2015 Island Living Supplement

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island
Living
COURTESY DEEP WATER CAY
nassau and the bahamian out islands
special bahamas
real estate supplement
Special Bahamas Real Estate Supplement
Island Living
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island living
Eleuthera
No regrets after retiring to The Bahamas
S
ometimes a short break in the islands isn’t enough.
Each year many visitors choose to make their
vacation more permanent–putting down roots by
buying property, investing in a business or simply
starting their retirement.
For Skip and Sharon Warner, retirement on one of the
beautiful Family Islands keeps them unexpectedly busy, but they
wouldn’t have it any other way.
The Warners relocated to The Bahamas in 2007, but had a
long history with the islands. The couple ran a real estate
business in the Florida Keys and took frequent sailing trips to
the archipelago in the late 1990s and early 2000s, visiting the
Berry Islands, Exuma and Eleuthera.
In 2004, they stumbled upon an acre and a half on the water in
Eleuthera and decided to trade in the office for the beach.
“The day we saw the property, the sky was totally blue and
there was a rainbow right over the house. That was our sign and
we have never regretted it,” says Sharon.
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Special Bahamas Real Estate Supplement
The Warners packed up their
belongings and made the move fulltime three years later, having built
their own house on the site in the
meantime and renovated the existing
property to create a three-unit
guesthouse, the Barefoot Beach House
(www.thebarefootbeachhouse.com).
Located in South Palmetto Point,
the beach house now welcomes
people from all over the world and
keeps Sharon and Skip busy in
semi-retirement.
“My typical day is not like most
people’s,” says Sharon. “There is
always something to be done here. I
do not sit down. I am not the typical
retiree who reads books all day long.
BARBARA CHRISTOFILIS/©DUPUCH
Enjoying life on
Helping foreigners relocate
Garry Godfrey has been helping
foreigners relocate to the islands for
around five years through his
company, Move to The Bahamas,
which links clients with local realtors
and is on hand to help at all stages of
the move, from meeting visitors at
the airport to decorating the property
Caption
Sharon and Skip Warner
and their retirement property
on Eleuthera, left
and acquiring the necessary
documentation. He can even arrange
transportation for the animal
members of the family.
Non-Bahamians can acquire
permanent residency in The Bahamas
through a number of channels, one of
the most popular being purchasing a
property worth a minimum of
$500,000. If the property is for
commercial development or rental,
a special permit must be obtained
from the government.
“We do anything and everything and
if we cannot do it, we have a friend
who can,” Godfrey says. “We don’t just
sell. We listen to what you need.”
Special Bahamas Real Estate Supplement
BARBARA CHRISTOFILIS/©DUPUCH
The guesthouse involves a lot of
work, but I do not have the mental
fatigue that I had running an office.
We were totally wiped out with real
estate. We were doing it 24/7. We
went from being on a super highway
to coming to a screeching halt.”
COURTESY SHARON WARNER
COURTESY SHARON WARNER
COURTESY SHARON WARNER
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COURTESY GARRY GODFREY
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Garry Godfrey and his wife, Kay
He works with a network of local
suppliers such as Bahamas Design
Centre and Tropical Traders who are
trusted friends as well as business
partners. “We have these reciprocal
relationships. That friends network
is key [because] it is our reputation
on the line.”
The majority of Move to The
Bahamas’ clients are professionals
from the UK or the US seeking a
sun-drenched retirement. “They are
professionals who have been involved
in the business community in their
own countries [and] they want to
retire but still be active. They are not
just coming to sit on a beach.”
According to Godfrey, most are
pleasantly surprised by what they find.
“They are often surprised by how
receptive the country is to their needs,”
he says. “It is one of the warmest and
kindest countries in the world.”
COURTESY SHARON WARNER
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BARBARA CHRISTOFILIS/©DUPUCH
COURTESY SHARON WARNER
Choosing your island
With thousands of islands and cays,
there’s a lot more to The Bahamas
than New Providence.
Foreigners moving to the
archipelago have their pick of
destinations, whether they are
seeking solitude or favour urban
living. The Warners recommend
Eleuthera for its warmth and sense of
community and say they feel very at
home in South Palmetto Point.
“We have been welcomed here
since day one,” says Sharon. “We are
in one of the older sections of town
[and] we have been part of the
community. [The locals] watch out
for us and we have lots of Bahamian
friends. We have been to most of the
Caribbean islands and Eleuthera
just felt right.”
Skip agrees. Eleuthera, he says,
strikes the perfect balance for both
him and his wife since he loves to
fish and sail and she also loves to be
on the water, painting and enjoying
the landscape.
