If you’ve been dreaming of a tropical getaway, buying property in the Bahamas is a great way to live in paradise. The country has a favourable tax system and bustling capital city, Nassau. The country also offers the added benefits of being only a four-hour flight from Miami. Tourists flock to the country’s main islands, New Providence and Paradise Island. Despite being a small country, the Bahamas is home to a diverse population.
The Baha Mar Resort and Casino, a $3.5 billion mega resort project under construction in Nassau, is expected to spur real estate sales in the coming years. Although Baha Mar is expected to have a major impact on real estate prices, the island’s homes remain reasonably priced and are geared towards middle and upper-class buyers. Coldwell Banker Lightbourn Realty has agents on most of the islands, including Spanish Wells and Long Island.
For those who are non-Bahamians, there are some regulations related to buying property in the Bahamas. The government of the Bahamas requires foreigners to register their property. This process generally involves registering the property for at least five years and is necessary for buying houses, condos, or land. Purchasing property in the Bahamas is not a big deal if you’ve got a clean history and source of funds. If you’re planning to use your property to build a business or create jobs, you’ll have a better chance of getting the necessary permits.
Before purchasing property in the Bahamas, you should take into account VAT. The value-added tax (VAT) in the Bahamas is 10% on the total amount of property sold, and is paid by the seller as well as the buyer. This tax is paid by the buyer and seller in the Bahamas, and is normally split between them. However, you can opt to purchase a property in the Bahamas without paying the tax. The government has implemented changes in the real property tax system to curb speculative buying. Furthermore, the threshold for purchasing property has been lowered to $750,000 for those who are permanent residents. The government also removed the requirement for occupying the property for at least six months, and will waive the investment threshold once you become a permanent resident.
While buying property in the Bahamas may seem intimidating, it is possible to do so without a lot of money. In fact, it is possible to buy property in the Bahamas for $700,000. The cost of buying property in the Bahamas can vary depending on the location and the type of land you’re looking for. It’s a great way to make an investment in the Bahamas while still retaining the freedom and privacy of your own country. If you’re thinking about buying a property in the Bahamas, consider acquiring it through a real estate agent or a real estate company.
Once you’ve decided on the property and the lender, you’ll need an attorney to buy the property. If you’re a US citizen, you should hire a qualified attorney. The US Embassy provides a list of trusted attorneys who can help you with the legal aspects of acquiring property in the Bahamas. https://www.bhhsb.com/ You’ll need an attorney to handle all the paperwork. The fees charged by an attorney are typically two percent of the purchase price.