The Bahamas is a stunning archipelago of hundreds of islands that boasts an investor-friendly tax system, world-class shopping and spas, and some of the most luxurious homes in the Caribbean. There are many reasons to consider purchasing real estate in The Bahamas. For one, the country has a favourable tax system and attracts a wider range of nationalities than other Caribbean nations.
Foreigners are allowed to buy property in The Bahamas and are eligible to obtain an annual Home Owners Resident Card. In addition, Bahamas Property Taxes are only one percent of the property value, and the buyer and seller share stamp duty. The Bahamas has a very liberal and open economy, so foreigners can purchase property without any legal hurdles.
The Bahamas offers some of the most beautiful waterfront real estate in the Caribbean. These waterfront properties range from luxurious resorts to modest condominiums. Regardless of bahamas luxury real estate , a Bahamas waterfront property offers a tranquil setting and a calming atmosphere. In addition to their stunning views, the Bahamas also boast a vibrant economy that is stable and growing. The country’s tourism industry is the primary source of revenue for the country, making real estate in The Bahamas a lucrative investment.
When purchasing property, it is best to work with a Bahamian attorney or counsel. These individuals will act on behalf of a buyer or seller, following their oral or written instructions. They will ensure the title of the property is clear and encumbrance-free. In addition, they can arrange for the completion of the property.
While the Bahamas government has no income tax, inheritance taxes, or capital gains taxes, they do charge Value Added Tax (VAT) on real estate transactions, usually shared between the buyer and seller. However, the first $250,000 of owner-occupied residential property is exempt from VAT, while properties worth more than this are taxed at a rate of 0.75% of the market value. The remaining market value is taxed at a rate of 1.5% a year.
The Bahamas Property Fund is a real estate investment trust with three properties in The Bahamas. They include Providence House, One Marina Drive, and the Bahamas Financial Centre. The Fund invests in commercial properties and leases them to various tenants from various industries. The fund is a publicly traded company on the Bahamas International Securities Exchange under the symbol “BPF.” The fund is managed by Royal Fidelity Bank & Trust and has over $700 million in assets under management.
The government of the Bahamas encourages foreign investment in the country. Non-Bahamians who own real estate can apply for an Annual Home Owner Resident Card from the Director of Immigration. With this, they can remain in the country and bring their family with them.