“It is a great place if you like
boating,” he says. “It’s a beautiful
island where people are friendly.”
Family Island living can be a
challenge however. With tranquillity
comes isolation, which can mean a
Special Bahamas Real Estate Supplement
limited social life and difficulty
managing and maintaining properties.
Godfrey says that New Providence is
the most popular choice among clients
but notes that he has also seen interest
in Harbour Island and Eleuthera, and
cautions: “The Out Islands are beautiful
but you have to be a certain sort of
person to live the out island experience.
The biggest pitfall is expecting it to be
like home. It is a different culture and
a different speed.”
No matter where you end up in the
archipelago, Godfrey says the most
satisfied clients are those who
immerse themselves in the culture
and community. “My advice is
always embrace the locals, embrace
the culture and enjoy the lifestyle.”
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Wide choice of
Luxury condos
High-end sales driving Bahamas real estate
COURTESY ATLANTIS PARADISE ISLAND
G
S6
Island Living
Special Bahamas Real Estate Supplement
azing out across the
stunning aquamarine
waters and pristine white
beaches of The Bahamas
from the balcony of your
very own luxury condo may seem like
a dream to many. But for some, it is a
dream easily realized.
Within the past decade, despite the
economic downturn that started in
2007, Nassau and Paradise Island have
experienced a mini-boom of high-end
condo development and sales, say
local real estate agencies, who add it’s
a trend that is expected to continue
well into 2015 and beyond.
“The condo and town house market
is quite strong right now,” says
Heather Peterson, of Coldwell Banker
Lightbourn Realty, noting that the
bulk of luxury sales is among “expats
and [Bahamian] investors.”
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COURTESY H G CHRISTIE
Meanwhile, John Christie of H G
Christie real estate says he has seen
“a good mix of Bahamians and
international buyers–international
for vacation homes and Bahamians
for investment purposes.”
COURTESY PALM CAY
The Cliffs, waterfront homes on Cable Beach
COURTESY ATLANTIS PARADISE ISLAND
Palm Cay Governor’s Club
Island luxury
High-end condo developments on
the eastern and western ends of New
Providence are attracting buyers in
steady numbers.
For instance, in southeastern New
Providence, sales at the Palm Cay
development “have really picked up,
particularly their beachfront units,”
says Peterson of the 69-acre property,
which has more than 300 condos
and single homes, private marina,
1,200 ft of beachfront, clubhouse
and restaurant.
But it is the western district of the
island that has seen the most action
in high-end condo sales. Dotted
along the coast, starting from Cable
Beach and extending to the far-flung
southwestern reaches of the island is
a string of luxury condo properties.
“In Cable Beach, the condo market
is picking up for sure,” says Christie.
“For example, One Cable Beach is a
sleek, new [building] with a great
deal of appeal in today’s market.
Reservations are moving quickly.”
Situated on 600 ft of beachfront,
One Cable Beach will offer 67 luxury
one-, two- and three-bedroom
residences each offering ocean views
with amenities including gym
facilities and an infinity pool. Prices
start at $495,000 for a one-bedroom,
one-and-a-half bath, 1,239 sq ft
condo to $2.99 million for a threebedroom, three-and-a-half bath,
4,417 sq ft residence.
Another new development which
broke ground in 2014 is The Cliffs
The Reef Residences at Atlantis
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COURTESY BAHA MAR
Real Estate contacts
Baha Mar
H G Christie
tel 677-9000
e-mail [email protected]
or visit www.bahamar.com
tel 322-1041
e-mail [email protected]
or visit www.HGChristie.com
Caves Heights
The Reef Residences at Atlantis
tel 327-8867
e-mail [email protected]
or visit www.cavesheights.com
tel 363-6838
or visit www.OwnTheReef.com
Coldwell Banker Lightbourn Realty
tel 601-6500
e-mail [email protected]
or visit www.cbbahamas.com
COURTESY CAVES HEIGHTS
Rosewood model bathroom
The Reef
COURTESY ATLANTIS PARADISE ISLAND
Caves Heights
which comprise five- and sixcondominium buildings with threebedroom units. Condo owners will
have access to their own pool, garage
and other amenities. Prices range
from $895,000 to $1.295 million.
Farther west from Cable Beach,
along West Bay Street, is Caves
Heights, a stunning oceanfront
condo development perched high on
seven acres, which features 84 two-,
three- and four-bedroom residences.
This gated community offers 24hour security, family pool with
gazebo, grotto and waterfall, heated
lap pool, fitness centre, tennis court
and barbecue and entertaining area.
It is located next to Caves Village
which offers a variety of shops,
pharmacy, restaurants, salon and
banking facilities.
