Whether you’re looking to buy a luxury beach house or an investment property on a private island, Bahamas real estate is worth exploring. This archipelago is made up of hundreds of islands, and is home to world-class golf, shopping, spas, and other amenities. In addition to offering some of the finest real estate properties in the Caribbean, Bahamas real estate offers investors a tax regime that is particularly beneficial to real estate investors.
For non-Bahamians, purchasing residential property that is less than 5 acres does not require a prior government approval. However, if you plan to develop the property, you must obtain a permit. The Bahamas Investment Authority will have to approve the project, but it will be granted in return for a detailed proposal, financial projections, and employment needs. Once the government approves the project, the owner will receive a certificate of ownership and be allowed to start construction.
Although the country is home to many attractive attractions, the government has recently raised the threshold for permanent residency to US$750,000. The government hopes to attract ultra-high net-worth individuals by increasing the residency threshold to US$500,000. In addition to that, property buyers are given accelerated consideration for their purchase, and residents are given all of the rights of citizens – except the right to vote. While the economy of the Bahamas remains steady, there is a significant chance that unemployment will continue to increase this year, and the country will experience a slowdown in the next few years.
The Bahamas is welcoming of foreign investment and has passed numerous policy documents to facilitate the process. The International Land Holdings Act 1993 (ILHA) is an example of such legislation. This act simplifies the process of purchasing Bahamian property for non-nationals. It also enables non-Bahamians to purchase a second home. In order to purchase Bahamian real estate, foreigners must register with the Investments Board, which costs around $25-100.
While purchasing property in the Bahamas, it is important to be aware of the tax laws and regulations. Real property tax is not compulsory in the Bahamas, but it is required if you own it. You will need to pay a stamp duty, which is a percentage of the purchase price. Stamp duty is an essential part of buying and selling property in the country. In addition to paying taxes, you should consider whether or not the property is zoned for residential or commercial purposes.
In the Bahamas, property prices are relatively affordable. In some areas, prices can be as low as US$300. In Grand Bahama, ocean front units in the Royal Ocean Club are worth about US$150,000. Some properties are also located in the island’s capital, Nassau. For more information on Bahamas real estate, contact ERA Dupuch Real Estate. You can also check with Lightbourn Realty for a list of offices in the country.