The Bahamas is an archipelago of hundreds of islands with a breathtaking beauty. It has a tax regime that is friendly to investors, world-class shopping, spas and golf courses, and some of the most beautiful homes in the Caribbean. If you’re looking to buy a property in the Bahamas, you’ll want to know a few things about the country.
Foreign investors are welcome to invest in Bahamas property, and the government has made the process easier than ever. Non-Bahamians can purchase land and property without a local residency, but they must register with the Investments Board or Central Bank and pay a small registration fee (ranging from $25 to $100). This registration process is usually simple and quick.
The Bahamas is home to over seven hundred islands, making it a desirable place to buy property. While the country is small, its real estate market is mature and transparent. When a buyer is looking to buy property, their attorney will check the property title to ensure that it is not invalid. If there are any missing abstracts or other documentation, this will negatively impact the property’s marketability. In addition, vendors need to make sure that the history of a property is documented.
Residential properties in the Bahamas are typically colonial with island accents. Many have dormer windows and high-pitched wood shingle roofs. They also typically have wooden covered verandahs, French doors and double-hung windows. Some are even gated communities. This makes them more desirable to expatriates and investors.
Whether you’re interested in a private island or a large luxury condominium complex, Bahamas real estate has the right property for you. Waterfront properties offer a beautiful setting for those who love the salty Caribbean air and invigorating Bahamian sun. In addition, Bahamas condominiums also have minimal maintenance costs.
When buying Bahamas real estate, it’s important to understand all the tax implications. The Bahamas government collects taxes on real property sales and income, and Value Added Tax (VAT) is 7.5 percent of the net purchase price. The government makes money from stamp duties and other fees on property sales. If you’re looking to buy Bahamas property as part of a large project, you might want to purchase a company property.
Foreigners can apply for residency in the Bahamas and can be granted permanent residency if they own a home. However, a permanent residency permit requires a certain amount of money and requires proof of legal residency. To qualify for a permanent residency permit, you’ll need to show a financial statement and medical certificate.
The Bahamas is a well-developed international financial center. bahamas luxury real estate is based on common law and is highly respected internationally. It has a modern infrastructure and excellent communications. It’s one of the oldest continuous parliamentary democracies in the Western Hemisphere. Columbus first made landfall in the Bahamas in 1492.