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Now is a great time to invest in the Bahamas
As of July 1st, 2015 the Out Island Encouragement Act has gone into effect for the duration of one calendar year. The act is specifically designed to encourage new home construction and home renovation in the outer islands by creating duty exemptions on materials used for said projects. It is also important to note that this act will not provide exemptions for any commercial property development during this time period.
In order to take advantage of this exemption you must first fill out the necessary paperwork. My office will gladly provide you with any details and forms to complete and submit. In order for the exemption to take effect the form must be completed and submitted for approval to the Island Administrator, Preston Cunningham which we would again gladly help you to facilitate.
Only materials that are required in order to make the house “inhabitable” are on the list. Therefore, furniture and appliances do not fall under the term “materials” in this particular act.
Hope Town Hideaways will be happy to assist you in providing all information, along with a list of approved items. Take advantage of this great opportunity to build in Abaco!