Hannaian
International Realty
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Hannaian
International Realty Listings & Research
...Hannaian
International Realty (H.I.R.), is a primary source of title
and other property related research in the Bahamas & the
Caribbean. Full Real Estate Brokerage services are also
provided by Hannaian International Realty, a fully certified
BRI, CRS, Real Estate Brokerage based in the Bahamas. H.I.R.
specializes in high end properties for investment &
second home purposes. In addition to real property title
research, and brokerage services H.I.R. offers specialty
services in ancestral property searches for Caribbean
descendents currently abroad who need research into their
ancestral property holdings in the region.
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The Caribbean Real Estate Title Research Ltd. would like to inform land holders in the Bahamas that squatters right has been revised from 21 years to 12 years. WHAT IS SQUATTER'S RIGHT? IF A PERSON SQUATS ON YOUR LAND FOR TWELVE YEARS (12) AND DEVELOPS YOUR LAND WITHOUT YOUR KNOWLEDGE AND HE OR SHE LAY CLAIM THROUGH THE COURT'S THEN HIS OR HER CLAIM IS PUBLISHED IN THE LOCAL NEWS PAPER FOR SIX WEEKS, AND IF THE RIGHTFUL OWNER/S IS NOT MADE AWARE OF THIS THE SQUATTER/S BECOME THE NEW OWNER/S THROUGH THE COURT'S. OPTIONS TO TAKE ARE: 1. PROPERTY TITLE RESEARCH/PROPERTY TITLE INSURANCE 2. DEVELOP YOUR LAND. 3. HAVE SOMEONE MANAGE YOUR LAND. IF YOU ARE STILL RECEIVING YOUR REAL PROPERTY TAX BILLS THE PROPERTY IS STILL YOURS. GOVERNMENT PROPERTY TAX INCREASE. 1. ON FOREIGN OWNED PROPERTY REAL PROPERTY TAX DEPARTMENT HAS GONE UP 500% IN GREAT HARBOUR CAY, EXUMA, AND ELEUTHERA OTHER FAMILY ISLANDS TAX INCREASE TO COME SOON. THIS IS TO INCOURAGE FOREIGNED LAND OWNERS TO DEVELOP THEIR LAND.
There is currently a boom market in Caribbean real estate. Some real estate prices in countries like the Bahamas have increased three and four fold in the past five years. Increases like this have had the added effect of attracting investors speculating in high end properties. Such investments provide the owner with luxurious second home possibilities, and an investment opportunity which rivals any other in value accumulation, safety, and provision of excellent asset protection. The attractive lifestyle and stability of the economies and politics of the Caribbean combined with its proximity to the United States, Canada, and major South American Countries increasingly draw investors from such countries to the Caribbean for the attractive combination of real estate investment value and lifestyle improvement. European and Asian investors are moving in also. The increasing opportunities to conduct business globally allows these investors to live and work in paradise while their real estate investment portfolio quickly and safely accumulates value. This has become an extremely important aspect of financial planning for high net worth individuals and corporations.
Many Caribbean descendants living abroad own property in their ancestral Caribbean home and have no idea that they do. Those who realize that they may have rights in such property often do not know how to secure these rights or mistakenly believe their property rights will forever remain intact. Unfortunately through Title Quieting acts and other legal maneuvers many of these properties are being spirited away by wise and sometimes unscrupulous players in the Real Estate marketplace. Caribbean properties have become extremely expensive in recent years as investors recognize the value and utility of such properties. Due to the scarcity of real property in these small Island countries this trend will undoubtedly continue. Caribbean descendants who may be land rich due their inheritance will need to move quickly to research their ancestral holdings and secure their rights in what may be millions of dollars in some cases.
OWNING A PIECE OF PARADISE ......AN ISLAND HOME Foreign nationals are encouraged to acquire residential properties in The Bahamas. Underscoring the new attitude towards investors, the Government repealed the Immovable Property Act which required prior approval for the purchase, transfer or inheritance of real property by non-Bahamians. It has been replaced by the International Persons Landholding Act, 1993. The new act considerably eases the process of foreign ownership of homes and real estate. Prior Government approval is not required for non-Bahamians to purchase residential properties of less than five acres. Such acquisitions are; however, required to be registered with the investments Board and the Central Bank. The new act has begun to create important investment opportunities for second homes in The Bahamas by making these assets more accessible to those who enjoy living and/or doing business in Paradise. The Government has also adopted an accommodating stance on the granting of residency permits to non-Bahamian investors and homeowners. Major international investors and owners of residences valued at $500,000 or more are accorded accelerated consideration for annual or permanent residency permits. A homeowner's card is available to all non-Bahamian owners of residences. The card facilitates immigration formalities at all Bahamian ports of entry and entitles the homeowner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card.
 For additional information on the above stories. |
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The Caribbean's Preferred Real Estate & Research Service - BRI, CRS Certified |