Wednesday, March 21, 2018

Monday, June 22, 2015

A Good Review of What is Planned on Cat Island

There is a lot happening on this remote island in the Bahamas located approximately 60 miles west of David Copperfield's exclusive resort.  The magazine story below provides the best summary

Friday, December 19, 2014

Bahamas Taxes and Statistics

The Bahamas has no income tax, corporate tax, capital gains tax or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer.   In 2010, overall tax revenue as a percentage of GDP was 17.2%.  The max property tax rate is 1.5% for vacant land and there are numerous exemptions for improved property.  

Monday, December 15, 2014

Abaco Club on Winding Bay Sold for $30M

Southworth Development has acquired the 534 acre Abaco Club on Winding Bay from Marriott Vacation Worldwide Corporation (MVWC) for $30M.  Southworth announced plans to build a $30M beach clubhouse and village and a $10M upgrade to the golf course.

Prime Minister Perry Christie welcomed the sale, stating that the investment in the property would greatly benefit Abaco through increased home building, tourism and jobs for Bahamians through an estimated $348 million in combined home construction and additional infrastructure project costs.

Abaco Club on Winding Bay

Click Here to read the full story.

Click Here for a story in Private Air magazine

Click Here for The Abaco Club website.

Southworth Development is an investor in PGA Village, a 1,900 acre golf course development on Cat Island.

Wednesday, July 16, 2014

Former Cat Island Administrator Announces New Beijing Office

Cat Island's former administrator, Don Cornish, announced that he will relocate to Beijing China and open a Ministry of Tourism office to promote the Bahamas.  "We don't have direct airlift and so that's going to be one of the things that we have to overcome," stated Cornish.  Click Here for the website.

Tuesday, October 9, 2012

China Invests Billions in Bahamas Real Estate

China is busy acquiring and developing Bahamas real estate, according to Kevin Dickenson of Prudential Florida Realty. The islands of the Bahamas are an increasingly popular destination for Floridians because you can jump in your yacht on Palm Beach at sunrise and tie up at West End for lunch or take a plane if you want to land in paradise within the hour. The islands are famous for miles of secluded pink sand beaches that entice fisherman, mega yacht owners, sunbathers, scuba divers and Sports Illustrated swimsuit models alike.

At the end of 2011, China announced that it would lend $6.3 billion to Caribbean governments. As a reward for breaking ties with Taiwan in 1997, the Chinese government gave the Bahamas a new $35 million stadium that opened a few months ago. In addition, a Chinese state bank agreed to put up $41M for a new port, a bridge and a new Chinese Embassy in downtown Nassau.

For comparison, buyers from China and Hong Kong accounted for $9 billion of U.S. homes sales in 2011, up 89% from 2010, making them the second largest group of foreign buyers in the U.S. behind Canadians, according to data from the National Association of Realtors. To attract foreign investors, the U.S. government established the EB-5 Visa program that provides a green card in return for a $500,000 investment.

In 2008, Harrah’s Entertainment, Inc., pulled out of the Baha Mar Resort in Nassau, and in 2011, the Chinese struck a deal to finance and build the project. The $3.5 billion resort, financed by the Export-Import Bank of China, is currently the largest project under development in the Western Hemisphere and includes a hotel, casino and resort. The ground breaking ceremony was February 21, 2011, and the project should be completed by late 2014.

According to the Hurun Wealth Report 2012, China has 1.02 million individuals with personal wealth of $1.5 million dollars and 63,500 individuals with personal wealth of $15 million dollars. More than 60% have already emigrated or have plans to do so in the near future, and the most favored destinations are the U.S. and Canada. They invest mainly in overseas real estate and 30% plan to purchase in the next three years.

China’s Vice Premier Wang Qishan said bilateral trade between China and The Bahamas increased almost 50 percent from 2010 to 2011, reaching $630 million. Several analysts in the Caribbean believe that China will eventually emerge as a political force in the region.

U.S. developers are also extremely active in the Bahamas. On Cat Island, PGA Village and the Cat Island Golf and Beach Resort are scheduled to open at the end of 2014. This 1,906-acre oceanfront resort is the first of its kind outside of the United States. According to a story in USA Today, the plans include two 18-hole championship golf courses, The PGA Clubhouse, a full-service beach club, single-family residential home sites, village townhomes, an apartment complex and a boutique five-star hotel & spa.

Tuesday, August 21, 2012

Celebrities and CEO's Buying Bahamas Islands

Bonds Cay
Colombian singer-songwriter Shakira and Pink Floyd's Roger Waters purchased Bonds Cay, a 700 acre island with plans to build a $485M resort.
Musha Cay
David Copperfield purchased the 150 acre island of Musha Cay in 2006 for $50M and developed an exclusive boutique resort for the rich and famous.  You can spend a week with a dozen of your closest friends for a mere $325,000. 
Rooster Cay
Eddie Murphy purchased 15+ acre Rooster Cay in 2007 for a reported US $15M

Goat Cay
Faith Hill and Tim McGraw are building a 15,000sf mansion on 17 acres at Goat Cay near Johnny Depp's island.

White Bay Cay
Tyler Perry purchased White Bay Cay, a 25 acre island near Johnny Depp.  He is currently building a 14,000-square foot main house and five to six smaller guest bungalows with a spa, a tennis court and a marina.

Leaf Cay

Actor Nicholas Cage purchased Leaf Cay in 2006 and the island is currently available for $8.5M.
Lyford Cay
Fashion designer Peter Nygard has a 10-bedroom residence on a private island that is part of Lyford Cay.  "Lifestyles of the Rich and Famous” host Robin Leach once described the property as “the most unusual villa rental in the world”.  Lyford Cay is a 1000 acre exclusive community that is also home to Sean Connery and Irish media magnate Tony O’Reilly.

Cave Cay

Cave Cay is available for $110M.  The 250 acre island has a 2,800 ft. private airstrip, a floating cement dock, mooring for 35 boats and several buildings.

Bell Island
The Aga Khan, Prince Karim, Aga Khan IV, ran into controversy with his private estate–Bell Island in the Exumas–which falls within the boundaries of the Exuma Cays Land and Sea Park.  The $100 million island was, and probably still is, the most expensive in The Bahamas.

Little Hall's Ponds Cay

After falling in love with the laid-back Bahamas lifestyle while filming “Pirates of the Caribbean”, Johnny Depp bought Little Hall’s Pond Cay in 2004. 

Thursday, May 28, 2009

PGA Breaks Ground on Cat Island

PGA Village on Cat Island
PGA is developing the first golf course development outside of the United States on Cat Island.  The 1,906 acre development broke ground in April 2009 and includes two 18 hole championship golf courses, a casino, a 5-Star hotel, a tennis center, residential homes and a full service beach club.  According to several news stories, PGA has over $60M into the project.

The Nassau Guardian reported that Prime Minister Perry Christie confirmed the snags which delayed the $220M PGA Village development have been ironed out.

The PGA developer also revealed plans for a new $16M airport expansion in October 2012 and on September 3, 2013 the Planning Department approved plans for the new terminal.  

The new airport will have a 7,000 ft. runway that is designed to accommodate an Airbus A320S capable of seating 80-100 passengers.

Click here for the full story.