The Bahamas is an archipelago of hundreds of islands, a beautiful location for a vacation or a permanent residence. The country has a world-class golf course, spas and shopping, and some of the most luxurious homes in the Caribbean. Despite its relatively low cost, purchasing Bahamas property requires some work and preparation.
Before purchasing any property in The Bahamas, it is vital to check the government’s regulations regarding foreign investment. Real estate purchases that are greater than two acres, for example, require prior government approval. However, for purchases of smaller parcels, there is no requirement to apply for a permit. However, if you plan to develop a larger project on the property, you must first register with the Bahamas Investment Authority (Bahamas Investment Authority). The BIRA will then review your application and provide you with a detailed list of documentation that will be necessary for your purchase.
In addition to local regulations, you should also consider the tax rates for Bahamas Property. If you’re planning to build a house or make any other improvements, you’ll need a permit from the Ministry of Works and Town Planning Board. In addition, you can hire a local architect or engineer to help you with the process. Also, the Bahamas is a low-tax nation, with no taxes on inheritance, capital gains, withholding or profit remittance.
Another reason to invest in Bahamas property is the low taxes and mature real estate market. As a result, the property purchasing process is secure and transparent. The buyer’s attorney will check for the validity of the property title. Any missing abstracts will reduce the marketability of the property. It’s also important to check the history of the property before buying.
If you’re planning to invest in Bahamas Property, it’s important to remember that it’s still possible for you to get a good deal. The government has relaxed regulations that allow non-Bahamians to own real estate in the country. The International Persons Landholding Act, 1993, provides a safe environment for non-Bahamians to purchase property in The Bahamas.
Taxes are generally low in The Bahamas, but you should be aware that there are many other expenses you’ll need to pay. In most cases, the transactional costs are approximately 15 to 20% of the net price of the property. You’ll also pay for legal fees, recording fees, and a real estate agent’s commission.
lyford cay bahamas rentals The housing market has stabilised since the global financial crisis. However, the demand for residential property in The Bahamas declined by 20% in 2019, according to Engel & Volkers’ 2019 Real Estate Market Report. Most people who bought property in the Bahamas paid cash for it. Since the country’s border has been closed to international tourists, demand for homes has declined significantly. The number of air and sea travelers has declined by as much as 30% and is expected to fall further in Q2 2020.
The Bahamas is an attractive investment opportunity. Its low tax rate makes it a top choice for expats and investors alike. In addition to its tax benefits, the Bahamas’ location is attractive for property investment. The Bahamas offers nearly perfect weather all year round and a large expatriate population.