Investing in Bahamas Property is a great way to enjoy an island lifestyle and enjoy the tax advantages that come with it. The country is home to hundreds of islands with incredible views, an investor-friendly tax regime, and some of the most luxurious homes in the Caribbean. If you are considering buying property in The Bahamas, you will want to know a few things about the real estate market before you begin your search.
The Bahamas offers many ways to enjoy paradise, from the bustling capital city of Nassau to the secluded islands of Paradise Island. The tax system is friendly to foreign investors and the island is within an hour’s flight from Miami. The country is home to a thriving tourist industry that is centered on the island of New Providence.
One of the most popular neighborhoods in The Bahamas is the Ocean Club Estates. This gated community features luxury homes with breathtaking ocean views. Residents also enjoy a community pool and other amenities. Whether you’re a long-term resident or a temporary visitor, a Bahamas property in this exclusive resort area will ensure you a comfortable stay.
There are several ways to finance the purchase of Bahamas property. One way is by getting a mortgage through a specialist broker. Enness is a leading high-value mortgage broker and can help you secure financing for a property valued at $2 million or more. The broker will walk you through the various options and answer any questions that you have.
Investing in Bahamas Property can also be a great way to become a permanent resident in the country. The Bahamas government has enacted residency requirements that make it easier for foreigners to buy real estate here. Those who don’t have citizenship can apply for a Bahamas residency by purchasing a property in the Bahamas worth over $1.5 million.
There are many advantages to investing in Bahamas property, including a tax environment that is very attractive. Since the country doesn’t have an income tax, inheritance tax, or capital gains tax, buying real estate here is a tax-efficient choice for those with a high net worth. ocean club estates bahamas A low transaction cost is another major benefit for wealthy real estate investors.
When purchasing Bahamas property, you must register it in the Bahamas Registrar General’s office. If it’s undeveloped or is more than 5 acres, it is required to register. If you plan to develop it, you must apply to the Bahamas Investment Authority (BHA) to obtain a permit. The fee for this process is about 1.5% of the sale price.
Property taxes are another important aspect of Bahamas property ownership. Property taxes in The Bahamas are 2% of the market value of the property. You may opt to pay in Bahamian currency or in United States currency. However, you must make sure to pay the taxes on time. Otherwise, you will be penalized.