The Bahamas is an archipelago of hundreds of islands with breathtaking scenery and spectacular natural beauty. Its tax code is investor-friendly and it is home to some of the most luxurious homes in the Caribbean. The country also offers world-class golf courses, shopping centers and spas. There are a few things you must know before you buy Bahamas Property.
First, you should check the real estate listing database to see if it is a legitimate listing. It should contain accurate and up-to-date information. Make sure to check whether the title to the property is correct. If it is not, then there are chances it is not marketable. You must make sure to check the property’s history as well.
Another factor to consider is the location of the property. You may want to purchase an island that is close to the capital, or you may want to invest in an island where the weather is mild all year long. The Bahamas has many islands, cays, and islets, so there is a good chance you’ll find something you like. If you want to live on a private island, you can find property that is near a pristine beach. Some islands are developed so you can have a private jet landing strip.
Buying a Bahamas property is not as difficult as you may think. The government has implemented a number of measures to make the property buying process as easy and fast as possible. One such measure is allowing people who buy a property for more than $1.5 million to apply for residency. While this may seem counterintuitive to some, it offers a unique opportunity for buyers to buy property in the Caribbean and virtually obtain residency at the same time.
Another great feature of Bahamas property is its lack of capital gains tax. This means that your property will be able to be sold at an affordable price. The buyer is savvy, and real estate agents can help you with the negotiation process. Buying a property in the Bahamas can be an exciting experience if you know the right people to contact.
The Bahamas has no income, capital gains, inheritance, or sales tax. lyford cay rentals However, you will still have to pay a percentage of the market value of your property as VAT. This tax is paid by both the buyer and the seller. You will also have to pay legal fees and real estate agents’ commissions. Property tax is also lower for property owned by a Bahamian in the Family Islands.
For non-Bahamians who are interested in buying a residential property, it is necessary to obtain a permit from the government. This is because, without a permit, the acquisition is considered void. If you do not obtain a permit, you will lose any money you paid for the property. Moreover, you will not be able to use it for commercial purposes without a permit. Therefore, it is important to apply for a permit and record your purchase with the Central Bank of The Bahamas.