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The Bahamas is a paradise for visitors and investors. These islands are like no others. The Government encourages foreigners by offering democratic stability, investment incentives, freedom from taxation, and an infrastructure that encourages, supports and rewards investors.
The International Persons Landholding Act changed the climate for real estate purchases. The Bahamian Government included in this Act a provision that a foreigner no longer pays a double rate of stamp duty. The appreciation for Elbow Cay property has been consistent over the last two years at a rate of approximately 23%!
They also deleted the red tape and wait time. If a foreigner acquires a single-family dwelling or vacant land he no longer needs a permit from the Investments Board prior to the purchase. He only registers with the Investment Board.
Furthermore, a foreigner who owns a home in the Bahamas is offered an annual homeowner resident card (just apply to the Director of Immigration). The Card authorizes the entry of the holder and his family. Their stay in the Bahamas has no time restrictions.
With economic, political and social conditions that provide a fertile business environment, The Central Bank of The Bahamas has a mission statement that continues to encourage foreign investment: To foster an environment of monetary stability conducive to economic development, and to ensure a stable and sound financial system.
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The Central Bank
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Many of the Islands of the Abacos are still predominately fishing and agricultural communities but tourismand financial services are strengthening the economic backbone. New investment opportunities include e-business, manufacturing, light industry, land development, eco-tourism and transshipment.
Property values for Elbow Cay (Hope Town), Man-O-War Cay, Guana Cay and select areas of Marsh Harbour like Eastern Shores and Pelican Shores have increased on average 18 – 21% in the last five years. The average increase for Elbow Cay real estate sales has been consistent over the last two years at approximately 23%.
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Few places in the world compare with The Bahamas as a paradise for investment opportunity. A strategic location in the Western Hemisphere, a sophisticated business infrastructure and highly focused development and incentive programs combine to create a fertile investment climate in an island nation -- truly a paradise in every sense. |
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