waters andthe vibrant colours of tropicalflowers, birds and fish?Those who have made the decision

to live here year round will find localexperts who can show them how to

tastefully recreate outdoor colourswithin the home, striking anythematic balance that you may like.Coral pinks and scarlet plum reds,

palm tree greens, banana yellows andThe Bahamas’ famous turquoise–inbold or subtle combinations–are oftenrecommended by designers when asunny, island look is called for.Quality fabrics made into cushion

coverings, drapery, tablecloths and

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Oyour island home

FurnishingBalancing tropical bold colours and neutral tones

Bahamas Design Centre

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bedspreads will transform a bare roominto a delightful place to spend time.To see a wide range of island colours,visit Bahama Hand Prints, located atthe Island Traders Building Annex, offEast Bay and Mackey Street, south ofthe Paradise Island exit bridge. Here, you can find a variety of

island prints and hand-printed fabricsof almost every colour imaginable,and all unique to The Bahamas. It’s important to balance out bright

colours with softer, neutral tones,says Konrad Zeilmann of BahamasDesign Centre (BDC). “Neutral tones and white-washed

finishes leave the rooms feelingbright and airy,” he says. “Seasideaccents and ocean hues add the vibeand colour of the islands.”

Accents and highlightsSeaside accents can include ornaments,fixtures or patterns representing

elements of thesea or thebeach, includingseashells, conchshells, starfish,sea glass, seagrape leaves,sand dollars, seafans or evenglass vases filled with different tonesof sand–all of these lend an overallbeachy feel.

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Zeilmann notes,however, that islanddecor isn’t necessarilylimited to the sea. “Theuse of dark brown,heavier accent pieces,bring back the feel of thecolonies whilst offeringdepth to the neutralbalance of taupe and vanilla,” he says. Colonial features add a timeless

elegance to island style decor and can

include anythingfrom wooden chestsand woven seagrassrugs to bamboo andrattan furniture andmosquito netting drapedabove beds, which lendssoftness and romance tothe room.

For a touch of Indonesian artistry,drop in to Kura Kura (trans: turtleturtle) on Virginia Street, just off West

Bay Street, where you can find anexquisite selection of beautifullycrafted teak furniture and accents. It’s important to consider the

durability of furniture to withstandheat and humidity. Bamboo andrattan, for instance, are native to hot

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climates and can withstand theBahamian climate. Consider the useof shutters which can control airflowbetter than hanging curtains.

Balance, balanceWhen incorporatingisland elements intoyour home’s furnishingsand decor, be carefulnot to go overboard.Zeilmann says simplicityshould be key.“Like ourslogan says at our BDCWest store at Old FortBay, ‘simplicity is theultimate form ofsophistication.’ “I still believe island

design has its roots inthe search for timelessquality, but now with anartful blend of classicelegance and modernsimplicity.” Artwork, whether

originals or prints, arealso essential when it

comes to adding a tropical touch toyour island home. In Nassau andthroughout New Providence you canfind works by Bahamian artists that

will be the signature of a room,To gain inspiration, visit the

National Art Gallery of The Bahamas(NAGB), the country’s premier arts’institution. This gallery, located on the top of

West Street off downtown Nassau, ishoused in the magnificent VillaDoyle mansion which dates back tothe 19th century. Inside, you findrooms filled with paintings,sculptures and photography. You may also want to check out

many other art galleries such asLiquid Courage in Palmdale;Doongalik Studios Art Gallery onVillage Road; the Antonius RobertsStudio and Gallery at Hillside House,a short walk from the BritishColonial Hilton hotel; and PopopStudios on Dunmore Avenue inChippingham, near Fort Charlotte.The D’Aguilar Art Foundation

(DAF) is open on Tuesdays andThursdays from 10am to 3:45pm, but by prior appointment only. Allvisits include a guided tour. To

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arrange your visit please [email protected]. Nassau Glass Co Ltd, located on

Mackey Street, also features acollection of wall-ready prints andoriginal works. Another way to spice up your

island decor is to add a touch of Asiato your furnishings. This can includesuch items as Chinese armoires or Middle-Eastern figurines as accent pieces. “[It’s] like our slogan at our

BDC East store on East Bay Street,‘furniture with a soul,’” saysZeilmann. “We also suggest the use of signature pieces, allowing fordiversity and a unique blend ofinternational influences.”There are many tips that can

help you plan and execute a tropicaltheme in your home. But it all comes down to something simple:look around for the colours andtextures that please you the most and find ways to include them inyour home.


