When looking for a property to buy in The Bahamas, there are many things to consider. lyford cay bahamas rentals The country’s tax structure and mature real estate market make it a favorable place to buy a property. As an added benefit, the real estate process in The Bahamas is transparent and secure. For example, the buyer’s attorney will check the property title to make sure it is legitimate. Any missing abstracts will significantly decrease the property’s marketability. Additionally, the vendor must ensure that all the history on the property is accurate.
The Bahamas government has laid out guidelines for non-Bahamians to establish residency and buy a home in the country. Two types of permanent residency are available: one that gives you the right to work and another without it. Either one will require an investment of $500,000 or more. While permanent residency is not required for first-time buyers, it is beneficial for investors and those with sufficient income.
When purchasing a property in The Bahamas, you’ll also want to consider the island’s location. There are a few different ways to reach the Bahamas. First, there’s Grand Bahama, which is the fourth largest island in the country. It has a commercial centre, Freeport, located near the international airport. Freeport is the second most populous city in The Bahamas, so it’s a popular place for vacationers. Oceanfront units in a resort like the Royal Ocean Club are currently selling for upwards of US$150,000.
For a non-Bahamian to buy real estate in The Bahamas, a government permit is required. This is required for purchases of property over 2 acres or for commercial development. If you’re not a Bahamas resident, you need to apply with the Foreign Investment Board and the Central Bank of The Bahamas. A qualified investor will be able to get a permit based on assurances regarding the development of the property. For larger projects, you’ll also need to register the project with the Bahamas Investment Authority. The BIA will review the project’s feasibility, financial projections, and employment needs.
When purchasing a property in The Bahamas, it’s advisable to work with a local attorney. An attorney will represent you and ensure that all the property title documents are in order. He or she will also provide an opinion on the title of the property. The opinion is similar to a title insurance policy in the United States, but the attorney will be liable for any problems with the title.
The taxation system is relatively simple in The Bahamas. While there’s no income tax, inheritance tax, or capital gains tax, there is a value-added tax on real estate transactions. Generally, the buyer pays 7.5 percent of the sales price, while the seller pays the remaining 50 percent. VAT also applies to real estate agent fees and legal fees.