NASSAU, BAHAMAS — International demand for Bahamian luxury real estate is expanding beyond traditional vacation-home buyers, with a growing number of high-net-worth individuals seeking to establish The Bahamas as a long-term “second base” for living, investing and wealth planning, according to Wynn Group Chief Financial Officer Josh Suresh.
Speaking with Eyewitness News, Suresh said buyers from the United States continue to dominate the market, but growing interest from Canada, Europe, South America, Brazil and the Middle East reflects The Bahamas’ increasing appeal as a stable, business-friendly jurisdiction for affluent individuals looking to acquire second or third residences.
“They seem to have an affinity for The Bahamas,” Suresh said. He continued: “There are other groups who look for other advantages such as tax residency and things like that, particularly from Canada and Europe.”
While the United States remains Wynn Group’s largest market, Suresh said the company is seeing momentum from several new regions.
“Now we have some traction in the Middle East. Last week we had an event with a group from Brazil,” he said. “So our market in general is the ultra-high-net-worth demographics in any country who are looking to make The Bahamas their second or third home, or even primary residence as an investor.”
According to Suresh, the country’s appeal extends well beyond its beaches.”Obviously, the weather, the sun and the sand—that’s a big attraction,” he said. “And in addition to that, depending on their priorities, tax residency is a huge draw.”
He pointed to The Bahamas’ established banking sector as another competitive advantage. “The Bahamas is also known for the banking and the financial system—very reliable. They have a large number of quality banks, investment and related firms.”
That financial infrastructure, he said, gives wealthy individuals confidence to relocate assets and establish businesses in the jurisdiction.
“Anyone with high net worth can come, set up an international business corporation and manage their affairs through these companies without being exposed to significant amounts of taxes.”
“It’s really the way The Bahamas was set up. It’s very business friendly, not a lot of red tape, to encourage investment in the country and also allows these residents to accumulate wealth without being exposed to significant tax burdens in their respective countries.”
Suresh said Wynn Group is also seeing younger professionals entering the luxury residential market, although they typically purchase at lower price points.
“There are younger buyers. They’re in a different market. They tend to buy in between the $2 million to $2.5 million range. They are young professionals—digital nomads—so they can work from anywhere. They find a home that makes the most sense.”
Still, he said tax considerations continue to outweigh lifestyle for many international buyers. “The tax burden in Europe, in Canada, or even South America—we find that is a bigger driver.”
He added that foreign financial institutions operating in Nassau are seeing similar trends. “Speaking to some of these foreign banks in Nassau, they’re indicating that their growth is growing at a much faster rate because people are looking for a safe jurisdiction to park their money.”
That demand complements Wynn Group’s business model, he said. “That’s something we try to take advantage of also as a quality builder who is affiliated with the banking and financial community within The Bahamas. We are able to give them that complete solution.”
Although tax planning is a significant factor for many international buyers, Suresh noted the motivation is different for Americans.”For Americans, there is no real advantage because they’ll have to pay tax as long as they remain U.S. citizens or green card holders.”
Instead, he said, accessibility and quality of life remain the primary selling points. “They primarily come for the location. The Bahamas is English-speaking. It’s a friendly environment.”
He also pointed to the country’s close proximity to North America and expanding airlift. “There is a lot of airlift coming from the U.S.—several direct flights from the Northeast, from Miami, Fort Lauderdale. There are more flights coming, and now Canada has started flights from other provinces direct.”
Suresh said global instability has also benefited The Bahamas’ tourism and real estate sectors. “The geopolitical issues also help us,” he said, pointing to conflicts in the Middle East and natural disasters affecting competing destinations.
The impact, he said, is already visible in Wynn Group’s hospitality business. “Yesterday when I left Nassau, we were at 100 per cent occupancy. It’s very unusual for this time of the year.”
“It’s not just us—The Bahamas as a whole.” Suresh credited both the country’s public and private sectors for strengthening The Bahamas’ international reputation.
“The Tourism Board and the people responsible for tourism—and also the Ministry of Finance—are doing a very good job of positioning The Bahamas as an attractive place to be.”
For Wynn Group, maintaining premium standards remains central to its strategy. “We sell real estate. We build quality real estate, high standards. We want to be known as best in class.”
“The hotel we run is one of the best hotels in Nassau, but also ranked as one of the best boutique hotels in the world. That’s how you build your reputation and generate demand. You’ve got to be the best in the world, best in the business.”
The Wynn family relocated from Canada to The Bahamas roughly eight years ago after spending two years evaluating competing jurisdictions.
“We looked at Cayman, we looked at Barbados and we looked at Panama.” “For various reasons, we settled in The Bahamas because The Bahamas not only provides the financial strength as a country—the banking and financial industry is really strong—but its quality of life is also very good. And it’s English-speaking.”
Suresh said those same advantages continue to attract international investors today. “People want to make sure, especially when they’re thinking about the next generation, they’re able to transition wealth without incurring major issues with respect to tax. The Bahamas, in general, is positioning itself as a safe haven for that.”
Wynn Group currently manages approximately $700 million in assets, including about $320 million invested across two developments.
The company’s first development represented an investment of close to $200 million, while the second totals approximately $120 million.
Across its operations, Wynn Group employs around 200 Bahamians, including a hotel workforce that is 100 per cent Bahamian.
The company’s development model involves constructing luxury projects, selling residential units and reinvesting the proceeds into future developments.
