Powder sands, gentle breezes and crystal clear

Powder Sands, Gentle Breezes and

Crystal Clear Waters

Property Rights in Paradise

By George A Hayek CIPS TRC AHWD

2012 Realtors® Conference & ExpoOrlando, Florida

Hot Global Markets Equals Cool Local Opportunities

Saturday, November 10, 2012

SESSION TITLE

www.IslandAndResort.comSouth Florida | Bahamas | Caribbean


Lifestyle – Weather – Investment – Culture

No Problem Mon!

What’s the Attraction?


Beaches


Boating


Golf


Diving


Fishing


Casinos


The tropical 2nd home market was similar to real estate conditions in the US

Developers with high hopes lost millions and just shut down

Today we have a resurgence of new resort developments around the tropical Atlantic and Caribbean

The Bahamas is a good example

Market Conditions



Proximity to North and South America Stable Democracy Since 1729 Currency Pegged to the US$ Freehold Property Ownership Favorable Taxation Reliable Infrastructure Friendly Culture

The Bahamas


New Providence /Nassau / Paradise island◦ Baha Mar, Bayroc, Ocean Place, Caves Heights, Palm Cay

Abaco◦ Pineapple Point, Schooner Bay, Bakers Bay

Bimini◦ Bimini Bay, Rockwell Island

Eleuthera◦ Cotton Bay, Cape Eleuthera, The Cove

Exuma◦ February Point, Blackpoint, Marina Residences at Sandals

Others on Grand Bahama Island, Long Island, etc.

Bahamas Development Examples


Nassau, Bahamas Bimini, Bahamas Scrub Island, BVI St. Kitts Anguilla South Florida

Hot Markets


When buying Property you possibly receive citizenship, residency or even social services

Variables by Country◦ Ownership Type

Fee Simple Rental Pool Fractional

◦ Residency Types◦ Title Conveyance◦ Purchase Processes

Commissions, Taxes & Fees

Property Rights


Citizen or Resident or Tourist ◦Bahamas Annual Resident◦BVI / Turks & Caicos Belongers◦Dominica Foreigner or Alien◦Dominican Republic Provisional Resident◦Grand Cayman Resident◦Jamaica Returning Residents◦Nevis / St Kitts Economic Citizen◦Sint Maarten (Dutch) Working Resident

Terminology Examples


Realtor Associations◦ Be Careful!◦ Some Island Countries have Associations and Some

Don’t.◦ The Bahamas BREA is Aligned with NAR

Palm Beach Association is the Ambassador Government Regulations Vary by Country Broker Relationships a Must Referral Agreements in Writing

Rules of Engagement


Warm Climate Developments are sprouting up around South Florida and the Tropics

Too much to be an expert on all◦ knowing where to find the correct information and

who to speak with are keys to success Servicing the customer is the focus Refer to Broker with local knowledge Know the Country rules and Cultural

idiosyncrasies

Opportunities Abound


Come On! – Put Your Feet in the Sand!

By George A HayekCIPS TRC AHWD


Real Estate

Powder sands, gentle breezes and crystal clear