The naturally occurring privacy found on the islands has made these the latest high-priced accessories for Hollywood celebrities. Johnny Depp, Nicholas Cage, Michael Jordan and Tiger Woods have joined the boom.

But buyers aren’t limited to celebrities, according to realtor/appraiser Rachel Pinder of Island Living Real Estate, an all-broker firm that specializes in Out Island properties on islands like Abaco, Eleuthera, Exuma and Long Island. Island.

Pinder located several types of buyers who contributed to the land rush. They include:

or older investors planning for retirement;

o young investors setting up bed and breakfasts or other businesses;

or natives returning to their childhood homes; Y

or the enamored tourists who get a jump on the openings of the main developments.

“Our real estate buyers don’t just come from the United States,” Pinder said. “We get a lot of calls from Europe and Asia. The desire to buy a piece of paradise is the main motivator, of course. We have a lot of affordable properties, some of which are ripe for development. Affordability is just one side of the economic coin.” The liberal real estate and immigration laws of the Bahamas attract many buyers.

The government does not collect taxes on personal income, sales, inheritance, capital gains, dividends, or even corporate profits; Exemptions available to all individuals, trusts, partnerships, and corporations.
Property tax rates are also friendly. The first $250,000 of owner-occupied property is completely tax-free. Up to $500,000, the rate is just 0.75 percent, with a 1 percent rate for all properties over $500,000.

While government approval is not required for foreign investors to purchase up to five acres of residential property; larger land acquisitions must be registered and approved by the Investment Board.
The 1:1 currency exchange between the US and Bahamian dollars is hard to resist, particularly at a time when the US dollar is sinking in many other parts of the world.

Flexible immigration laws provide expedited consideration for annual or permanent residency for everyone from major investors to owners of residences valued at more than $500,000.
Rates for unimproved property are similarly favorable.

“Vacant land accounts for a large portion of our sales,” Pinder said. including condo and house rentals.

-30-

© 2007 Sinai Marketing, Inc. and Island Living. Permission to publish is granted, with the stipulation that Sinai Marketing is credited as the sole source. Linking to other sites from this press release is strictly prohibited, with the exception of links incorporated herein.