At press time, 57 of the 84 units
were sold. Prices range from
$695,000 to $2.4 million.
Even farther west, past Lynden
Pindling International Airport, along
the southwest coast, realtors say
condo residences at Albany have
experienced a surge in sales, notably
among wealthy American investors.
The luxury resort community,
which opened in 2010, has seen steady
development over the past five years
including a championship golf course
designed by Albany investor Ernie Els,
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an equestrian centre, gym, restaurants
and beachfront villas. Its newest
development, expected to open in early
2016, is the Honeycomb, an eightstorey building with 34 units ranging
in size from 3,000 to 8,000 sq ft, priced
from $3 million to $12.5 million. The
Honeycomb will join Albany’s other
condominium buildings including the
Charles, Gemini, Orchid and Lantern
residences, all of which are situated
around Albany’s ultra-yacht marina.
With many new condo developments
slated to open in 2015 and 2016, one of
the most highly anticipated is the
Residences at Baha Mar.
Anja Allen, residential sales
marketing manager at Baha Mar says
that sales for the megaresort’s 284
residences are “well underway” with
“sales totalling more than $75
million to date,” and units will be
move-in ready for owners in late
spring this year.
“Clients and realtors have
expressed great enthusiasm for the
diversity, quality design and lifestyle
appeal of the Baha Mar Residences,”
says Allen, noting that Baha Mar has
seen “strong interest from many
potential owners worldwide” with
buyers from the US, Canada, China,
France, Saudi Arabia, Switzerland,
Venezuela and The Bahamas.
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COURTESY CAVES HEIGHTS
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View from Caves Heights
Situated within Baha Mar’s
assortment of luxury branded
hotels–the Rosewood, SLS LUX and
Grand Hyatt–buyers can select their
residences based on each hotel’s
distinct design.
For example, the 92 Rosewood
Residences at Baha Mar feature
colonial architectural details by
acclaimed architect-designer Dianna
Wong. Units range from 900 to 6,000
sq ft and prices start at $1.4 million.
The SLS LUX offers 107 one-, two-,
and three-bedroom residences “infused
with the SLS LUX brand of spirited
style and service.” Owners enjoy
amenities such as a private pool and
rooftop lounge. Prices start at $1.2
million for residences up to 3,000 sq ft.
The Grand Hyatt, meanwhile,
features 85 casually elegant two- and
three-bedroom residences with
contemporary decor and sweeping
ocean and golf course views. Prices
start at $1.1 million for units ranging
from 890 to 2,583 sq ft.
In addition to delighting in all the
comforts of home in a luxury setting,
Allen says Baha Mar residence
owners can also enjoy unlimited
access to every resort amenity
including signing privileges at the
Baha Mar Casino; 40 restaurants and
bars; clubs; performing arts theatre;
two spas; over 50 boutiques; and
membership at the 18-hole, par 72
Jack Nicklaus Signature Golf Course.
Access to resort amenities is an
added bonus to prospective high-end
condo owners, with many seeking to
purchase properties attached to
resorts such as Baha Mar and the
Atlantis resort on Paradise Island.
The Reef at Atlantis includes a
variety of turnkey designer-furnished
studio, one- and two-bedroom, and
penthouse condos each with private
balconies, fully-equipped gourmet
kitchens, luxurious baths and spacious
living areas. Amenities include a private
fitness centre, 24-hour security,
concierge staff as well as unlimited
access to all of Atlantis’s facilities such
as Aquaventure, the 141-acre water
park filled with exciting water slides
and attractions; the exclusive, adultsonly Cain at The Cove; preferred
seating at Atlantis LIVE events and
shopping and restaurants at Marina
Village at Atlantis.
Peace of mind
While amenities such as swimming
pools, tennis courts and ocean views
are an added perk, ultimately, buyers
are seeking ease of living and peace
of mind.
“[Buyers] are basically looking for
lock and go,” says Christie. “They’re
looking for no worries about taking
care of a property, but with all the
needs of a house. All you have to do
is pay your dues and everything is
taken care of.”
Peterson agrees: “Low maintenance,
security and amenities,” she says,
noting that many high-end condo
seekers also “look to invest here simply
for permanent residency status” and
for an investment property.
“The ability to be able to rent their
units out on a weekly basis (when
not occupied by the owner) is
becoming a popular feature for those
seeking investments,” she says.
BAHAMAS HANDBOOK
TELLS IT ALL!