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ith crystal clear waters, dazzling white sandsand a beautiful climate year-round, it’s nowonder that many tourists decide each year toinvest in a Bahamian home. Whether you’rebuilding or buying your own tropical hideaway,now is a good time to find a bargain with plenty

of properties to choose from and a wide range of prices.John Christie, vice president and managing director of H G

Christie realtors, says the market is picking up after a period ofslow growth. He’s predicting greater sales in the coming year.“The market seems to have turned around, it is more solid thanit has been,” he says. “We are optimistic about this year.”George Damianos of Damianos Sotheby’s International Realty

has also noted a turnaround in the sector. “Since 2010 we havehad a steady increase,” he says. “The market is pretty good. It’sactive. There’s a lot of pent-up demand [after the financialdownturn]. We had people sitting on the sidelines for a whileand they are now ready to do something.”With sellers gaining confidence in an upward-trending market,

it’s a good time to be a buyer, according to those in the know.Christie says inflated prices are a thing of the past as sellers pitchtheir prices in line with the market. “It is definitely a good time to buy. Sellers are more willing to

Wsell at a decent price,” he says andoffers this advice to potentialhomeowners: “Make sure to look atall your options, you can find somedecently priced homes out there. It isa good time to buy. Cover your basesand work with a good real estateagent and you will do well.”For help finding a reputable agent,

visitors can contact the Bahamas RealEstate Association (BREA), which vetsand certifies realtors throughout TheBahamas, ensuring that they meet ahigh standard and are adept at cateringto international buyers.The Bahamas offers every type of

vacation home and permanentresidence. Condos, seaside apartmentsor palatial homes are all available.And for the ultra-high-net-worthbuyer, there’s plenty of opportunity to follow in the footsteps of somecelebrity residents and become the

Sellers offering bargainsthroughout The Bahamas

on a rollReal estate


owner of your own private island.Buying in the Exuma Cays isparticularly popular where yourneighbours could be actor JohnnyDepp or country star Faith Hill. The luxury market, in particular,

is doing well in New Providence,with increased sales at propertiessuch as the Ocean Club Estates onParadise Island. Another popularchoice on Paradise Island is the ReefResidences–studio, one-, two-bedroom and penthouse apartments

which give owners access to thefacilities at the nearby Atlantis resort.Another megaresort tempting

buyers is the sprawling $3.5 billionBaha Mar complex, which isexpected to be completed inDecember 2014. Accommodationsavailable at Baha Mar include thehigh-end Rosewood and Mondrianresidences, as well as luxury one-,two- and three-bedroom apartmentsat the resort’s Grand Hyatt. Growth is not limited to Nassau

however. Christie says there ismovement in the market throughoutthe entire archipelago. “We’re seeinggrowth across the board at themoment,” he says. “Nothing is raging,but it is on the up.”If a slice of beachfront property is

what you’ve set your sights on, thereis plenty to choose from around theFamily Islands.“In New Providence buyers buy for

a reason. In the Family Islands, theybuy for love,” says Damianos.

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he InternationalPersons LandholdingAct, 1993 makesbuying and holdingreal estate in The

Bahamas an uncomplicated and easyprocess for non-residents. Whetherthe property is a free-standing home,a condo or undeveloped land, it maybe bought, sold or bequeathedwithout any restrictions.A realtor or sales agent who is

accredited by the Bahamas RealEstate Association (BREA) canfacilitate your purchase andrecommend vital ancillary servicessuch as locating a real estate lawyerand local banks that offer mortgageloans to non-residents.For Family Island properties,

residential or commercial, whether a free-standing home, condo orundeveloped land, real estate agentscustomarily charge a flat 10 per cent

commission on sales. On NewProvidence Island (Nassau) andGrand Bahama Island (Freeport) the commission for sale of developedresidential or commercial propertiesis six per cent; a 10 per centcommission is usually charged forundeveloped property. A one-timefee of one per cent of the mortgageamount is collected by the Bahamian government.All non-Bahamians must register

their purchase of real estate with theSecretary to the Investments Boardif the property is a condo or will beowner-occupied. An application forregistration must be filed with theBahamas Investment Authority,Office of the Prime Minister, alongwith proof of ownership, payment ofstamp duty and real estate propertytax and a banker’s draft or moneyorder for $250 made payable to thePublic Treasury.

