The Bahamas is known for its vibrant culture, beautiful arts, music, and festivals. Many luxury buyers enjoy not just the property but the lifestyle that comes with it, including rich cultural traditions. The relaxed pace of life, beautiful surroundings, and upscale amenities make the Bahamas a desirable destination for a vacation home or a permanent retirement residence.
The International appeal on The Bahamas is undoubted, and if you're looking to diversify your real estate portfolio with international properties, a luxury home in the Bahamas can be an appealing option due to its location and appeal to other global buyers.
Eleuthera, Bahamas, is a popular destination for international buyers seeking vacation homes, investment properties, or even permanent residences. The island offers stunning beaches, clear turquoise waters, and a peaceful, laid-back atmosphere, making it attractive for people from all over the world.
International Buyers are interested in Eleuthera due to several reasons including scenic beauty, pristine beaches, crystal-clear water, and lush greenery. Plus proximity to the U.S. which is only a short flight from Florida, which makes it convenient for Americans in particular.
The Bahamas offers tax advantages, including no income tax, capital gains tax, or inheritance tax, which attracts foreign investors.
Relaxed lifestyle peaceful surroundings appeal to retirees or those looking for a getaway from more crowded or hectic places.
While Eleuthera isn't as developed as some other parts of the Bahamas, it offers a more authentic, private, and tranquil experience for buyers.
Legal and Process Considerations for International Buyers
International buyers can purchase property in the Bahamas. However, if the property is above a certain threshold (usually over $500,000), the buyer must apply for permission from the Bahamian government. Government Approval: Non-Bahamian residents need to obtain a permit to purchase real estate. This process is relatively straightforward, but it can take some time (typically several weeks to a few months).
Buyers should to conduct due diligence, including title searches and verification that the property is free of any encumbrances. The Bahamas has a relatively simple tax structure. Buyers must pay stamp duty on property transactions, usually 7.5% of the property's value. Closing costs can include legal fees, registration fees, and other administrative costs. A typical closing can take 60-90 days.
Types of property International clients are interested in include waterfront homes, beachfront properties or homes on the ocean with direct access to water activities. Eleuthera is an attractive location for vacation homes, and many international buyers look for cheap rental properties that can generate income. Private estate properties with large, private estates for more secluded living. Condos and apartments for those not interested in maintaining a large property, condos can be a more manageable option.
Popular rental areas in Eleuthera include Governor's Harbour, the main town and a popular area for buyers due to its mix of cultural heritage and access to amenities. Spanish Wells, a more laid-back, community-focused area with a strong local population. Harbour Island, known for its upscale properties and iconic pink sand beaches. Tarpum Bay, a quieter spot for those looking for more privacy and seclusion.
Steps for International Buyers
Work with a Local Real Estate Agent, a knowledgeable agent familiar with Eleuthera's market can guide you through the process, show you properties, and help negotiate deals. Legal Assistance, hire a local attorney who can help with the legal process, including obtaining government approvals and ensuring a smooth transaction.
Property Survey and Inspection, always get a professional inspection of the property to check for any potential issues, such as structural problems or environmental concerns.
