The Bahamas is an investor-friendly island nation comprised of hundreds of islands. It offers world-class shopping, golf, and spas. And it has some of the most beautiful real estate in the Caribbean. It also has a tax regime that favors foreigners. But before you purchase property in The Bahamas, you should know some facts about this Caribbean nation.
Foreign buyers can buy residential property in the Bahamas, as long as it is less than five acres. However, if the buyer plans to build a larger project, he or she will need to apply for a development permit. A permit is issued, however, only if the investor can provide sufficient assurances about the development of the property. Large projects must also apply for a license with the Bahamas Investment Authority. This authority will review the project proposal, financial projections, and employment needs before granting approval.
When buying a property in The Bahamas, be prepared to pay a substantial amount of money. A property transaction in The Bahamas may cost up to $250,000 USD. However, the first two hundred and fifty thousand dollars of a residential property are tax-exempt. For properties worth between two hundred and five hundred thousand dollars, the tax is reduced to 3/4 of one percent. albany bahamas for sale In addition, the buyer will have to pay a value added tax of 7.5 percent. In addition, buyers should hire a lawyer if they plan to buy a property in The Bahamas.
Real property taxes vary by type and owner. Generally, the tax rates are based on the value of the land and improvements. Vacant land in The Bahamas is also subject to real property tax. Exemptions are available, but must be applied for using the Application for Tax Concession. This application is available only for residents of The Bahamas.
The Bahamas has a number of luxury condominium communities. For example, the Ocean Club Estates is a gated community on Paradise Island that offers luxurious homes. Residents of this community enjoy access to the resort’s amenities, such as a swimming pool. Residents can also enjoy a private beach front. There are several oceanfront estates for sale in this community.
Buying property in the Bahamas can be a lucrative investment. The country’s tax policy and investment-friendly environment make the Bahamas an investor’s dream. It is also a safe and low-crime environment. The tourism sector is one of the key drivers of the Bahamas economy. Both the real estate and tourism sectors have experienced a steady uptrend in recent years. The World Travel and Tourism Council estimates that sales in the Bahamas will increase by 3% per year from 2015 through 2024.
Foreign investors are encouraged to purchase property in The Bahamas. The government offers an annual Home Owner Resident Card for non-Bahamians who purchase property. The card is valid for a year and allows them to live in The Bahamas with their families.