Beachfront Boutique Hotel, Great Income Potential for sale on Tranquil San Salvador Island
Property developers can negotiate advantageous terms through the Heads of Agreement with the Bahamian Government, which actively seeks foreign direct investment. Under the Hotel Encouragement Act, developers receive exemptions from customs, excise, and stamp duties for importing construction materials, machinery, equipment, and supplies. Customs and Immigration authorities grant clearance for the developers, contractors, and any transport vessels related to the project.
The agreement permits the issuance of work permits for non-Bahamian workers if local qualified labor is unavailable. Ensuring Bahamians are employed during the project and creating sustainable jobs once construction is complete. Real Property Tax exemptions are negotiated for 20 years, with the option to extend every 10 years. Additional exemptions include business license fees, and taxes or assessments on earnings and revenue dividends or interest payments related to debt incurred for the project.