(242) 323-5665• [email protected]
Special Bahamas Real Estate Supplement
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Winter
idyll
in paradise
A sunny respite from frigid weather
W
hen Old Man Winter blows his icy winds and carpets the
landscape–and your car–with snow, it’s perfectly natural
to daydream about visiting a tropical paradise such as
The Bahamas. Millions do visit these sunny shores every
winter, and many decide to retire here or to purchase
a second home.
With more than 300 sunny days each year, a plethora of interesting and
exciting activities, a rich cultural heritage and world-famous sugar-white
beaches, it’s easy to see why The Bahamas is a magnet for people looking for a
comfortable place to live, full- or part-time, in a salubrious subtropical climate.
Exciting Bahamas
You’ll never be bored here, nor will your children or grandchildren.
If you crave excitement and new experiences, Nassau is a beehive of after
hours activities.
For example, if you are a visitor (not a permanent resident) and want to test
your hand against lady luck, there is the glittery Atlantis Casino on Paradise
Island, and the soon to be opened, Baha Mar on fabled Cable Beach west of
downtown Nassau.
Both offer the latest in slot machines and an array of table games, including:
blackjack, baccarat, craps, roulette, Let It Ride poker and Caribbean stud poker.
There’s also full access to sports book operations which allow betting on all major
sporting events and horse racing from major US tracks.
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COURTESY ATLANTIS PARADISE ISLAND
COURTESY COLDWELL BANKER LIGHTBOURN REALTY
COURTESY H G CHRISTIE
COURTESY COLDWELL BANKER LIGHTBOURN REALTY
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YOUR OWN
RETREAT IN PARADISE
Perched high on a seven-acre elevated plateau, Caves Heights offers
unparalleled vistas of a powder white sand beach and sparkling
turquoise sea in a luxury paradise setting that is second to none.
This private oceanview community of elegantly designed
condominium residences provides an idyllic lifestyle for year-round
residents and international clientele looking to get away from the
everyday. Each spacious apartment has commanding views from
oversized covered balconies and offers the ultimate in indoor/outdoor
living with lush tropical landscaping and world class amenities
including two swimming pools, fitness centre, lit tennis court,
outdoor entertainment area, and it is ultra secure with 24-hr gated
security. There is also a golf cart track to adjacent Caves Village,
a retail complex with gourmet restaurants, food market, pharmacy,
bank and upscale spa.
Caves Heights is situated in desirable western New Providence, an
area that is experiencing rapid growth with a new state-of-the-art
medical centre and commercial developments. It is also located
minutes away from Cable Beach and the upcoming Baha Mar resort,
downtown Nassau and the Lynden Pindling International Airport.
For the ultimate in island living, your own retreat in paradise awaits.
BARBARA CHRISTOFILIS/©DUPUCH
island living
COURTESY COLDWELL BANKER LIGHTBOURN REALTY
The Bahamas boasts highly rated
private schools.
Bright, sunny days are the norm.
Atlantis features the largest water
theme park in the Caribbean and serves
up other forms of entertainment which
include golfing on a championship
course, playing a round of tennis on
one of the six clay and hard surface
courts, or testing your climbing skills at
the state of the art rock climbing
facility. For a more relaxed adventure,
visit the Earth & Fire Pottery Studio to
create a lasting souvenir of your trip or
catch a movie at the Atlantis Theatre.
Baha Mar, The Bahamas’ newest
megaresort and exclusive residential
community, was still under
construction as this supplement was
going to press. Baha Mar includes a
20-acre beachfront sanctuary with four
new hotels, exclusive residential
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communities, world-class shopping,
dining, entertainment and a TPC golf
course designed by none other than
Jack Nicklaus.
Educational facilities
But, The Bahamas is more than just a
pretty place with a comfortable climate
and exciting nightlife. It also boasts
excellent schools, a modern healthcare
system and state-of-the-art banking,
which together, make living here–
whether part-time or full-time–a
pleasant experience.
Education ranks a high priority
in The Bahamas. There are three
internationally known private schools
in Nassau, each with impeccable
standards and credentials: Lyford Cay
Special Bahamas Real Estate Supplement
International School, located in far
western New Providence; St Andrew’s
School, The International School of The
Bahamas in the east and Tambearly
School at Sandyport in Cable Beach.
St Andrew’s is a primary and
secondary IB school located on a
picturesque 35-acre campus. It is
representative of the educational
excellence found here. “We have one
teacher for every 10 students. Our
students receive a truly world-class
education. Many of them attend top
universities in the US, Canada and the
UK. We have many success stories.
We’re doing something right,” says
Karen Carey, director of admissions.
“Our 700 students represent 35
nationalities. We have a wonderful–
and wonderfully diverse–school
community. We have been the school
of choice for decades.”