If purchasing commercial or rentalproperty, or if the property is two ormore adjoining acres of undevelopedland, a permit to acquire the propertyis required before closing.The schedule of fees for a certificate

of registration and permit are:Certificate of registration .......$250Permit.....................................$500Annual Homeowner's Residence Card.......................$250The government stamp tax, a

one-time payment due at closing, is usually split 50/50 by buyer andseller, unless otherwise agreed.Government stamp duty on propertyconveyances or realty transfers is:$0 - $20,000 ..............................4%$20,000.01 - 50,000 ..................6%$50,000.01 - 100,000 ...............8%Over $100,000.........................10%Lawyers who prepare the

conveyance typically charge a fee of2.5 per cent of the sale price, plusout-of-pocket expenses.

When it comes to buying real estate in The Bahamas

knowThings to

TOakridge Estates

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Residency permitsSubject to government approval, non-Bahamians may qualify forannual residency as residentialhomeowner, seasonal homeowner or independent economic resident.The annual fee for a residence

permit based on independent wealthis $1,000 for head-of-household and$25 for each dependent. To qualify,an applicant must provide twowritten character references anddocumentation from a reputable bankverifying her/his economic viability.The annual fee for a homeowner’s

residence card is $250 annually andentitles the owner, spouse andminor children to enter and remainin The Bahamas for the periodspecified on the card. Those whoown and reside in a second home inThe Bahamas, whether seasonal orotherwise, may apply to theDepartment of Immigration for anannual homeowner’s residence card.Issued permits and cards do

not entitle the owner, spouse ordependents to employment in The Bahamas.Major international investors and

owners of residences valued at$500,000 or more who apply forpermanent or annual residency aregiven special accelerated consideration.

Property taxProperty tax must be paid byBahamians and non-Bahamiansowning real estate and is due on or before December 31 of each year.Returns are filed with the chiefvaluation officer and paid to thepublic treasury.Tax rates are based on “market

value” (the amount the property would realize if sold in the open

market without encumbrances orrestrictions) and are as follows:

1. Owner-occupied property*(residential)• The first $250,000 of marketvalue................................Exempt

• More than $250,000 and notexceeding $500,000...........0.75%

• More than $500,000 ......... 1%

2. Vacant land owned by non-Bahamians:• First $7,000 ........................$100• More than $7,000 ................1.5%

3. All other properties/commercial:• First $500,000 .......................1%• More than $500,000 ...............2%

*Property tax for owner occupied property is

capped at $50,000 per annum.

In Grand Bahama, no property taxesare collected from owners of propertylocated within the Grand Bahama PortAuthority areas of Freeport and Lucaya,but an annual fee is levied for trashremoval, street maintenance andlandscaping services.

Bahamas Chamber of Commerce:Shirley St and Collins Ave, PO Box N-665, tel (242) 322-2145, [email protected],www.thebahamaschamber.com

Bahamas Real Estate Association (BREA):10 Dowdeswell St, PO Box N-8860, tel (242) 356-4578 or (242) 325-4942, [email protected],www.bahamasrealestateassociation.com

Bahamas Bar Association:Mackey St & Claire Rd, PO Box N-4632,tel (242) 393-3220www.bahamasbarassociation.com

Association of International Banks & Trust Companies (AIBT):2nd Floor, Montague Sterling Centre,East Bay St, Nassau, tel (242) 393-5500, e-mail [email protected],www.aibt-bahamas.com

Central Bank of The Bahamas:Frederick St, PO Box N-4868, tel (242) 302-2600, [email protected],www.centralbankbahamas.com

Bahamas Investment Authority(BIA): Office of the Prime Minister, Sir Cecil Wallace-Whitfield Centre, WestBay St, Cable Beach, PO Box CB-10990, tel (242) 327-5826/8,www.bahamas.gov.bs

Immigration Dept:Main office: Hawkins Hill, PO Box N-831, tel (242) 322-7530/32 or (242) 322-8504, www.bahamas.gov.bs

Registrar General’s Dept (Civil Registry): 50 Shirley St, PO Box N-532, Nassau, tel (242) 397-9143, 397-9158, 397-8959,397-9107, www.bahamas.gov.bs

Treasury Dept:British American House, George St, PO Box N-7524, tel (242) 322-4561/5,www.bahamas.gov.bs

Lands & Surveys Dept:Bay and Armstrong Sts, PO Box N-592, (242) 502-1200,www.bahamas.gov.bs

Professional Architects Board:143 Nassau St, PO Box CB-13040, tel (242) 326-3114, [email protected],www.bahamasarchitects.com

Helpful contacts

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