Sustainable traditional style harbour village development for the Bahamas
14-09-2012
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Schooner Bay in South Abaco is described as an ideal investment for buyers with capital looking for a home abroad and a financially viable investment.
With the economic climate causing property markets to no longer guarantee a good return on investment, particularly in the more popular European destinations, looking further afield and beyond the Eurozone woes s becoming more attractive, according to director James Malcolm.
He pointed out that policies in the Bahamas are attractive for foreign investment and fundamentals remain strong as it has a politically stable government, a predicted 2.5% rise in GDP this year and a recent reduction to 10% in Real Estate Stamp Duty.
The popularity of the destination is also heightened by a highly competitive tax regime which has no income tax, capital gains tax, wealth tax or VAT and relaxed residency conditions.
Currently, for example, obtaining Permanent Residency gives investors the same tax benefits as those available to locals and with a minimum residential investment US$500,000 a residency can be obtained within three months, or fast tracked to 21 days for an investment of US$1.5 million.
The new 330 acre Schooner Bay development is on the east fringes of Great Abaco, a short flight or ferry ride from Nassau and is the creation of award winning developer Orjan Lindorth, a Swedish national brought up in the islands.
The thinking behind Schooner Bay wasn’t to create another gated development but to take a slower, more culturally attuned and ecological approach to development and to attract both local and foreign buyers.
Malcolm said that Schooner Bay’s keynote feature is its ecological footprint. ‘Only one quarter of the site will be developed, leaving the balance to be preserved. The natural dunes, hardwood forest and indigenous vegetation as Schooner Bay are surrounded by almost 25 miles of untouched beach and immaculate coastline. The need to protect this is paramount in creating a self sufficient community,’ he explained.
A total of 450 homes are being built with land plot prices from £110,000 for a two bedroom harbour cottage to £1.83million for an acre beach front plot. Most cottage and plot packages are available for around £500,000.
Malcolm added that Nassau has five weekly direct flights from London.
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