Before you buy property in the Bahamas, it is important to understand the rules governing real estate sales. In general, the real estate process in the Bahamas is simple and transparent. A buyer’s attorney will verify the title to ensure it is valid and a vendor must provide documentation for the property’s history. A missing abstract will reduce the marketability of a property.
In the past, only wealthy individuals could purchase real estate in the Bahamas, but the current economic climate has opened up the region for foreign buyers. With bahamas luxury real estate , low taxes, and favorable tax policies, the Bahamas is a good choice for those looking to invest in property. In addition, the Bahamas is a popular tourist destination, with strong rental yields.
Foreign investors are also attracted to the Bahamas due to its safe investment climate and relaxed Bahamian lifestyle. Foreigners are allowed to purchase real estate in the Bahamas, but must register it with the Foreign Investment Board to protect their investment. Property taxes for properties valued at $500k and above are low, and foreign property buyers are eligible to receive an annual Home Owners Resident Card.
When buying a Bahamas property, it is essential to consult a lawyer, as the transaction costs may be high. The average transactional cost is between 15 and 20 percent above the net price of the property. These costs include government stamp duty, legal fees, recording fees, and real estate agent commission. Additionally, the Bahamas government collects revenue through customs duties. The average duty rate is 35 percent, plus Value Added Tax.
The Bahamas islands have some of the best waterfront properties in the Caribbean. These properties range from luxurious estates to affordable condos. No matter your needs, you’ll be able to find the perfect property in the Bahamas. The sapphire ocean and white sand beaches make these properties incredibly desirable. You can purchase one of these homes for vacation, for your personal enjoyment or to turn into a hotel or resort.
The Bahamas government welcomes foreign investment, and has implemented several policy documents to help foreigners purchase Bahamian property. One such document, the International Land Holdings Act of 1993, makes it easier for non-nationals to buy property. Generally, you must register with the Central Bank and Investments Board to buy a property in the Bahamas. Registration fees range from $25 to $100.
In some cases, a non-bahamian buyer must obtain a Home Owners Resident Card. This card allows them to enter the Bahamas, and is worth US$500 a year. Once in the Bahamas, the buyer must apply for an Annual Residence Permit, which costs an additional US$250 a year.
The traditional architecture of the Bahamas is colonial, with island accents. Residential properties typically have dormer windows, high-pitched wood shingle roofs, and wooden covered verandahs. Some homes also feature double-hung windows and French doors. Today, however, many of these structures have undergone modern makeovers and are located within gated communities.