The property market has “woken up again,” according to Richard Keyworth, director of international sales and marketing for PSG Bahamas Ltd, the UK-based sales partner for Stella Maris Village on Long Island in The Bahamas.

Speaking at the Bahamas Financial Services Board (BFSB) Landfall event in Miami last week, Keyworth appealed to wealth managers to not only buy into the financial benefits of The Bahamas, but also the lifestyle it has to offer, particularly on less densely populated islands, such as the idyllic Long Island.

A fishing, boating and diving paradise, the sock shaped island is 80 miles long and only four miles wide at its widest point.

The resort community of Stella Maris on the island offers a range of classic and contemporary homes starting at just under $500,000, said Keyworth.

With a half a million dollar investment, foreign investors could apply for permanent residency in The Bahamas, he added.

With a $1.5-million investment the government has promised to fast-track residency, with a three-week turn around.

“The fact is, it is a very easy, not onerous application system compared to many other jurisdictions, which purport to be so, but actually aren’t,” said Keyworth, who has over 30 years experience in property development and sales in the UK and internationally.

“We have had a very successful run down there, selling many freehold plots, mostly to high-net-worth individuals, an overwhelming majority of them (95 percent) come from the UK,” said Keyworth who has reportedly sold around 300 freehold lots in the Stella Maris sub-division beginning January 2006, in conjunction with then owners, Long Island Estate Developers Ltd.

Last year, Stella Maris Village Ltd acquired the remaining inventory in the Stella Maris subdivision.

Since the acquisition and rebranding, the developers have rolled out several new property designs with the first of the model homes set to break ground in the coming weeks.

BFSB landfall events tend to highlight the benefits of embracing The Bahamas as an international financial centre.

“Stella Maris is for those individuals who want The Bahamas lifestyle as well as the financial benefits,” said Keyworth.

“Really for them it was the thought of a second home and future residency in The Bahamas, which was the key driving force.”

tblair@dupuch.com