Bahamas InformationHistory of Bahamas Real EstateThe Bahamas Real Estate Association (BREA) was formed in 1959. Its objective was to unite Real Estate Brokers as well as to maintain the highest standard of conduct in the transaction of Real Estate in the Bahamas as expressed in their code of Ethics. Secondly, to prevent non- Bahamian or any other unauthorized persons to transact the business of real estate brokerage in the Bahamas.
In 1960, an attempt to have the real estate industry regulated by introducing suitable legislation was quashed and unfortunately these initial efforts were not successful. By the end of 1960, BREA was no longer active.
In 1962 BREA was again reorganized, however Real Estate in the Bahamas was still not regulated, allowing anybody who paid for a license to become a Real Estate Broker without any previous training experience or regulation.
In 1995 The Bahamas Government passed the long awaited Real Estate Brokers and Salespersons Act-1995, granting BREA the authority to license, register and regulate all persons selling Real Estate in the Bahamas. Bi-lateral agreements with the National Association of Realtors (NAR) and other International Real Estate Associations were formed. Today, all Real Estate Brokers and Salespersons must adhere to rigid educational and performance standards before becoming licensed. Some of the top Bahamian Realtors hold International designations like the CRS Certified Residential Specialist and the CIPS the Certified International Property Specialist as well as the local Bahamian designation BRI.
There are now Realtors in the Bahamas who can converse in several foreign languages such as Spanish, French, German, Italian just to name a few, making it easy for anybody to purchase property in the Bahamas. That along with the passage of the International Persons Land Holding Act-1993 facilitated the purchase of land by non- Bahamians.
46 years after the formation of BREA, there are over 600 licensed Brokers and Salespersons in the Bahamas who are all familiar with the local building codes, location of schools, churches, and local knowledge that only a BREA agent could know. top Why the Bahamas?ClimateThe Bahamas boasts year round delightful temperatures because we're surrounded by water.This makes it the perfect place for purchasing an island home or buying beachfront property for your year round residence. Great Place to InvestOur investment friendly policies make the Bahamas an ideal place to live. There is absolutely NO INCOME TAX and NO INHERITANCE TAX. There are also no taxes on capital gains, corporate earnings, sales or dividends. This tax freedom is available to everybody who resides here. There are also many Investment Incentives available. Proximity to USAMinutes away from Miami and Ft. Lauderdale, The Bahamas offers Island living with the convenience of being within easy reach of the continental US. Served by all major carriers, The Bahamas is easily accessible from anywhere! Strong EconomyThe Bahamian economy is strong and stable, based on Tourism, Finance and the Service Industries. The Bahamian dollar is on par with the US dollar making transactions simple without complicated conversion rates. Stable GovernmentAfter gaining independence from Great Britain in 1973, The Bahamas has a long tradition of democracy and stable government making it the perfect environment for future growth and prosperity. It's EasyIt's never been easier for a non-Bahamian to own a home here in The Bahamas. Simply register your property acquisition with the Bahamas Investments Board. There is no longer a need to obtain a government permit prior to purchase. Unless the property is larger than 5 acres, or is not a private residence, will a permit be required. Permanent Residents of the Bahamas and non- Bahamians who inherit property in The Bahamas need only register the acquisition with the Investment Board. Furthermore, a non-Bahamian who owns a home in the Bahamas may now obtain an annual Home Owner's Resident card from the Director of Immigration. The card authorizes the entry of the holder and his immediate dependent family as they wish. CurrencyThe Bahamian Dollar is on par with the United States Dollar affording no complicated exchange rates or transactions Rest & RelaxationOf course everything is not business, business, business. When it's time to have fun and relax, the Bahamas can't be beat. Golf and tennis,windsurfing and sailing, diving and fishing, boating and beaching, cycling and hiking,reading a good book or just listening to the song of the seashore casuarina pine.There is always something to do in the Bahamas, that's for sure. top The Bahamas Stats
The 700 islands of The Bahamas cover approximately 5,382 square miles of land spread over 100,000 square miles of beautiful green and blue water. The capital city is Nassau, located on the tiny island of New Providence only 21 miles long and 7 miles wide whose majestic harbour has been the center of commerce in the Bahamas for the past 600 years.
Political Status and GovernmentThe Bahamas is an Independent Nation with a Parliamentary Democracy. We are a Member of the British Commonwealth with the British Sovereign our Head of State. The Bahamas has a Two Chamber British style Parliament with the Prime Minister the Head of Parliament. The House of Assembly (elected) and The Senate (appointed) make up the Lower and Upper Chambers of the House respectively. PopulationThe Bahamas 255,055
New Providence 172,196
Grand Bahama 40,898
Abaco 10,003
Andros 8,177
Eleuthera 7,993 EconomyGross Domestic Product $4,860.0 m (2000)
Per Capita GDP $16,050.2 (2000)
Tourism 40% of GDP
Government 20%
Manufacturing/Construction 18%
Financial Services 15%
Agriculture/Fisheries 5%
Other 2% top Becoming Resident in The BahamasApplication for Permanent ResidencyThose who wish to settle in the Bahamas by investing in property, retiring here or opening a business usually apply for this status. Accelerated consideration for Permanent Residency can be obtained with a property investment of $1,500,000 or more. Applicants must be of good character, show evidence of financial support and say in writing they wish to live permanently in The Bahamas. Wives and dependent children (under 18 years) usually resident in a household can be endorsed on the certificate when the original application is made. For more information contact: Bahamas Investment AuthorityOffice of the Prime Minister
Cecil Wallace Whitfield Centre
PO Box CB 10980
Nassau, Bahamas
Tel.: 242 327-5970
www.bahamas.com/investment
email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it ImmigrationVisas are not required of citizens of the USA, United Kingdom, or Canada provided that their stay does not exceed 3 weeks and that they have a return ticket leaving the Bahamas. Visas are not required of US citizens if stays are less than 8 months. The Bahamas Immigration Department permits are needed should one wish to reside, work or engage in any business. top | 
