Buying a piece of property in the Bahamas is a good option for those looking for an affordable beachfront property with incredible ocean views. Its tax system is highly favourable and the country is a popular destination for business executives and investors. This island nation is also the richest in the Caribbean with 310 days of sunshine annually and a stable, democratic government.
Buying property in the Bahamas is an excellent choice for investors who seek medium to long-term growth and strong rental yields. Its economic stability, low crime rate, and flexible immigration policies make it a good choice for both short-term and long-term investment opportunities. The Bahamas is also a free-to-buy country, with foreigners able to own free-title real estate.
If you plan on buying a piece of Bahamas property, you’ll need to know about the legalities involved. First, you should know the property’s ownership status. The Bahamas government has a system that lets you check whether a property is registered and owned by the owner. Additionally, you can also check the property’s assessment for taxes.
Foreign homebuyers typically come from the United States, Canada, France, Britain, Italy, and France. Foreigners who buy property in the Bahamas are eligible to obtain a homeowner’s residence card and permanent residency. While annual residence is legal, it will not give you the right to work in the country. In addition, a permit from the Government is required if you want to build on undeveloped land over five acres.
Real property taxes in The Bahamas are regulated by the Real Property Tax Act. They vary depending on the value of the property and the ownership. Property taxes are assessed on land and improvements. Foreigners must pay real estate tax even if the property is vacant or undeveloped. However, some types of property are exempt from taxation.
The cost of buying property in the Bahamas varies significantly. Generally, the transactional costs are around 15% to 20% above the net price. This includes government stamp on the conveyance, legal and recording fees, and real estate agent commissions. In addition, there is VAT on legal and other fees and commissions. The Bahamas has undergone a recent government change that has been largely smooth. The country follows a Westminster system of government.
Foreign citizens can apply for residency in The Bahamas by acquiring a Home Owner’s Residence Card. This residency card allows the owner to live in the Bahamas, with the exception of certain restrictions. ocean club estates The annual residence card requires a nonrefundable application fee of $100 and a $500 issuance fee. In addition, foreigners can also apply for a permanent residency permit.