The Bahamas is an archipelago of hundreds of islands with breathtaking beauty. The country has a favorable tax system for investors, and offers some of the most luxurious homes in the Caribbean. The island nation also offers a great lifestyle with world-class shopping, golf, and spas. There are several ways to invest in Bahamas real estate.
luxury homes for sale in the bahamas welcomes investments from non-Bahamians. In fact, the Bahamas has developed a number of policy documents to facilitate foreign investment in Bahamian real estate. The International Land Holdings Act 1993, for example, aims to make it easier for non-nationals to purchase property in the country. The process is transparent and secure. However, it is important for buyers to obtain an abstract before completing the purchase.
The legal system in the Bahamas is based on British Common Law. As such, there are no taxes on capital gains, inheritance, or sales. However, there is a compulsory fee for real estate conveyance: Stamp Duty (+VAT). This is a consumption tax of 7.5 percent. It is only required for properties larger than five acres, and undeveloped land. Once a transaction has been finalized, the property must be registered with the Investment Board and the Central Bank.
When purchasing property in the Bahamas, it is a good idea to hire a local attorney. An attorney will ensure that the title documents are in order and that the title is free of encumbrances. Your attorney will also issue an opinion on the title to your property, which is like title insurance. This makes your attorney liable if there is a problem with the title.
If you’re a non-Bahamian, you may not be able to buy property here without a permit. If you’re buying a residential property with fewer than five acres, you’ll need to apply for a permit from the government. Failure to do so will invalidate your acquisition and you’ll have to reimburse any monies paid and any deductions. The Board will require a land permit that can be varied, and the land permit must be submitted along with the title document to the Registrar General’s Office.
Taxes: Real estate taxes are assessed on every piece of real property in the Bahamas. The tax rate varies depending on the type of property and the owner. In some cases, foreigners are exempt from paying property taxes on vacant land. However, if the property is owned by a Bahamian, the tax is paid in Bahamian currency.
The Bahamas is a British Commonwealth country that has hundreds of islands and coral reefs. Its capital, Nassau, is located in the North Atlantic Ocean and attracts a more diverse national population than other Caribbean nations. The island’s tourist industry centers on New Providence and Paradise Island.