Investing in Bahamas Property can be a lucrative investment in many ways. The country is home to hundreds of islands and a tax system that is highly investor-friendly. It is also home to some of the most luxurious homes in the Caribbean. However, you must take certain precautions. Listed below are some things to look for when purchasing Bahamas property.
First, make sure that the title of your property is clear. A real estate attorney in the Bahamas can help you with this. The attorney will review the title to check for any encumbrances. Any encumbrance on the title will reduce its marketability. Also, make sure that you have a complete set of abstracts, as missing ones can make the property less marketable.
Second, look for a property that is located near a major airport. The Bahamas has an international airport that is a major draw for investors. For example, the island of Grand Bahama has a commercial center called Freeport, which is the second most populous city in the archipelago. Many vacationers buy property here.
The Bahamas legal system is very transparent, and there are several advantages to investing in real estate here. The Bahamas legal system is based on British Common Law, and the government has recently taken extensive steps to ease residency requirements. It also offers fast-track residency applications for property that is worth more than $1 million. This gives you a great opportunity to buy real estate and obtain residency at the same time.
Taxes on Bahamas property are 2% of the property’s market value. Failure to remit taxes is a criminal offense. In addition, if you fail to file a tax return, you will be prosecuted and fined. You may also be imprisoned for false statements. So, you must understand the requirements before buying property in The Bahamas.
Homeowners who purchase Bahamas property must obtain a Home Owner’s Residence Card. This allows the holder and their family to reside in the country. lyford cay bahamas rentals To obtain the card, you must apply with the Department of Immigration. For this, you need to pay a $100 non-refundable application fee and a $500 issuance fee. Permanent residency permits are also available.
Buying property in The Bahamas is an excellent investment opportunity. The country’s low crime rate and accessibility make it a safe and attractive place for foreigners to buy property. Additionally, the government has made it easier for foreigners to purchase real estate here. There are also various opportunities for long-term growth and rental yields. The country’s tax laws are also quite favorable to foreigners. In fact, the government makes the ownership of property in The Bahamas very easy for foreigners.
There are no income taxes in The Bahamas, but there is a 7.5 percent Value-Added Tax (VAT) on purchases of real estate. In addition to paying this tax, the buyer will also need to pay a real estate agent’s fee.