Besides being one of the most popular vacation destinations in the world, the Bahamas has no inheritance or capital gains tax, making it an ideal place to invest in real estate. It has a stable democratic government, a large expat community, and a year-round, perfect weather. In addition, the tax system is very attractive, making it an ideal place to do business.
The Bahamas is an archipelago of hundreds of islands. The country has an investor-friendly tax structure, a world-class golf course, and world-class spas. And its real estate is arguably the most luxurious in the Caribbean. In addition, celebrities like Nicolas Cage and Maria Carey have purchased real estate in the country.
Those looking for a home in The Bahamas can find plenty of options with the help of real estate websites. For example, JamesEdition, an online real estate website, offers 577 listings of luxury homes for sale in The Bahamas. It helps you find your dream home in the Bahamas by setting filters based on price, number of bedrooms, and amenities. Listings include photos and prices.
HGChristie’s analysis of 2007 sales shows that the Bahamas real estate market remains healthy. Compared with 2006, the average selling price of houses and vacant land in The Bahamas increased almost 10%. And with a stable economy, low crime rates, and a liberal immigration policy, it is a great place to invest in real estate. If you’re interested in purchasing property in The Bahamas, don’t forget to do your homework.
Once you have purchased a property in The Bahamas, you’ll need to acquire an annual residence permit. This residence permit allows you and your family to reside in The Bahamas. You will also need to submit a police record and return ticket. ocean club estates bahamas In addition, you’ll also need a medical certificate and references of good character. If you plan on staying long-term in The Bahamas, you should also consider applying for a permanent residency permit. This is more expensive, but it is tax-favored.
The average transaction cost for buying a property in The Bahamas is approximately 15% to 20% of the net price. The cost includes government stamp duty, real estate agent’s fees, and legal and recording fees. If you are buying property through a real estate agent, you’ll also need to pay the agent’s commission.
Taxes are another major factor for buying property in The Bahamas. The property tax on Bahamas property is 2% of its market value. It is calculated at a sliding scale, depending on the purchase price. Failure to pay tax is a criminal offense and can result in fines and imprisonment. For this reason, it is important to obtain an attorney to handle the transaction.
Non-Bahamians can also purchase residential property in The Bahamas. However, they must meet certain requirements to acquire a permit. If they intend to use it for commercial purposes, they must register with the Bahamas Investment Authority and submit a project proposal. In addition, they need to provide information on how they plan to generate jobs.