If you are considering buying Bahamas Property, you will have to understand the country’s laws. First of all, you will have to register the property. This is mandatory for any property five acres or larger. In addition, you will have to pay a government stamp on the conveyance and real estate agent’s commission. The Bahamas government welcomes foreign investment and has created a variety of policy documents to facilitate the purchase of property. One such document is the International Land Holdings Act 1993, which aims to simplify purchasing Bahamian property by non-nationals. Registration costs vary, but typically range from $25 to $100.
There are hundreds of islands to choose from in the Bahamas. One of the most popular islands is Exumas, with over 700 islands. The island was the setting for the film Pirates of the Caribbean, and many celebrities have bought property there. In 2006, Faith Hill purchased the 17-acre Goat Cay, and Tyler Perry bought the 20-acre White Bay Cay in 2009. In 2009, Prince Aga Khan IV spent up to US$100 million to purchase the 349-acre Bell Island. In 2011, Shakira purchased Bonds Cay for US$16 million.
The Bahamas also boasts a stable and growing economy, a relaxed lifestyle and friendly locals. The country also offers several residency options. Its economy depends on tourism, which has become a major industry in the country. It also offers some of the highest-quality homes in the Caribbean. The Bahamas is a desirable destination for investors.
Taxes on Bahamas property are relatively low, and the process of buying and selling property is easy and secure. A buyer’s attorney will check the property’s title. lyford cay real estate If there are any missing abstracts or liens, the property will not be marketable. It’s also important for the vendor to provide accurate information about the property’s history. If the vendor does not provide all of this information, the buyer may not be able to make a decision.
The Bahamas government has also laid down guidelines for foreign investors who wish to establish residency in the country. Two types of residency exist: one that grants you the right to work and one without. Either option requires an investment of at least $500,000. Further, the government is working on details of the Extended Stay Visa Programme. But in the meantime, the government has made it easy for investors to buy residential properties in The Bahamas.
There are several types of Bahamas property, including islands that are popular for their beaches. In addition to their unspoiled nature, these islands also have a relatively stable economy. The Bahamas also boasts the highest number of private islands owned by celebrities. You can purchase a luxury home or invest in a commercial complex. A typical ocean front property can cost as much as US$150,000.
Taxes in the Bahamas are very low. The government levies only a small amount of income tax, inheritance tax, and sales tax. However, you will need to pay Stamp Duty (+VAT) on the conveyance of your Bahamas property. In addition, there is a Value Added Tax (VAT) of 7.5 percent on all property transactions. Whether you are buying or selling property, you must know how to prepare yourself for the taxes and fees involved.