The Bahamas are a unique and enticing place to live. With a cosmopolitan capital, Nassau, and secluded islands, the country offers countless opportunities for a slice of paradise. Compared to other Caribbean countries, the Bahamas has a more liberal tax system and attracts a wider range of nationalities. The tourism industry is highly developed in New Providence and Paradise Island, which are the two main centers of activity for the country’s economy.
There are a few rules that you should keep in mind when buying Bahamas property. First, you should know about property tax laws. In The Bahamas, property taxes are billed in mid-October and are due on 31 December of each year. The property tax is assessed on the property’s value, so you need to pay it on time, otherwise it will increase. You can pay the taxes in Bahamian dollars or in US dollars. Typically, a property owner will pay about 5% of the assessed value per year.
In addition to being an excellent choice for a vacation home, Bahamas property can be an investment opportunity for savvy real estate investors. The country boasts a spectacular archipelago of hundreds of islands, an investor-friendly tax regime, and world-class golf, shopping, and spas. In addition, the Bahamas is home to some of the most lavish homes in the Caribbean.
Foreigners are welcome to purchase property in The Bahamas. Although there are some restrictions, foreigners are allowed to buy real estate as long as they have a permanent residence card. In bahamas luxury real estate to that, the International Persons Landholding Act, 1993, allows foreigners to buy single-family homes. A permanent residence card is also required if the undeveloped land exceeds five acres.
Non-Bahamians can purchase residential property directly, through trusts, or trustees. Purchasing property through a company or trust can provide confidentiality. However, when purchasing land in The Bahamas, it is necessary to apply for a land permit from the Bahamas Investment Authority. The Board will review and approve any land permits, and if they are not, your acquisition will be void. In addition, you must send a title document and registration certificate to the Registrar General’s office.
The Bahamas has a low tax structure and an established real estate market. The real estate process in The Bahamas is safe and transparent. If you are looking to sell your property, the buyer’s attorney will check the title to make sure it’s legitimate. Missing abstracts will reduce the property’s marketability, so the vendor must ensure that the history of the property is correct.
The government encourages foreign investment in the Bahamas. Non-Bahamians can purchase homes and apply for an Annual Home Owner Resident Card (AHOR). This card grants permission for the holder and his or her family to visit the Bahamas and live.