Powder sands, gentle breezes and crystal clear

Property Rights in Paradise

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Saturday, November 10, 2012

By George A Hayek CIPS TRC AHWD

www.IslandAndResort.com
South Florida | Bahamas | Caribbean

Lifestyle – Weather – Investment – Culture

No Problem Mon!


Beaches


Boating


Golf


Diving


Fishing


Casinos

 The tropical 2nd home market was similar to real
estate conditions in the US
 Developers with high hopes lost millions and just
shut down
 Today we have a resurgence of new resort
developments around the tropical Atlantic and
Caribbean
 The Bahamas is a good example


 Proximity to North and South America
 Stable Democracy Since 1729
 Currency Pegged to the US$
 Freehold Property Ownership
 Favorable Taxation
 Reliable Infrastructure
 Friendly Culture


 New Providence /Nassau / Paradise island
◦ Baha Mar, Bayroc, Ocean Place, Caves Heights, Palm Cay
 Abaco
◦ Pineapple Point, Schooner Bay, Bakers Bay
 Bimini
◦ Bimini Bay, Rockwell Island
 Eleuthera
◦ Cotton Bay, Cape Eleuthera, The Cove
 Exuma
◦ February Point, Blackpoint, Marina Residences at Sandals
 Others on Grand Bahama Island, Long Island, etc.


 Nassau, Bahamas
 Bimini, Bahamas
 Scrub Island, BVI
 St. Kitts
 Anguilla
 South Florida


 When buying Property you possibly receive
citizenship, residency or even social services
 Variables by Country
◦ Ownership Type
Fee Simple
Rental Pool
Fractional
◦ Residency Types
◦ Title Conveyance
◦ Purchase Processes
Commissions, Taxes & Fees


Citizen or Resident or Tourist
◦ Bahamas Annual Resident
◦ BVI / Turks & Caicos Belongers
◦ Dominica Foreigner or Alien
◦ Dominican Republic Provisional Resident
◦ Grand Cayman Resident
◦ Jamaica Returning Residents
◦ Nevis / St Kitts Economic Citizen
◦ Sint Maarten (Dutch) Working Resident


 Realtor Associations
◦ Be Careful!
◦ Some Island Countries have Associations and Some
Don’t.
◦ The Bahamas BREA is Aligned with NAR
Palm Beach Association is the Ambassador
 Government Regulations Vary by Country
 Broker Relationships a Must
 Referral Agreements in Writing


 Warm Climate Developments are sprouting up
around South Florida and the Tropics
 Too much to be an expert on all
◦ knowing where to find the correct information and
who to speak with are keys to success
 Servicing the customer is the focus
 Refer to Broker with local knowledge
 Know the Country rules and Cultural
idiosyncrasies


By George A Hayek
CIPS TRC AHWD


Powder sands, gentle breezes and crystal clear

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