The Bahamas is a wonderful place to live, with beautiful scenery and natural wonders. The lifestyle is very laid back, and the people are friendly. The country has a stable economy, and has several residency options. The primary industry is tourism. If you’re considering buying a Bahamas property, you’ll want to make sure you have all the details straight.
There are hundreds of islands, cays, and islets that can serve as a location for real estate investment. Depending on your preferences, you can buy property that is close to lively hubs, or you can purchase a less populated island that feels more like a private retreat. Several private islands can also be developed with infrastructure to accommodate superyachts and private jets.
If you’re interested in buying property in the Bahamas, remember that you need a permit. Most foreign buyers come from the United States, Canada, France, Britain, and Italy. Buying an undeveloped lot or farm requires a permit from the government. Once you own property, you can apply for homeowner’s residence cards and permanent residency. However, you should note that these do not give you the right to work in the country.
Some famous people own real estate in The Bahamas. These include Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan. If you’d like to be one of them, there are also luxury Bahamas property listings on JamesEdition. You can browse these listings online and save them to get email alerts for them.
Bahamas property is not inexpensive. The average transactional cost of buying property in the Bahamas is 15%-20% higher than the net price of the property. This amount includes legal fees, recording fees, and the real estate agent’s commission. You can obtain a mortgage from a major bank or life insurance company. ocean club estates Many of these lenders offer mortgages with terms of up to 25 years and a 10% down payment. Mortgages are also available for foreign nationals, with interest rates and restrictions varying depending on the institution.
The Bahamas is a popular destination for foreign investors. The country’s stable economy, low taxation, and relaxed laws make it an ideal place to invest. It’s a relatively safe market and offers opportunities for real estate investors. But before you make a purchase, be sure to do your research and make an informed decision.
The Bahamas has no income tax, capital gains tax, inheritance tax, or sales tax. However, there’s a value added tax on legal fees and commissions. The government also collects revenue from customs duties on imported goods. The average duty rate is 35% plus VAT, but the government charges an additional 7.5% as VAT.
The Bahamas property market is recovering. Demand for residential properties fell 20% in 2019 according to the Engel & Volkers 2019 Real Estate Market Report. Those numbers are expected to fall even further after the government closes the borders to international tourists in March 2020. As a result, air and sea travel has decreased by 28% and 10% respectively. However, after the recent hurricanes, the housing market has recovered.