The Bahamas is an archipelago of hundreds of islands that is home to some of the world’s most exclusive property. It has an investor-friendly tax regime and some of the most beautiful homes in the Caribbean. There are several benefits to buying real estate in the Bahamas, including a carefree lifestyle and a great price tag.
The legal system of The Bahamas is based on British Common Law. This ensures that property ownership is transparent and legal. The Bahamas government has also made numerous reforms to reduce residency requirements. For example, you can apply for fast-track residency in less than three months if you purchase property worth $1.5 million. This is a unique opportunity for buyers to invest in real estate in The Bahamas, obtain residency, and virtually move in.
harbour island bahamas real estate The Bahamas has low crime rates and a stable economy. The country also has a flexible immigration policy and is internationally accessible. Foreigners can own free-title real estate and can enjoy the benefits of a thriving tourism industry. The Bahamas is home to the third largest shipping registry in the world. Foreigners can buy property in The Bahamas without a visa and are eligible to apply for an annual Home Owners Resident Card.
VAT taxes on real estate transactions in The Bahamas are based on the market value of the property, but the first two-hundred-fifty-thousand-fifty-thousand-dollar owner-occupied residential properties are tax-exempt. Then, between $250 and $500,000, the VAT rate is 3/4 of a percent. Then, on properties worth more than $500,000, the tax rate is 1% of the market value. The tax rate on homes worth over $7,000 is also higher, and it’s estimated to be up to 1.5% per year.
Tax rates in The Bahamas are low and the real estate market is well-established. This makes the real estate process in the country transparent and secure. The property owner must ensure that they pay the tax on time. A property owner may pay taxes in Bahamian or US currency. Any outstanding taxes will be subject to penalties.
The Bahamas offers great weather and beautiful beaches. This climate makes the country an ideal place to live. It is also known as a tax-free zone and is a favorite destination for business executives and investors alike. It is home to over 310 days of sunshine and a stable democratic government. This makes the Bahamas Property market a smart choice for any expat looking for a comfortable place to call home.
One of the most popular properties in The Bahamas is in the harbor island, which is home to some of the most luxurious properties. You can find single family homes and condos on the island, and you can even purchase vacant land.