The excellent Bahamian health
care system offers a range of services
that is as broad as it is deep, with 61
health centres and 314 privatelyowned health care facilities spread
across the archipelago. There are five
hospitals located on New Providence
and Grand Bahama islands.
Banking and real estate
The Bahamas is well known for its
offshore banking and wealth
management services which include
private and commercial banking,
island living
Inspections. “For a small fee the
client receives a report on the actual
condition of the property; it eliminates
surprises by showing the good and the
bad of the property.”
Far more than a walk-through, a
professional inspection will uncover
potential problems–and problems in
the making–that would not be
noticed in a cursory examination.
Concierge services can smooth out
the home ownership process like
nothing else. A full service concierge
service handles all the time-consuming
details of your transformation to
Bahamas homeowner.
“We cover the whole range of
services: we show our clients around,
open their bank and utility accounts,
arrange school interviews, enrollments,
make dinner arrangements, organize
transportation and can fully manage
their property while they are on-island
or away. We make their transition to
island resident as hassle-free as
possible,” says Platinum Pineapple’s
owner Michelle Albury. “Our clients
can enjoy all the good stuff because
we do the work. We provide the
convenience factor.”
Some new residents divide their
time between paradise and their
former home. But what to do with
the empty Bahamas home? Not to
worry, there are experienced
property management services who
know what you need.
“After purchase, clients often turn
over their property to us for
management. We can handle their
utility payments, grounds
maintenance and repairs, for
example,” says Antoine Adderley,
broker/appraiser at Mario Carey
Realty. “Whether the customer wants
a smooth turnkey operation or just a
little assistance with home
ownership, we can make it happen
without the headache.”
Excellent concierge services: one
more reason to think of The Bahamas
when you decide you’ve had enough
of Old Man Winter.
BAHAMAS HANDBOOK
TELLS IT ALL!
COURTESY ONE&ONLY OCEAN CLUB
(242) 323-5665• [email protected]
COURTESY CAVES HEIGHTS
asset management, investment
counselling, stock, precious metal
and currency trading, and trust
formation and management.
Naturally, these renowned banking
services are as available to residents
as to foreign clients.
“We offer the gamut of retail
banking services, of course, such as
saving and checking accounts, debit
and credit cards, free Internet
banking. Residents can easily
maintain accounts in either US dollars
or Bahamian dollars, or both,” says
Nakera Symonette, acting marketing
manager at CIBC FirstCaribbean
International Bank. “And we also
provide individualized wealth
management services through our
central Goodman’s Bay offices.”
If you’re ready to take the plunge
and purchase a home or vacation
property in The Bahamas, you’ll find a
wide selection, from condominiums
to seaside villas. When selecting your
home in paradise, be sure to use a real
estate agent who is accredited with
the Bahamas Real Estate Association
(BREA) which oversees and regulates
real estate agents in the nation.
And purchasing your home needn’t
be a daunting ordeal. There are
concierge, property management and
inspection services at the ready to help
you navigate the real estate waters
with ease.
Once you and your agent have
located that perfect property, your
next step should be having it
thoroughly inspected by a professional.
“A big reason for having a
pre-purchase inspection done is
because it’s really the only prepurchase event that benefits the
buyer. Everything else is done for
the seller’s benefit,” says Jacques
Christofilis, owner/inspector of
Dunright Home & Building
Caves Heights amenities
include a fitness centre.
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Mandara Spa at One&Only Ocean Club
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COURTESY PAMELA JONES
COURTESY BIMINI BIG GAME CLUB
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BARBARA CHRISTOFILIS/©DUPUCH
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Bimini
Writers, politicians and royalty
dyllic Bimini is fewer
than 60 miles due east
of Miami but the two
locations couldn’t be
more different.
North Bimini, the
more populous of two
small islands, is home to fewer than
1,800 full-time residents. It’s only
seven miles long and a few hundred
yards wide, with not a single stop
I
light. Golf carts rule here and are
indicative of the leisurely pace of
island life, compared to busy Miami.
And then there’s the fishing. The
shallow flats surrounding Bimini
make for great bonefishing, and its
proximity to the ocean side of the
Gulf Stream make Bimini one of the
most popular big-game fishing spots
on the planet.
Special Bahamas Real Estate Supplement
©DUPUCH
The celebs of
Duke and Duchess
of Windsor
As you might expect, the fishing,
island ambience, and easy access from
the US has attracted many visitors to
Bimini, including many of the rich
and famous.
Perhaps the most famous is the late
Nobel Prize-winning author Ernest
Hemingway. In 1935, he piloted his
boat Pilar to North Bimini and ended
up making a home at the Compleat
Angler Hotel, where he lived for the
best part of two years.
