Specimen Island Dossier · Caribbean / The Bahamas

Cave Cay, Exuma Cays — Specimen Dossier

This is a specimen of the Island Dossier format: a structured due-diligence memo built entirely from public record. Cave Cay is used here because it is a well-documented, developed private cay that has been offered for sale through public real-estate channels over several years, giving enough of a paper trail to demonstrate each section. Nothing below is a listing, an appraisal, or advice — it is a research orientation to be verified with local counsel and a current survey.

Island	Cave Cay
Location	Central Exuma Cays, immediately north of Musha Cay, roughly mid-chain between Great Exuma and the Exuma Cays Land & Sea Park
Jurisdiction	Commonwealth of The Bahamas (English common-law system)
Approx. size	~220 acres (listings have variously cited 220–222 acres)
Tenure type	Freehold / fee simple, as is typical for privately held Bahamian cays
Development status	Developed private enclave — deep-water harbour and marina (~35 slips, ~12 ft at low water), ~2,800 ft packed-coral airstrip, self-contained desalination, power and sewage
Status per public record	Offered via public real-estate listings; reported asking figures have ranged widely across listings and years (tens of millions USD). Treat all such figures as asking, not verified closed prices.

Title & Tenure Summary

The Bahamas operates an English common-law conveyancing system. Private cays are ordinarily held as freehold (fee simple) — the strongest form of tenure — evidenced by a chain of conveyances rather than a single state register entry. Because the Bahamas has historically relied on an unregistered deeds system, the diligence burden falls on tracing an unbroken chain of title and confirming that any historic defects were cured. Where a chain is imperfect, Bahamian owners have often perfected marketable title through a court order under the Quieting Titles Act; the existence (or absence) of such an order is a first-order question for any island of this vintage.

Two boundary considerations matter for a developed cay. First, land below the high-water mark is generally Crown (state) land: the foreshore, seabed and any reclaimed or dredged area do not automatically pass with the freehold. A marina, dock structures and a dredged harbour basin therefore typically sit on Crown seabed held under a separate Crown grant or lease, which must be identified and confirmed transferable. Second, any airstrip and marine facility carry their own approvals and licences that are distinct from land title. Confirming that title, Crown seabed rights, and operating approvals all convey cleanly — and to the buyer's chosen holding entity — is the core of the tenure review.

Foreign-Ownership Rules

Foreign ownership in the Bahamas is governed principally by the International Persons Landholding Act, 1993 (IPLA). The regime is liberal in principle: a non-Bahamian may hold Bahamian real property. The mechanism turns on the nature of the property:

• A non-Bahamian acquiring a single-family dwelling, or vacant land intended for one, generally needs no prior permit — only subsequent registration of the acquisition with the Investments Board.
• A permit is required before acquisition where the land is undeveloped and five acres or larger, or where it is not a private residence / not intended for such use, or is for commercial use. A ~220-acre cay with commercial marina approvals sits squarely in permit-required territory, not simple registration.
• The permit application assesses the intended use and the applicant's standing; approval, fee payment at the Public Treasury, and issuance of the Permit to Acquire Property follow in sequence — a process to budget time for.

Transaction taxes apply on the conveyance (Bahamian government VAT on real-property transfers, commonly split by agreement between parties), and buyers frequently hold through a company or trust for succession and liability reasons — a structuring question for Bahamian and home-jurisdiction counsel rather than a matter settled here. A substantial owner may also qualify for a Home Owner's Residence Card; this is an immigration convenience, not a tax or title outcome. Permit-required VAT on transfer Register with Investments Board

Comparable Sales

The following are drawn from public listings and reporting for the Exuma region and are stated as asking prices or reported ranges, not verified closed transactions. Whole-cay comparables are thin, so these establish orientation only.

