Page 38 ‘The Abaconian June 1998

Second Home Ownership Is Encouraged

By Sandra Evans, Sales Associate
Bahamas Realty Limited

The time has never .been better for
foreign nationals to purchase vacation
homes and/or establish residency through
home ownership in The Bahamas.
Change in the nation’s investment climate
has been dramatic during the 1990s. The
prestigious Financial Times calls it the
"porn again Bahamas." This could also
be applied to the hard-working, church-
going and pleasant Bahamians who make
living here such a pleasure.

The International Persons Landholding
Act 1993 came into effect on January
Ist, 1994. This Act provides that a non-
Bahamian may acquire real property in
The Bahamas without a permit, providing
the property is under five acres in size.
The purchaser registers the acquisition
with the Secretary to the Foreign
Investment Board.

Purchasing over five acres requires a
permit and a statement of intent for the
land use. Purchases without this permit
are invalid. This procedure is to
discourage land speculation.

For a fee non-Bahamian home owners
can apply for a permit which allows them
and their family to stay in the Bahamas
for as long as the card is current. Those
wishing to establish permanent residency
for tax-exempt status or other reasons
can apply to the Ministry of Public
Safety and Immigration. Again, family
members can be included. Preference is
given to those who are _ investing
$500,000 or more in a home or business
in The Bahamas. The fees are paid
according to the specified schedule

While holding property in any part of

   

e TALLAHASSEE ¢

the Bahamas, a foreign national will be Registration of a purchase of property future. Many charitable organizations
taxed at the following rates: with the Foreign Investment Board such as orphanages, The Bahamas
Taxable Owner Other guarantees the repatriation of the | Humane Society, The Bahamas National
Value Occupied Property proceeds from the sale at a later date. © Trust, AARK and the Bahamas Air and
First $100,000 Nil 1.0% While resident in The Bahamas, a non- Sea Rescue Service welcome non-
Next $400,000 1.0% 1.0% Bahamian homeowner will enjoy a Bahamian involvement.

Excess over $500,000 1.5% 2.0% peaceful, democratic and industrious Next month: The basics of a real

nation enthusiastically building for the — estate transaction.

\
Sa Ce
S Up er Same Day $1 999.”

Delivery

PENTIUM 233 MHZ W/MMX

512 Pipeline Cache

4.3 Gig Hard Drive DAVCO COMPUTER SYSTEMS

en ‘ ae Modem At the traffic Light in Marsh Harbour, Abaco
24x om Drive Tel: 367-3683

32mb EDO Memory
15" Color Monitor Pentium Machines for Less Than $60 a Month

32bit Sound Card / Stand-up Mic & 3 Button Joy Stick © iieid ARMM clei ROB TT)
Win 95 Keyboard / Serial Mouse / Pad & Surge Protector | ]

HP 670c Color Printer

All systems come with a ONE Year Warranty & over 30 Preloaded Software Programs

 

 

G GOtivzsvegse

Classes Now Underway - Call Today for Information

INTRODUCTION TO COMPUTERS ® MICROSOFTWORD ® LoTUS ® MicROSOFT WORKS
AMIPRO ® PRINT SHOP DELUXE® PRINT ARTIST ® COMPUTER ACCOUNTING

 

  

Continental
Connection S

Operated by GULF STREAM Qaternational AIRLINES
GAINESVILLE ¢ JACKSONVILLE * ORLANDO e KEY WEST ¢ TAMPA

 

@ WEST PALM BEACH @ FORT LAUDERDALE # MIAMI ¢ FREEPORT ¢ TREASURE CAY
e MARSH HARBOUR # NORTH ELEUTHERA # NASSAU

 

Call Your Travel Agent or for Reservations & Informution:

 

Florida Destinations: 800-525-0280 ¢ Bahamas Destinations: 800- 231-0856