The government of the Bahamas offers very few restrictions on foreigners buying real estate in the country. A 1993 law, the International Persons Landholding Act, allows non-Bahamians to buy and sell single-family homes. However, there are a few things to be aware of before purchasing property in the Bahamas.
Before purchasing a property in the Bahamas, it is important to make sure that it is the right property for you. The Bahamas has an investor-friendly tax regime. It also boasts some of the best golf courses, shopping centers, spas, and other recreational facilities in the Caribbean. In addition, many celebrities own property in The Bahamas, such as Nicolas Cage, Maria Carey, Sean Connery, Michael Jordan, and Tiger Woods.
When purchasing property in the Bahamas, it’s important to find a reliable mortgage broker. Enness is a leading high-value mortgage broker in the country, and they can help you get a mortgage for a property in the Bahamas that costs more than $2 million. During the process, they will guide you through the options available to you and answer any questions you may have. Once you have chosen a broker, the process of buying a property in The Bahamas will be much easier and less stressful.
Real estate in the Bahamas is tax-friendly, and it has a strong rental market. It’s also an investor-friendly destination, and its stable economy has helped property prices rebound in recent years. Historically, this region was a haven for the rich and famous, but now it’s becoming accessible for all. With a diverse range of development projects, financing options, and ownership options, the Bahamas is now more affordable than ever before.
In addition to beautiful views and natural wonders, the Bahamas has a relaxed, friendly atmosphere. Its economy has stabilized and is growing, and there are several residency options for foreigners. The main industry of the Bahamas is tourism. Once you have your place on the islands, you can start enjoying the relaxed lifestyle and sapphire blue waters of the Caribbean.
When buying a property in the Bahamas, it’s important to know how much real estate tax will be due. It varies depending on the type of property, owner, and value. Generally, a foreigner will pay a property tax on any vacant land, even if it’s not used. However, there are several exemptions from paying real estate taxes in The Bahamas. harbour island bahamas real estate However, these exemptions are not automatic. You must apply for them using the Application for Tax Concession form.
Taxes in the Bahamas are generally lower than in other countries. The government of the Bahamas does not charge income tax, inheritance tax, or sales tax. However, it does require buyers to pay Value Added Tax (VAT) on their purchases. In addition, the buyer and seller must cover legal fees and a real estate agent’s fee.