Bahamas real estate questions?

[moneysavr]

Hi
If you dont have lots and by lots of throw away income a property in the Bahamas is not the best investment,
But not to say some tropical get aways do and could work out,But you must do your home work and then have disposible income!
The early Bahamas prior to their Re Patrician were some what stable,but the late 60's brought that to a quick end.Folks like we know that had property sold but the goverment holds a tight control on how much money you can take out! so no one gets rich next to the graft by local goverment.
So play it safe,Rent and take the money you save or could of lost and drop it in CD/Bond any thing!
Hey any one like to buy a lot on "West End" Grand Bahama Island? A dive bud and pal up my way holds a valid deed to some lot and offered them for sale to me, The lot was off water and was bought by his dad years back when folks were betting West End was going to be a hit,Well the huricane hit! and thats about it! Old Bahama Bay looks like it will go the way of the Jack Tarr Resorts of years back.
Dive safe!
Brad

 

[Abaco]

After traveling to the Abacos for years, I once thought I’d be in heaven if I owned property there. I think it might be more like hell to own there if you’re not Bahamian.
We’ve stayed on Elbow Cay most of the time and Treasure Cay as well. One week last year we rented a nice house that has been for sale for nearly 3 years, and it’s not that it’s over priced; it’s the local taxes on the importation of goods. The owner of the house had to order a part for his boat from the states. He says the cost of the part was $86 and the import tax in the Bahamas on that part was $38. He said if you can’t prove value by way of a receipt, they assess a value of their own and tax accordingly. This is on every single thing that gets shipped in. The Bahamian government lacks for a program to help their underprivileged citizens so this “flat tax” on imported goods goes to pay for their social programs. They are confined to tourism being nearly the sole means of financial support there. I agree with a few of the other posters here. RENT. For purchasing, maybe look into the US Virgin Islands. As a non-Bahamian, you don’t have the same rights as they do.