If you are considering buying property in the Bahamas, there are many factors to consider. These factors include: the country’s investor-friendly tax policy; the presence of world-class golf courses, spas and shopping destinations; and the availability of some of the finest homes in the Caribbean. If you are planning to invest in property in the Bahamas, it is recommended that you work with a real estate agent who knows the market.
harbour island real estate The first step in buying a property in The Bahamas is to decide which type of property you prefer. In the Bahamas, you can choose between single-family homes and condominiums. Condos in particular offer a number of conveniences that single-family homes cannot match. For example, Bahamas condominiums offer resort-style amenities, community pools, and exclusive resident-only clubhouses. Additionally, condominiums come with minimal maintenance costs, which make them attractive to prospective renters.
For example, if you want a house that commands panoramic views of the harbour side of the island, you should consider buying a home in the exclusive Sunset Harbour Estate. This property is situated on a private historic bay and is designed and landscaped with meticulous care. The property also benefits from a full-time Estate Manager and maintenance staff.
When purchasing a property in The Bahamas, it is important to note that you must pay property tax. This tax is about 2% of the market value of your property. The market value is the amount you would receive for it in the open market. Failure to remit the tax is a criminal offence and you will be fined. In addition, you must make sure that you have all the necessary abstracts for the property.
The Bahamas has many islands that are perfect for buying property. For example, the largest island is Andros Island, where you can find historic sites and activities. The atmosphere is laid-back, and the locals are friendly. There are also a variety of properties in the Bahamas, from single family homes to condos. You can also buy vacant land.
There is no income tax in The Bahamas, and taxes on real estate transactions are usually split between the buyer and seller. For owner-occupied residential properties, the first $250,000 is tax-free. From there, you’ll pay half a percent of the market value. If the market value is over $500,000, the tax rate goes up to one percent.
As tourism growth increases, the Bahamas is a prime investment destination. The country’s tax policy is aimed at providing a safe environment for investors. Real estate is still relatively inexpensive, which makes it an attractive proposition for investors. Moreover, the Bahamas has a relatively stable economy, making it an easy market to enter.
For non-Bahamians, the Bahamas government has laid down some guidelines for establishing residency in the country. You can apply for a permanent residence permit or a temporary residency permit, depending on whether you intend to live and work in the country. If you’re looking for a residency permit, you will have to invest at least $500,000.