Addressing a local service club on Thursday of this week, the President of the Bahamas Real Estate Association said that during consultations with the new government ministry responsible for investments his group has suggested further development of the National Investment Policy to encourage Bahamians to invest in this country. BREA sees this as essential, not only from the viewpoint of dollars invested, but employment generation within the local community. The Ministry of Financial Services and Investments created in May 2002 after the Bahamian National Election has stated its intention of facilitating indigenous investment.
BREA President David Morley further reported on discussions with the Ministry concerning financial services legislation as it relates to real estate transactions and specifically the KYC requirements under the Financial Transactions Reporting Act and Regulations. BREA’s ongoing efforts is this area have been geared to promoting a streamlining of the process without necessarily eroding the intent of the legislation which came about as part of the enhanced regulatory and supervisory regime introduced by The Bahamas in 2000.
International investment and real estate has seen a rebounding in The Bahamas, and according to the BREA President this is due mainly to the nation’s proximity to the United States and because The Bahamas is perceived as a territory not threatened by the issue of terrorism.
The Bahamas Real Estate Association is the licensing and regulatory authority for the real estate profession in The Bahamas, and Mr. Morley emphasised the ongoing priority to ensure the protection of the sector for Bahamians properly qualified and licensed. *”Our realtors here in this country are equally as trained as any other realtors in the United States and Canada,”* he said.