Before purchasing a Bahamas property, you need to understand the tax implications. The property tax in the Bahamas is 2% of the market value of the property. Failure to remit this tax can result in fines and imprisonment. It is also essential that you check the property’s history. If any abstracts are missing, it will decrease the property’s marketability.
In the past, the Bahamas was only accessible to the ultra-rich but now, foreigners can own property in the country and benefit from strong rental yields. There are also many financing options available and a diverse range of development projects. Purchasing property in the Bahamas is an excellent way to invest in prime real estate.
There are a number of islands in the Bahamas to consider. Eleuthera, for example, has a beautiful white sand beach and a rich reef system. Located 50 miles east of Nassau, Eleuthera offers a unique and beautiful setting. With a strong investment property market, it embodies the best of the Bahamas. Another great choice is the Exumas, a district of over 360 islands. This district is relatively less developed than Grand Bahama.
The rental market in The Bahamas is generally tilted towards landlords, as it is heavily weighted towards tourism. The Bahamian dollar is pegged at 1:1 to the US dollar, which means that the local economy is closely tied to that of the United States. Therefore, the majority of investment purchasers are from the US, but British and Canadian interests are also well represented. The good news for foreign buyers is that they are not required to obtain a visa in order to purchase real estate in The Bahamas.
The traditional architecture of the Bahamas is distinctly colonial with island accents. Many residential properties have dormer windows and high-pitched wood shingle roofs. In addition, there are wooden covered verandahs, French doors and double-hung windows on the upper levels. Some homes are modern, and many of them are gated communities.
Bahamas property buyers should be aware of the taxes related to real estate transactions. harbor island bahamas real estate This tax is 10% of the net market price. The buyer and seller must also pay legal fees. In addition, there are other costs involved. The average transactional cost for Bahamas real estate is about 15% to 20% above the net price. In addition, buyers must pay real estate agent’s fees and commissions.
The Bahamas is an island nation comprised of hundreds of islands. The tax system is friendly for foreign investors. The Bahamas is also home to some of the most luxurious homes in the Caribbean. As an added bonus, these properties are usually less expensive than other Caribbean destinations. When buying a Bahamas property, you will have access to world-class shopping, golf and spas.
Before buying a Bahamas property, make sure you have all the relevant documents. In some cases, a property in The Bahamas is not legally transferable. If you are not a citizen of The Bahamas, you must obtain a permit from the government. This is required if the property is over 2 acres, is being used for commercial development, or is not a private residence. You must also register your investment with the Foreign Investment Board and the Central Bank of The Bahamas.