Owning a vacation home in the Abacos
A What's On Lifestyle Article

Owning a vacation home in the Abacos
Foreign nationals are encouraged to acquire residential properties

Foreign nationals are encouraged to acquire residential properties in The Bahamas. Underscoring the new attitude towards investors, the Government repealed the Immovable Property Act which required prior approval for the purchase, transfer or inheritance of real property by non-Bahamians. It has been replaced by the International Persons Landholding Act, 1993. The new act considerably eases the process of foreign ownership of homes and real estate.

Prior Government approval is not required for non-Bahamians to purchase residential properties of less than five acres. Such acquisitions are, however, required to be registered with the Investments. The new act has begun to fuel the revival of the second home market in The Bahamas and makes the assets of The Bahamas more accessible to those who enjoy living and/or doing business in paradise. The Government has also adopted accommodating stance on the granting of residency permits to non-Bahamian investors and homeowners. Major International investors and owners of residences accorded accelerated consideration for annual or permanent residency permits.

A homeowner's card is available to all non-Bahamian owners of residences. The card facilitates immigration formalities at all Bahamian ports of entry and entitles the homeowner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card.

Recent legal changes make it easy to own a second home in The Bahamas. Major international investors and owners of residences valued at $500,000 or more are accorded accelerated consideration.