As a British/Bahamian realtor, I was asked to write an editorial as to why someone should consider buying property in the Bahamas. Having been born in the Bahamas to British parents, educated in Scotland, America, Law School in England and having travelled extensively throughout the World, I can safely say there is no place in the World that I would rather live than here in Nassau, Bahamas.

The Bahamas is a beautiful coral archipelago that is made up of over 700 islands, it has a population of a little over 300,000 and is located only 183 miles from Miami. New Providence the capital, has daily direct flight to New York, London, Toronto, Orlando, Miami and many more international destinations. The average winter temperature is 74 degrees and in the summer the temperature averages 90 degrees. The country has some of the most beautiful beaches in the world and water colours are unparalleled.

Although the Bahamas was once a British Colony, in 1973 it gained independence and are now part of the British Commonwealth. The Bahamas is one of the most politically stable countries in the world, with a parliamentary democracy that has operated without interception for 275 years. The legal system is based on the British Common Law and the economy is primarily comprised of international banking and tourism. The major destination for tourism in the Bahamas is the world famous Paradise Island, and thanks to a very brave South African entrepreneur, Mr. Sol Kerzner, who build the famed resorts of Atlantis and the One And Only hotels on Paradise Island, the economy is the envy of the West Indies. As a result of Mr Kerzners massive investment the Bahamas now has fantastic world-class restaurants, great golf courses, top-notch marinas luxury shopping, casinos, spas and sport facilities.

Buying power
The Bahamas has a state of the art telecommunication service and is completely wired with two-way fibre optic cable. I have found that many Europeans, Canadians and Americans have decided to buy homes there, enjoy the tax free, good clean easy life of tropical living while at the same time they are able to do everything that they would need to do on line in their respective countries. If an individual buys a property for $500,000, they will then be eligible for Bahamian Permanent Residential Status. By virtue of the residential status and by living in the Bahamas, an investor can save substantial sums of UK Income Tax, Capital Gains Tax and Inheritance Tax.

Many international buyers use their homes and condominiums for both short and/or long-term income generating rentals. I myself sold my condominium (which was rented at the time) to an offshore bank employee. The purchaser, a gentleman from Britain decided to let tenant continue to rent the condominium because he wanted the rental income until he was ready to move down. It is not unusual to get a rent return of between seven and 10 percent on your investment property.

Opportunity to invest
As a result of the economic times we are all experiencing worldwide, there are a number of very interesting investment opportunities in the Bahamas. Some of the areas that I specialise in are the Ocean Club on Paradise Island, Ocean Place (also on Paradise Island) Palm Cay, Columbus Cove and Sandy Port.

I have to say, living on an Island is not for everyone, but those who would enjoy tax free living, working on line in the morning, playing golf in the afternoon, going for a sail at sunset and having a nice meal at Nobu to finish of your day might want to give the Bahamas a thought.

Jason McCarroll LLB, BA, Sea View Properties Broker, Email: jason@seaviewproperties.bs, Tel: 242 477 7027