The Bahamas is an investor-friendly country with hundreds of idyllic islands. This quaint and peaceful nation also has world-class shopping, golf, and spas. Not to mention some of the finest real estate in the Caribbean. Before buying a property in the Bahamas, it’s important to verify a few important facts.
One of the benefits of investing in Bahamas property is the tax-free status. This is a huge draw for investors and business executives. Besides, the Bahamas is a sovereign independent nation with a stable and democratic government. Moreover, the country’s 310-day-long sunshine and perfect year-round weather make it an ideal place to live. In addition, the expat community in the Bahamas is huge, which helps the country’s real estate market perform well.
For investors who want to buy a property in The Bahamas, a real estate investment company can be a great option. The Bahamas Property Fund has three commercial properties, which they lease or sell. Their tenants are a diverse group of companies and industries. The company has a strong network of professional brokers, who can talk you through your options.
Another attractive option is a 36-unit apartment complex. This property is strategically located near Port Lucaya and offers development potential. The building features two blocks, a swimming pool, and a recreation area. harbour island real estate The property also has a septic system. The buyer can also enjoy a beautiful ocean view.
The Bahamas has plenty of islands, islets, and cays. You can buy a property near a bustling hub and world-class amenities, or you can invest in a less developed island that is untouched and has a pristine beauty. In addition, there are many islands that can be developed for private jets and superyachts.
When buying a Bahamas property, it’s important to consider all the taxes that are associated with the transaction. The Bahamas government levies a VAT tax of 10% on all real estate transactions, which is shared by the buyer and seller. The first $250,000 of owner-occupied residential property is exempt from this tax. The next two-hundred and fifty-five percent of market value are subject to a tax rate of 1%. After that, the tax rate goes up to 1.5%.
The Bahamas government has laid down the rules to enable non-Bahamians to obtain residency. There are two types of residency: permanent and temporary residency. The latter allows you to work in the Bahamas, but requires a substantial amount of investment. For both options, the processing fees start at around $10k. If you have the funds, this option is a good option.
The Bahamas is a British Commonwealth country, consisting of more than 700 islands in the Atlantic Ocean. Located about 100 miles off the southern tip of Florida, Bahamas is accessible by air and land. Flights from Miami and other US cities are available daily.