Whether you are a first-time buyer or an experienced investor, you’ll want to find a Realtor with expertise in the Bahamas property market. The Bahamas has a highly developed real estate market with low property taxes and a reliable system for buying and selling real estate. Here, you’ll find information on buying, selling and renting Bahamas property.
The demand for residential property in The Bahamas was already waning before the coronavirus hit the island. According to Engel &Volkers’ 2019 Real Estate Market Report, residential sales declined by 20% last year. And when the government closed the border for international visitors in March 2020 due to the coronavirus, the demand for real estate in The Bahamas sank even further. The number of air and sea travellers fell by 10.5% and 28%, respectively. And the figures are expected to go down even further in Q2 2020.
The Bahamas Property market offers a number of opportunities for growth in the medium and long-term. In addition to strong rental yields, Bahamas property is attractive to foreign investors. Once reserved for the ultra-wealthy, the country has become more accessible and affordable thanks to a variety of development projects and financing options.
Buying property in The Bahamas should be done through a local attorney, who will ensure that the property’s title documents are clear and free of encumbrances. Your attorney will also act as your representative in the transaction and provide an opinion on the title of the property. This is similar to title insurance, but it makes the attorney responsible for any problems relating to the title.
When buying Bahamas Property, it’s important to understand the tax structure. The government levies a 2% tax on the property’s market value, which is the price that the property would be sold for in the open market. Failure to pay this tax can lead to heavy fines and even imprisonment. Buying property in a company may be an ideal option if you’re planning a major construction project.
If you’re not a Bahamian, you’ll need to acquire a permit from the Government before you can buy property in The Bahamas. ocean club estates bahamas is important if you intend to rent it out or develop it commercially. If you’re not a resident, you’ll also need to register your investment with the Foreign Investment Board.
Real property taxes in The Bahamas are low compared to many other countries. Purchasing property in the Bahamas is a great option for a buyer looking for an affordable home. The Bahamas has no income tax or capital gains tax, but a Value Added Tax is imposed on all property transactions. This is typically split between the buyer and seller.
The Bahamas has a very stable government and is a popular place for international investors. There are several tax breaks for foreign business, and the Bahamas has one of the most favorable tax systems in the Caribbean. Additionally, the Bahamas is a well-developed and sophisticated international financial centre.