The Bahamas is a stunning archipelago with hundreds of islands. The country’s tax structure is investor-friendly and offers world-class golf, shopping, and spas. As a result, buyers in the Bahamas can find some of the most luxurious homes in the Caribbean. For investors, this is a perfect place to buy property.
The Bahamas features traditional architecture, with homes typically featuring dormer windows, high-pitched wood shingle roofs, and island accents. Some homes feature two stories and double-hung or French doors in the upper level. Some houses are available for as little as US$300,000, and beachfront properties can cost US$8 million or more.
There are a few key things to consider before making an offer on a Bahamas property. First of all, you should know that there is a commission on the sales of property. This commission is normally 6 per cent for developed properties and 10% for undeveloped ones. Secondly, you should know that if you are a foreign-born resident, you may be required to pay an additional fee.
Second, it’s important to consider the price range of the Bahamas property. It may seem high, but there are lots of celebrities that have bought real estate in this island nation. For instance, actor Sean Connery owns a property in Exumas, while actor David Copperfield has bought up to 11 islands. In 2006, Faith Hill bought a 17-acre Goat Cay for US$6.4 million. Meanwhile, Tyler Perry bought a 20-acre White Bay Cay in 2009 for US$6.4 million. Other notable owners include Prince Aga Khan IV who spent up to US$100 million on the 349-acre Bell Island.
Another significant benefit of buying a Bahamas property is that it is easy for non-Bahamians to purchase it. lyford cay bahamas rentals Several policy documents have been created by the country to make this possible. The International Land Holdings Act 1993 aims to make buying a property in The Bahamas easier and more affordable. The law also requires that you register with the Central Bank and Investments Board, and registration fees can range from $25 to $100.
When buying or selling property in the Bahamas, it’s important to consult a local attorney who is familiar with the local market. This lawyer will make sure that all the title documents are in order. The attorney will also provide you with an opinion about whether or not the property is legitimate and free of encumbrances. A broken chain of title owners, missing abstracts, or a lack of documentation are all issues that can limit the marketability of a subject property. It’s also a good idea to obtain title insurance.
While the Bahamas does not charge an income tax or inheritance tax, it does levy a Value Added Tax of between 4% and 10% of the property’s value. In addition to paying this tax, buyers and sellers of Bahamas property will also pay real estate agents’ fees and legal fees.