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HAROLD FLAGG/©DUPUCH
©DUPUCH
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©DUPUCH
Sailing off Bimini
From top to bottom: Visit by the Duke and Duchess of Kent; Ernest Hemingway
memorabilia; Hemingway challenged locals to boxing matches
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While in Bimini he reportedly
worked on his book, To Have and
Have Not, and fished for swordfish,
tuna and marlin. Some say a huge
blue marlin caught near Bimini
formed part of the inspiration for his
masterpiece, The Old Man and the Sea.
The hotel, built in 1935 by Henry
and Helen Duncombe, had 12 guest
rooms and a rowdy bar where
Hemingway could be found on most
BARBARA CHRISTOFILIS/©DUPUCH
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Rev Dr Martin Luther King, Jr
evenings, drinking and offering
$50 to anyone who could stay with
him for three rounds of boxing.
The hotel suffered hurricane
damage during Hemingway’s stay, but
was quickly repaired. Over the years,
the bar became a museum of the
author’s memorabilia. As Hemingway’s
fame grew, tourists came to see
autographed books, photos and
newspaper clippings that highlighted
his adventures in The Bahamas.
Margaritaville in Bimini
Jimmy Buffett, another famous author,
and musician, has been a frequent
visitor. During the 1980s and 1990s,
Buffett often stayed, played and
caroused at the Angler while
researching and writing his early books.
Parts of his first book, Tales From
Margaritaville, were penned at the
Angler. His experiences in Bimini
and his numerous trips back and
forth to Key West, served as material
for other early works, such as this
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excerpt from Buffett’s A Pirate Looks
at Fifty, published in 1998:
“It is the pure romanticism that drew
me to flying boats before I ever thought
about learning to actually fly one.
“It happened back in 1971, when I
fled to South Florida from Nashville.
I was living in Key West and working
weekends in Coral Gables at a coffee
house named The Flick. It was there
I first heard about Chalks Airlines’
weekend special seaplane flight
to Bimini.
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Other newsworthy visitors to the
Angler included the late Lucille Ball of
I Love Lucy television fame, and
Colorado senator Gary Hart, who was
forced to cancel plans for a presidential
candidacy after photos were circulated
of him and his mistress cuddling up in
a boat called Monkey Business.
Devastating fire
COURTESY BAHAMAS NEWS BUREAU
COURTESY NATIONAL ENQUIRER
“For $50 bucks, I could get a
round-trip flight to the Bahamian
Port and a room for two nights at the
Compleat Angler. For an extra $20
bucks, I could stay in the room where
Hemingway reportedly wrote, To
Have and Have Not … I went for the
whole enchilada …”
During his stays at the Compleat
Angler, Buffett–who developed his
own brand of music–often joined the
house band for impromptu jam
sessions lasting until the wee hours.
On one memorable occasion, Buffett
reportedly teamed with a calypso
band and launched into a Biminithemed version of his most famous
song, Margaritaville, to the delight of
patrons and fellow musicians.
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Special Bahamas Real Estate Supplement
The Compleat Angler–and all the
Hemingway memorabilia–was
destroyed by fire in 2006. No
guests were injured but the hotel’s
owner, Julian Brown, died of
injuries received while assisting
with evacuations.
Less populous South Bimini has
enjoyed a few brushes with celebrity
over the years, too. Joseph “Colonel
Joe” Mackey, a former stunt pilot
and US Air Force colonel, and
founder of Mackey International
Airlines, built a residence on the island
in the 1940s where he lived part-time
for many years.
Mackey’s airline served primarily
The Bahamas, Haiti and Las Vegas
and was acquired by Eastern Airlines
in 1967. Colonel Joe’s house was
converted to a bar and restaurant,
which was damaged in a hurricane
and closed.
Adam Clayton Powell, Jr, the US
civil rights advocate and disgraced
congressman, accused of embezzling
public funds, lived in South Bimini
from 1967-1969 while his case worked
its way through the courts. After his
death in 1972, Powell’s ashes were
flown to Bimini where they were
scattered along the island’s shores.
In the 1920s and early 1930s,
during the years of Prohibition,
Bimini was an active rum-running
locale and attracted its share of
colourful characters. Al Capone,
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COURTESY BAHAMAS NEWS BUREAU
perhaps the most notorious
prohibition-era outlaw, was a
frequent visitor. He reportedly used
the islands to transact his liquor
deals with mainline smugglers.
