Private islands for sale in the Bahamas: Luxury Tropical Real Estate
The Bahamian Archipelago includes about 700 islands and 2,000 coral reefs. Out of all islands, only 30 are currently populated. There are also a lot of private islands for sale in the Bahamas. Some of them are already bought, but others are still open for purchase. In this article, we will consider the specific features of the Bahamas and analyze the possibilities of buying a Bahamian island if you are a foreigner.
More about the Bahamas
Although the archipelago comprises more than 700 islands, 16 of them can be called the major ones. The majority of the population inhabits the New Providence isle where Nassau, the state capital, is located. Grand Bahama is another densely populated island, with its Freeport being the second largest town. The largest isle in the archipelago is Andros.
Indigenous Taino (Arawak) who are also known as Lucayan are considered to be the first inhabitants of the island. They populated the isle back in 9th century. Scientists state that at that time, the population of the Bahamas totalled 40,000. The first European to visit the Bahamas in 1492 was Christopher Columbus. He landed on the Watling’s Island (now San Salvador). In 1495, Spanish migrants began colonizing the islands of the archipelago, and soon almost all the indigenous population was solved as slaves at the Haiti. Not long after that, the Spanish colonizers left.
For the next 100 years, the Bahamas were almost non-populated. In 1650, the first English migrants from the Bermuda Islands came here. At the same time, pirate hubs were formed on the isles. They existed well until 1718. This was the year when the Bahamas officially joined the British Empire. The number of residents began increasing at the end of the 18th century when 8,000 loyalists were sent here after the USA had declared independence. It were the loyalists that began active agricultural activities, specifically, cotton farming.
Nowadays, the Bahamas are a dream destination for millions of tourists, celebrities and investors from all over the world. Nassau is called the “tropical Zurich”, as it is one of the largest offshore centers in the world, with 400 of banks and trust funds.
The Bahamas coast attracts experienced tourists with its hundreds of kilometers of snow-white beaches, attractive coral riffs, crystal clear inshore water and picturesque Caribbean nature.
As the economy of the islands develops, and the government offers quite loyal terms for foreign investors, the Bahamian isles are in high demand and value the real estate market.
Is it possible to buy an Island in the Bahamas?
Yes, you can do it. In addition, there is a range of important factors making the purchase of an island in this part of the world especially attractive.
- optimized taxation. To incentivize the economy, the Bahamian government offers different attractive options for foreign investors and businessmen. There is a loyal tax system and great terms for your own (and legal!) business.
- facilitation of citizenship acquisition. If you are interested not only in buying the island in the Bahamas but also in becoming a citizen of this state, you will be pleasantly surprised. Those investing amounts over USD 500,000 into real estate on the isles are eligible for a prioritized consideration of applications for permanent residence and citizenship in shorter terms, which are mostly approved.
- privacy in the Bahamas. Here, you can find both very cheap yet unadapted isles and a private island with a villa and all the necessary utilities for USD 60,000,000 to USD 70,000,000. If you aim for a remote little piece of land away from popular towns, you can purchase one even for USD 500,000. There are also a lot of Bahamian islands for sale costing less than USD 5,000,000.
- well-developed tourism. If you are planning to buy an island for business purposes, the Bahamas will be a great choice. Every year, the islands host 5 to 7 million visitors. Your resort or a hotel island will surely be popular if you offer comfortable conditions or exclusive offers for your visitors.
- freehold properties for non-residents. Another peculiarity of the Bahamas implies availability for a freehold purchase. The exception includes only some state-owned islands free for lease (including long-term lease) for agricultural purposes. The government of the Bahamas usually does not sell its owned property.
Importantly, the offers of private Bahamian isles is really impressive. You can find an offer to your taste and finances. For example, here are 20 Bahamian islands you can purchase now:
- Spectabilis Island – USD 62,000,000
- Royal Island – USD 45,000,000
- Darby Island – USD 39,000,000
- Bird Cay – USD 26,000,000
- Jwycesska Island – USD 19,000,000
- Clove Cay – USD 18,000,000
- Big Sampson Cay – USD 14,500,000
- Jim Cay – USD 9,000,000
- Bonefish Cay – USD 8,200,000
- Devils Cay – USD 7,950,000
- Pierre Island – USD 4,950,000
- Petite Cay – USD 3,750,000
- South Pimlico Island – USD 3,200,000
- Victoria Point Cays – USD 2,900,000
- Low Cay – USD 2,300,000
- Pimlico Island – USD 1,700,000
- Hawks Nest Cay, Cat Island – USD 1,500,000
- Third Cay – USD 1,350,000
- Blue Hole Cay – USD 995,000
- Chub Cay Peninsula – USD 495,000
Please consider that much more islands of the Bahamas are up for sale. Some of them can be found here, yet a local real estate agent can offer an even larger array.
Conditions for island purchase for non-residents
It is quite simple to buy a Bahamian island. One of the main conditions for foreigners is registration of the purchased real estate in Foreign Investments Board. You shall also obtain additional permits if the area of the land you want to buy is over 5 acres or if land of any area will be used for business purposes, e.g., rented. In addition, the non-residents shall register the investment with the Exchange Control at the Central Bank of the Bahama.
Apart from the cost of a private island in the Bahamas, you will have to pay for:
- legal services and/or services of a real estate agent + a legal representative who draws up a finding on the title for the real estate;
- the government stamp tax on real estate transactions;
- the annual tax, which starts accruing after the purchase of a Bahamian island.
Regarding the real estate market in the Bahamas and the industry in general, one should emphasize its well-established and clear procedures. Even such a niche branch as private islands for sale is well-developed. There are a lot of branch experts at your disposal, such as lawyers, real estate agents and licensed construction inspectors.
Become an owner of a private island in the Bahamas
If you opt to buy island in Bahamas, you get a range of benefits. The country’s economy is stable, the state is democratic and facilitates foreign investment. In addition, the Bahamian dollar is equal to the US dollar as a currency, and the government strives to maintain this exchange rate. There are really a lot of islands for sale in the Bahamas. You can compare a range of offers and buy island in Bahamas fitting your every wish and intent. To be updated on the new developments on islands for sale from any corner of the world, please subscribe to Find Islands.