One of the advantages of buying a Bahamas property is the rental yield, which is generally moderate to good. Foreign buyers often purchase their property in cash, and rental yields are moderate to good. The Bahamas’ liberal economy and low real estate prices have attracted a high number of wealthy foreign investors to the region. bakers bay bahamas homes for sale Nevertheless, you must take precautions before buying a property in the Bahamas. Listed below are some tips for buyers who are planning to buy a property in The Bahamas.
First, you should know that the country has a legal framework to sell property. Foreigners are allowed to buy property in the Bahamas, and are eligible to obtain an annual Home Owners Resident Card. Property taxes in the Bahamas are low, and are only 1% on properties worth $500k and above. However, there is a stamp duty on purchases of property worth more than $500k. Whether you plan to live on the property for the rest of your life or invest it in another one, you should be aware that this tax is split between the buyer and seller.
Foreigners are allowed to purchase property in the Bahamas, and most buyers are Americans. However, some restrictions may apply, such as a special permit if the property is more than five acres or is undeveloped land. Foreign buyers are also required to register their property with the Investment Board and the Central Bank, so it is essential to check the rules and regulations before purchasing a property in The Bahamas. For more information, visit Global Property Guide.
The Abacos are a chain of islands that span 650 square miles. Johnny Depp and David Copperfield have both bought island properties in the Bahamas and spent up to $50 million. Faith Hill bought an eight-acre island called Goat Cay in 2006 for US$6.4 million, while Tyler Perry bought a 20-acre island in 2009 for US$6.4 million. Prince Aga Khan IV and Shakira have both bought properties in The Bahamas.
Since the Caribbean island is considered a prime location for tourism and business, The Bahamas has implemented a government policy that promotes investment and a favorable environment for property development. In October 2002, the Bahamas government announced plans to streamline property purchasing procedures. As a result, there are many new hotels and expansions underway. The government hopes that the new laws will encourage even more investors to buy real estate in The Bahamas. But, for the moment, the government’s focus is on financial services and tourism.
The development of the $3.5 billion Baha Mar mega-resort is one of the reasons for the heightened interest in residential property in The Bahamas. The first phase of construction of the resort is nearly complete, but most hotels cannot accept reservations before September. While company officials have not confirmed the exact date, the earliest reservation date on their websites is Sept. 8. It includes the Baha Mar Casino & Hotel, the SLS Lux at Baha Mar, the Rosewood at Baha Mar, and the Grand Hyatt at The Bahamas.