If you are considering purchasing a piece of Bahamas Property, there are several factors you should consider. For one, property taxes in the Bahamas are very low. Only one percent is taxed on properties valued at $500k and more. Moreover, the buyers and sellers share the costs of stamp duty. You can even own a piece of Bahamas property if you are not a local.
Second, the tax system is very favourable for foreign investors. Compared to other Caribbean nations, the Bahamas has a tax system that is friendly for foreigners. Thirdly, the country is close to the United States. A short flight from Miami allows you to reach the country within an hour. Moreover, the Bahamas is home to a broader variety of nationalities than other Caribbean countries. lyford cay rentals Its main islands, such as Paradise Island and New Providence, are the main tourist destinations.
The Bahamas is home to many celebrities. Celebrities such as Nicolas Cage, Maria Carey, Sean Connery, Michael Jordan, and Tiger Woods have bought property in the country. In addition, you can get a good rental yield. You can enjoy the perfect weather year-round and have fun at the beach.
Bahamas property taxes are very low. The tax on property in the country is 2% of the property’s market value. You must file a return with the Bahamas government in order to avoid penalties. Failure to do so is illegal and may even lead to imprisonment. You should also ensure that your property’s title is correct and that it has all the necessary abstracts.
Another reason to invest in Bahamas Property is that the country has no income tax. Foreign investors can also benefit from incentives offered by the government. Since the country is considered a stable economy, many investors are looking to move to the Bahamas. The country also boasts a vibrant expat community. Therefore, buying a piece of property in the Bahamas is a smart choice.
The Bahamas Property Fund’s new director, Larry Roberts, has been in the real estate industry for 50 years. He is a licensed broker and past President of The Bahamas Real Estate Association. He is also a member of the Society of Industrial and Office Realtors. His experience includes selling and leasing commercial properties. The Bahamas Property Fund has approximately $2B in assets under administration and management.
Another thing to consider when purchasing Bahamas Property is the VAT tax. The country imposes a 10% VAT tax on all real estate transactions, which is generally shared between the buyer and seller. Owner-occupied residential property is tax-free up to a value of $250,000. After that, the tax is reduced to 3/4 of a percent. In addition to the VAT, the seller is also responsible for paying the legal fees and the real estate agent’s professional fees.
Non-Bahamians buying property in the Bahamas must first register their investment with the government. It must be under two acres. In addition, non-Bahamians who purchase real estate in the Bahamas should register the property as a single-family residential property. For those who already own a property in the country, they can apply for an annual residency card. This card is valid for a year and will allow the owner and family members to reside in the country.