The Bahamas is a breathtaking archipelago of hundreds of islands in the Caribbean. It has a tax structure that is investor-friendly, world-class golf and spas, and some of the finest homes in the world. Many celebrities own Bahamas property. Here’s a look at the advantages of owning a property in The Bahamas.
Buying a property in The Bahamas can be a lucrative investment opportunity. The government’s International Persons Landholding Act, 1993, makes it easier for foreigners to buy property in the country. lyford cay bahamas rentals Foreign nationals are allowed to purchase up to five acres of land and can earn a home ownership residence card. However, if the land is five acres or more, a permit is required from the Government.
Once you’ve purchased a Bahamas property, you need to apply for a residency permit. The government requires that non-Bahamians obtain a permanent residence permit or annual residence permit before they can start using their new residency. The residency permit process is not complicated but it does involve a fee. Once you have a permanent residency permit, you can enjoy unrestricted access to your property.
Real estate is taxed in The Bahamas on a sliding scale, depending on the purchase price. The real estate tax is a modest amount and is not a prohibitive amount. Land in Freeport is subject to the Grand Bahama Port Authority’s fees and charges. If you’re buying property in the Bahamas for investment purposes, it might be in your best interest to purchase it in a company.
Real property taxes in The Bahamas are assessed on all real estate in The Bahamas, except land that is vacant. Unless it is owned by a Bahamian, foreigners are required to pay this tax. However, there are exceptions to this rule. You can apply for exemptions to real estate tax by filing an Application for Tax Concession.
The Bahamas has a stable economy and is a tax-friendly destination. It has also become a popular tourist destination and is attracting new foreign investors. Its diversified economy and low crime rate have made the country a desirable destination for real estate investors. The country is also international accessible, and it’s immigration policy is relatively liberal.
The average transactional cost of buying real estate in The Bahamas is around fifteen percent to twenty percent of the net price. This includes government stamp on conveyance, legal fees, and real estate agent commission. A tax exemption is also available for property owned by Bahamians in the Family Islands. Also, property tax exemptions can be available for property that is approved for use as a commercial farm.
While Bahamas property can be purchased in any price range, waterfront homes are especially desirable. They allow you to enjoy the ocean and the azure skies while living on an island in paradise.