The Bahamas is an investor-friendly nation that consists of hundreds of islands. This archipelago is home to some of the most spectacular homes in the Caribbean, as well as world-class golf courses and spas. With a legal climate that allows international investors to invest with confidence, Bahamas property offers a wonderful lifestyle for those who want to enjoy the island lifestyle while saving on taxes.
Whether you’re interested in a single-family home or an exclusive condo, The Bahamas has the perfect property for you. Some of the most desirable islands include the Abaco Islands, a 120-mile chain of islands spanning 650 square miles. Buying real estate in this idyllic location can be an exciting and rewarding experience, and you can enjoy the benefits of owning property here with a little help from a local agent.
First, the government has made the process of buying Bahamian property easier for non-Bahamians. Several policy documents have been put in place to encourage foreign investment in the country. For example, the International Land Holdings Act 1993 is designed to ease the purchase of Bahamian properties by non-nationals. For non-nationals, the registration process consists of filing with the Investments Board and Central Bank. This process usually costs between $25 and $100.
The architecture in the Bahamas is typically colonial with island accents. lyford cay rentals Most properties have dormer windows and high-pitched wood shingle roofs. Upper-level homes have wooden covered verandahs and French doors. Some houses are also constructed in gated communities, which attract foreign residents. As an added bonus, there’s no capital gains tax or income tax.
Non-Bahamians who buy property in The Bahamas must apply for a Home Owner’s Residence Card before they can live in the country. This card is valid for up to two years and gives the owner and their spouse the right to work and live in the country. This card is the easiest way to enter the country and maintain your residency.
Real property tax in The Bahamas is based on the value of the property. The government created the Real Property Tax Act in 1969 to meet the needs of the local economy and provide public services. Foreigners, however, are required to pay a property tax on vacant land. Exemptions from this tax are granted by the government, but are not automatic. You must apply for it through the Application for Tax Concession.
The cost of purchasing Bahamas property varies from property to property. The average transactional cost is about 15%-20 percent of the net price. This includes taxes on the property, real estate agent fees, recording fees, and legal fees. Buyers should consult a lawyer to ensure that the transaction is legal and cost-effective.
The Bahamas offers countless opportunities for medium-to-long-term growth and strong rental yields. Once reserved for the wealthy, the Bahamas has become much more accessible to the middle class, with an increasing tourism population and a wide variety of financing and development projects. Buying real estate in the Bahamas is easier than it used to be.