His Royal Highness Prince Edward
VIII, the Duke of Windsor was
governor of The Bahamas during the
war years of 1940-1945. He visited
Bimini often during this period,
bonefishing along the flats and playing
golf on Cat Cay. Windsor Downs, a
private golf course on Cat Cay, is
named in his honour.
The Reverend Dr Martin Luther
King, Jr, the US civil rights leader,
visited Bimini in 1964 to work on
his acceptance speech for the
Nobel Peace Prize.
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Special Bahamas Real Estate Supplement
Island Living
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island living
Properties off
the beaten track
Realtors say market
has picked up
beachfront home, a chic condo with an ocean
view, a luxury apartment or a simple tropical
hideaway–property seekers in The Bahamas
have a range of options that will suit almost
any budget.
Peter Dupuch, president of ERA Dupuch Real
Estate, says his firm is seeing a lot of interest
from foreign buyers looking to invest in a second home at the
beginning of 2015.
Dupuch says gated communities in New Providence–including
ultra luxurious Ocean Club Estates, Lyford Cay and Old Fort
Bay–are particularly popular.
“The market has picked up,” he says. “We are seeing more
foreign buyers. They want gated communities, lots of amenities
and waterfront or beachfront.
“The luxury market did better in 2014 and I see it getting even
better in 2015.”
With thousands of islands and cays on tap, choosing where to
purchase a Bahamian hideaway is challenging for property
hunters. Dupuch says islands such as Eleuthera and Abaco are
always a draw for investors but suggests that going even farther
off the beaten track will result in better bargains. “The remote
Out Islands have pretty good deals on beachfront,” he says.
“Those properties are more for the homeowner who wants peace
and quiet. They can find good deals.”
A
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The Exuma chain, which consists
of 365 islands, is particularly popular
with high-net-worth individuals
wanting their own piece of the
archipelago. Actor Johnny Depp
owns an island here, as do country
singers Faith Hill and Tim McGraw.
“Exuma is always popular,”
says John Christie of H G Christie.
“There is interest there in the private
island market.”
If a private island is out of your
reach, Christie says vacant lots in
the Exumas and the Abacos are a
solid choice for bargain hunters. He
also recommends browsing the
selection of condos available in
Grand Bahama where the market is
seeing some movement and prices
are relatively inexpensive.
Whatever your choice when
searching for a home, be sure to
enlist the services of a reputable
agent. The Bahamas Real Estate
Association (BREA) certifies realtors
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COURTESY H G CHRISTIE
throughout The Bahamas and is
adept at helping international
investors find local contacts. BREA
representatives are trained to a high
standard and can help buyers
navigate through the purchasing
process with ease.
As the global economy strengthens
and property sales in the US continue
to rise, Dupuch believes The Bahamas
will see a similar boost and is
optimistic heading into 2015.
The market is trending up and buying
in The Bahamas “is definitely a
good investment.”
Special Bahamas Real Estate Supplement
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S29
Things to
know
When it comes to buying Bahamian real estate
T
he International
Persons Landholding
Act, 1993 makes
buying and holding
real estate in The
Bahamas an uncomplicated and easy
process for non-residents. Whether
the property is a free-standing home,
a condo or undeveloped land, it may
be bought, sold or bequeathed
without any restrictions.
A realtor or sales agent who is
accredited by the Bahamas Real Estate
Association (BREA) can facilitate your
purchase and recommend vital
ancillary services such as locating a real
estate lawyer and local banks that offer
mortgage loans to non-residents.
For Family Island properties,
residential or commercial, real estate
agents customarily charge a flat 10 per
cent commission on sales. On New
Providence Island (Nassau) and Grand
Bahama Island (Freeport) the
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Island Living
commission for sale of developed
residential or commercial properties is
six per cent; a 10 per cent commission
is usually charged for undeveloped
property. A one-time fee of one per
cent of the mortgage amount is
collected by the Bahamian government.
On Jan 1, 2015 The Bahamas
government introduced a 7.5% value
added tax (VAT) on most goods and
services. There is no VAT on sales of
dwellings and undeveloped property.
However, VAT is charged on real estate
services such as appraisals, insurance,
commissions and legal work.
All non-Bahamians must register
their purchase of real estate with the
Secretary to the Investments Board, if
the property is a condo or will be
owner-occupied. An application for
registration must be filed with the
Bahamas Investment Authority, Office
of the Prime Minister, along with proof
of ownership, payment of stamp duty
Special Bahamas Real Estate Supplement
and real estate property tax and a
banker’s draft or money order for $250
made payable to the Public Treasury.
