Because of the implementation of International Persons Landholding Act in January 1884, it is made possible for anyone to buy a property in the Bahamas or any Bahamas Real Estate properties even for non-Bahamians. The Act was a replacement for the Immovable Property Act of 1981. The International Persons Landholding Act permits non-Bahamian who are interested in buying property or condominium to have a right to purchase them.
Famous Celebrities in the Bahamas
There are some notable non-Bahamian individuals who have already acquired a property in the Bahamas. Most of those are famous artists in Hollywood like Nicholas Cage who owned a private island in Exuma and a house in Paradise Island. The famous singer Mariah Carey is recorded to own an estate residence in a private island near Eleuthera, the Windermere. Sean Connery owned a property in Lyford Cay. The British businessman billionaire, Joe Lewis, owned a property in Lyford cay. Other famous individuals who owned an estate property in Bahamas includes Sean “Diddy” Combs, Michael Jordan, Bill Gates, David Copperfield, Lenny Kravitz, Johnny Depp, Rick Fox, Tim McGraw, Faith Hill, Daniel Nestor, Eddie Murphy, Shakira Mebarak, the politician Stephen O’Brien, Mike Oldfield, Anna Nicole Smith, Tiger Woods, Terry Manning and John Travolta.
Non-Bahamian title owners who want to purchase land properties of 5 acres or more are expected to obtain a permit for legitimacy purposes. The purchasing of Bahamas Real Estate usually undergoes the long process for the validity of the title. They are expected to apply first for application and pay the appropriate fees to the Secretary and Public Treasury, respectively. Issuance of the certification of ownership will only be given if and only if the property he/she is about to purchase is not considered as undeveloped land and those non-Bahamians who are not considered to be more than one holder of land. Moreover, failure in obtaining permits result to a nullification of any purchase.