Real Estate Development In The Bahamas
All developments in offshore/foreign jurisdictions offer their own challenges. The Bahamas offers its own challenges because it is a sovereign, foreign nation with its own laws, customs and practices. For someone without knowledge of these different laws, customs and practices, the endeavor can become frustratingly complicated, slow and unnecessarily expensive. Therefore, preparation and assistance is absolutely necessary when embarking on a development in The Bahamas.
Three Ways of Developing Land in The Bahamas
Generally speaking there are three ways for foreigners to acquire and develop land in The Bahamas:
- By way of representation where Bahamian firms lead the effort;
- By a joint effort where a foreign firm may lead, but relies on Bahamian firms due to the foreign firm’s lack of local knowledge and experience; and
- Where the foreign firm leads the effort, but in addition to using necessary Bahamian firms, relies on the advice of an experienced, knowledgeable and proven consultant, and a support system that enables the implementation of a closing model for The Bahamas that is familiar to the foreigner and its purchasers.
The Advantage of Using International Data Management as a Consultant
IDM has supported the Bahamian real property transactional industry since 1987. We have earned an industry-wide reputation because of our service orientation, technical knowledge and practical know-how. We are relied upon for advice and title insurance in support of the vast majority of the large projects and loans in The Bahamas. IDM understands the Bahamian real property transactional custom and practice, and has acquired unrivaled expertise in Bahamian title insurance over the last three decades.
IDM developed the only Bahamian land records databases that are fully indexed and automated to enable comprehensive searches of real property documents recorded in the Registrar General Department. To create our databases, we reviewed each microfilmed document back to 1955. We continue to review the information made available by the Registrar General Department, including the images of recorded documents on the new digital system. It is partly because of this constant review that we discover problems that create otherwise undetectable risks for attorneys, purchasers, lenders, and the unsuspecting and unknowing title insurer. These problems, uncovered because of IDM’s database maintenance processes, are not readily noticeable to the casual researcher who performs the usual, limited investigation of title.
Our databases coupled with our decades of Bahamas-specific experience and title insurance expertise give IDM a distinct advantage over our competitors. When you use our services, you access more than three decades of intense review of Bahamian title, exclusive, quality information, technical knowledge, practical knowhow and better risk evaluation. Our aim is to support your success when investing in Bahamian real estate or developing Bahamian property by providing specialized counsel, a variety of tailored products and unequaled service.
Mixed and Residential Real Estate Developments in The Bahamas
The Bahamas is an archipelago of seven hundred islands that offers a tropical climate and miles of inviting, beautiful beaches. It also has the oldest democracy of the western hemisphere that allows foreigners to acquire Bahamian land outright. However, all developments in offshore jurisdictions offer their own challenges. Land transactions in The Bahamas are different than elsewhere because it is a sovereign nation with its own laws, customs and practices. For someone without knowledge of those different laws, customs and practices, the experience can become frustratingly complicated and slow; therefore, preparation and assistance is absolutely necessary when embarking on a development in The Bahamas.
Three Ways Of Doing Business In The Bahamas
Generally speaking there are three ways for foreigners to do development business in The Bahamas:
- By way of representation where Bahamian firms lead the effort
- By some kind of joint effort where a U.S. firm may lead, but relies on Bahamian expertise and actions due to the U.S. firm’s lack of knowledge and experience
- Where the U.S. firm leads the effort, but relies on the advisory services of an experienced, knowledgeable and proven consultant, and a support system that enables the implementation of the American closing model in The Bahamas.