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The Bahamian government in 1993 repealed the Immovable Property (Acquisition By Foreign Persons) Act, which required foreigners to obtain approval from the National Economic Council to purchase real property in the country, and replaced it with the International Persons Landholding Act. Under the new law, approval is granted automatically for non-Bahamians to purchase residential property of less than five acres on any single island in The Bahamas, except where the property constitutes over fifty percent of the land area of a cay (small island) or involves ownership of an airport or marina. The new law also provides for a two-year real property tax exemption for foreign persons acquiring undeveloped land in The Bahamas for development purposes, provided that substantial development occurs during those two years.
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