If purchasing commercial or rental
property, or if the property is two or
more adjoining acres of undeveloped
land, a permit to acquire the property
is required before closing. The
schedule of fees for a certificate of
registration and permit are:
Certificate of registration .......$250
Permit.....................................$500
Annual Homeowner’s
Residence Card.......................$250
The government stamp tax, a
one-time payment due at closing,
is usually split 50/50 by buyer and
seller, unless otherwise agreed.
Government stamp duty on property
conveyances or realty transfers is:
$0 - $20,000 ..............................4%
$20,000.01 - 50,000 ..................6%
$50,000.01 - 100,000 ...............8%
Over $100,000.........................10%
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Helpful contacts
Lawyers who prepare the
conveyance typically charge a fee of
2.5 per cent of the sale price, plus
out-of-pocket expenses.
Residency permits
Subject to government approval,
non-Bahamians may qualify for
annual residency as residential
homeowner, seasonal homeowner or
independent economic resident.
The annual fee for a residence
permit based on independent wealth
is $1,000 for head-of-household and
$25 for each dependent. To qualify,
an applicant must provide two
written character references and
documentation from a reputable bank
verifying her/his economic viability.
The annual fee for a homeowner’s
residence card is $250 annually and
entitles the owner, spouse and
minor children to enter and remain
in The Bahamas for the period
specified on the card. Those who
own and reside in a second home in
The Bahamas, whether seasonal or
otherwise, may apply to the
Department of Immigration for an
annual homeowner’s residence card.
Issued permits and cards do not
entitle the owner, spouse or dependents
to employment in The Bahamas.
Major international investors and
owners of residences valued at $1.5
million or more, who apply for
permanent or annual residency, are
given special accelerated consideration.
Property tax
Property tax must be paid by
Bahamians and non-Bahamians
owning real estate and is due on or
before December 31 of each year.
Returns are filed with the chief
valuation officer and paid to the
public treasury.
Bahamas Chamber
of Commerce:
Bahamas Investment Authority
(BIA): Office of the Prime Minister,
Shirley St and Collins Ave, PO Box
N-665, tel (242) 322-2145, e-mail
[email protected],
www.thebahamaschamber.com
Sir Cecil Wallace-Whitfield Centre, West
Bay St, Cable Beach, PO Box CB-10990,
tel (242) 327-5826/8, www.bahamas.gov.bs
Immigration Dept:
Bahamas Real Estate
Association (BREA):
10 Dowdeswell St, PO Box N-8860,
tel (242) 356-4578 or (242) 325-4942,
e-mail
[email protected],
www.bahamasrealestateassociation.com
Bahamas Bar Association:
Mackey St & Claire Rd, PO Box N-4632,
tel (242) 393-3220,
www.bahamasbarassociation.com
Association of International
Banks & Trust Companies (AIBT):
Main office: Hawkins Hill,
PO Box N-831, tel (242) 322-7530/32
or (242) 322-8504, www.bahamas.gov.bs
Registrar General’s Dept
(Civil Registry): 50 Shirley St,
PO Box N-532, Nassau,
tel (242) 397-9143, 397-9158, 397-8959
or 397-9107, www.bahamas.gov.bs
Treasury Dept:
British American House, George St,
PO Box N-7524, tel (242) 322-4561/5,
www.bahamas.gov.bs
Lands & Surveys Dept:
2nd Floor, Montague Sterling Centre,
East Bay St, Nassau, tel (242) 393-5500,
e-mail [email protected],
www.aibt-bahamas.com
Bay and Armstrong Sts,
PO Box N-592, tel (242) 502-1200,
www.bahamas.gov.bs
Central Bank of The Bahamas:
Professional Architects Board:
Frederick St, PO Box N-4868,
tel (242) 302-2600, e-mail
[email protected],
www.centralbankbahamas.com
143 Nassau St, PO Box CB-13040,
tel (242) 326-3114, e-mail
[email protected],
www.bahamasarchitects.com
Tax rates are based on “market
value” (the amount the property
would realize if sold in the open
market without encumbrances or
restrictions) and are as follows:
3. All other properties/commercial:
• First $500,000 .......................1%
• More than $500,000 ...............2%
*Property tax for owner occupied property is
capped at $50,000 per annum.
1. Owner-occupied property*
(residential)
• The first $250,000 of market
value................................Exempt
• More than $250,000 and not
exceeding $500,000...........0.75%
• More than $500,000 ......... 1%
In Grand Bahama, no property taxes
are collected from owners of property
located within the Grand Bahama Port
Authority areas of Freeport and Lucaya.
However, an annual fee is levied for
trash removal, street maintenance and
landscaping services.
2. Vacant land owned by
non-Bahamians:
• First $7,000 ........................$100
• More than $7,000 ................1.5%
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