If you’re a non-Bahamian looking to buy a piece of property in The Bahamas, you need to know the rules and regulations to make the purchase. You’ll need a government permit to buy land more than two acres, or to use for commercial development. Even if you don’t need a permit, you’ll need to register your investment with the Foreign Investment Board. This will ensure that you can take the net proceeds of the sale out of the Bahamas in the currency you originally invested.
First, you need to determine what kind of property you’re interested in buying. Residential properties under 5 acres don’t require prior government approval, but larger properties need a permit. The government will grant a permit if you can convince them that you’re going to develop the property properly. For larger projects, you’ll need to apply to the Bahamas Investment Authority, where you’ll have to provide a project proposal, financial projections, and employment needs.
There are several major banks in The Bahamas that offer mortgages for foreign nationals or Bahamians. Some offer 25-year terms with as little as a ten percent down payment. However, you should check with each institution for specific details, as interest rates, restrictions, and down payments may vary. Regardless, purchasing property in The Bahamas is a great way to invest in the islands.
Another advantage to buying property in The Bahamas is the low tax structure and a mature real estate market. While the process for purchasing real estate in The Bahamas can be complicated, it is safe and transparent. Before buying, an attorney will check the title to the property to ensure that it is legitimate. If there are ocean club estates bahamas missing abstracts, the property will not be as marketable. The vendor must also provide accurate details about the property’s history before selling it to a buyer.
You might want to consider renting out your property in the Bahamas for vacations. You’ll have the opportunity to enjoy the luxury lifestyle that accompanies owning a property in The Bahamas. With the right rental income and a low cost of living, you can make money on the property as well. The Bahamas real estate market is competitive.
The Bahamas has many different kinds of real estate. You can purchase a luxury condo in the heart of a bustling hub, or a small, quiet island in the middle of the pristine wilderness. You can choose a property in a prime location near world-class amenities. If you prefer a more isolated, less populated location, or a more secluded area, the Bahamas is a great place to invest. The country’s lenient immigration policy makes it possible for foreign nationals to own property in The Bahamas.
The Bahamas has no sales tax or income tax, and the government does not charge any inheritance or capital gains taxes. However, you’ll need to pay Stamp Duty (+VAT) on the conveyance of your property. Also, you’ll need to pay a legal fee for the sale, which is about 7.5 percent of the property value.