Comparable	Size	Reported asking / range	$/acre orientation
Cave Cay (subject)	~220 ac, fully developed w/ marina + airstrip	Tens of millions USD; figures vary by listing/year	Developed premium — well above raw-land rates
Hummingbird Cay, Exuma	~175 ac	~USD 30M asking	~USD 170k/ac
Larger developed/serviced cays, Exuma	~90–240 ac	Single-digit to low-tens of millions	Roughly USD 60k–250k/ac depending on infrastructure
Undeveloped small cays, Exuma Cays	~1–15 ac	From ~USD 500k (≈1 ac); larger raw acreage from ~USD 1.5M	Small-island premium can exceed USD 300k–500k/ac

The pattern to note: per-acre pricing is not linear. Small trophy cays carry a scarcity premium per acre, while infrastructure (harbour, airstrip, utilities) — not raw land — drives most of the value on a developed cay like the subject. A gap between asking prices and any evidence of closed prices is itself a valuation caution.

Satellite Change Review — Notes

A structured review of publicly available satellite and aerial imagery over time would examine, and document with dated frames, the following:

• Harbour and channel: the deep-water basin is dredged. Compare successive imagery to establish the dredge footprint, spoil placement, and whether the as-built basin/channel matches original permitted dimensions; look for post-storm siltation or re-dredging.
• Airstrip: confirm the ~2,800 ft coral strip's alignment, length and surface condition over time, and any vegetation encroachment at the ends.
• Coastline and beaches: assess erosion or accretion at key beaches and headlands; watch for shoreline change downdrift of the dredged channel and any hardening (revetments, groynes).
• Structures: tally buildings, docks and floating pontoons added or removed across the imagery series against what any sale documentation claims.
• Reef, seagrass and mangrove: note proximity of coral and seagrass beds and any visible impact zones around the marina; the wider Exuma Cays contain sensitive marine habitat and a major protected area to the north.
• Access and anchorages: confirm approach depths and natural anchorages consistent with described navigability.

These are review notes: imagery indicates change and prompts questions; it does not by itself prove permit compliance or current condition, which require documents and inspection.

Red-Flag Checklist

• Freehold tenure is normal for a privately held Bahamian cay — a positive starting point.
• Trace the full chain of title; confirm whether a Quieting Titles order was ever obtained and whether it covers the whole cay.
• Commercial / undeveloped-land profile triggers the IPLA prior-permit route — this is not simple post-acquisition registration; budget time and confirm the buyer (not just the seller) is cleared.
• Foreshore and seabed are generally Crown-owned: verify a valid Crown grant/lease for the dredged harbour, marina and docks, and confirm it transfers with the sale.
• Confirm original dredging, reclamation and airstrip permits exist and that the as-built footprint matches them.
• Verify no overlap with the Exuma Cays Land & Sea Park or other marine protected zones, and understand reef/seagrass constraints on any future works.
• Access is by private boat or private coral airstrip only — no scheduled ferry; confirm the airstrip's licensing status with the Bahamas civil aviation authority.
• Utilities are off-grid: inspect desalination (RO), generators, fuel storage and sewage for condition, capacity and consents.
• Hurricane exposure: the central Bahamas sits in the Atlantic hurricane belt — confirm build standards, and the availability and cost of insurance.
• Confirm the marina's commercial operating approvals survive transfer and identify any renewal conditions.
• Commission a current metes-and-bounds survey; recorded acreage figures vary (220 vs 222) and should be reconciled.
• Comparables gap: whole-cay comps are scarce and quoted figures are asking, not closed — resist anchoring valuation to a headline number.
• Existing infrastructure (harbour, airstrip, utilities) is a genuine value driver if documented and compliant — verify, don't assume.

Scope & Limitations

This Island Dossier is a research product compiled from public record as of July 2026. It is explicitly not legal, tax, valuation or investment advice, and it is not a listing or an offer. Prices referenced are asking prices or reported ranges, not verified closed transactions. Jurisdictional rules summarised here (IPLA thresholds, Crown foreshore, Quieting Titles practice) are general orientation and change over time. Before acting, engage qualified Bahamian counsel, commission a current title search and metes-and-bounds survey, and obtain physical and environmental inspections. Queries: the enquiry form.

Commission a Dossier

A full Island Dossier is prepared to order on a single island: title and tenure, foreign-ownership position, comparable sales, a satellite change review and a red-flag checklist. It is a research product, not legal advice.

Request a dossier Included ideas in The Charthouse

See also our Bahamas country guide and Reading the Water.