Sat. Nov 26th, 2022

If you are planning to buy a property in the Bahamas, you need to make sure to do a comparative market analysis (CMA). This will help you determine the right price for your Bahamas property. It will also show you the prices that homes with similar features are selling for. Since the Bahamas is a popular vacation spot for foreigners, demand for real estate is increasing. Many people from different countries are drawn to its laid-back lifestyle and favourable tax system.

A non-Bahamian must acquire a permit from the government to buy real estate in the country. This is required if the property is over 2 acres or if the owner plans to lease it or develop it commercially. albany bahamas for sale However, even if the buyer does not need a permit, he or she must register with the Foreign Investment Board and the Central Bank of The Bahamas. If the transaction is successful, the buyer can take the net proceeds of the sale out of the country in the currency in which they invested.

A large estate property can cost several million dollars. The Bahamas has the third largest shipping registry in the world. The country also welcomes foreigners who wish to buy property and live there permanently. Foreigners buying Bahamas property must obtain a Home Owners Resident Card. They will also have to register their property with the Foreign Investment Board.

Taxes are another important factor in the buying process. The government imposes a real property tax in the Bahamas. It was implemented in 1969 as a way to meet local revenue needs and finance public services. The government also requires foreigners to pay real property taxes on vacant land. But there are some exemptions. You should check with the government before applying for an exemption.

In the Bahamas, there are no income taxes, capital gains taxes, inheritance taxes, or sales taxes. But you will be paying Stamp Duty (+VAT) when you buy a property. This tax is usually split between the buyer and seller. An owner-occupied residential property is tax-free up to $250,000, while properties worth more than $500,000 are subject to a half percent tax rate.

If you intend to live in the Bahamas permanently, you should apply for a Home Owner’s Residence Card. This card will enable you to live and work in the country. To obtain a Home Owner’s Residence Card, you must apply with the Department of Immigration. It will require a nonrefundable application fee of $100 and a $500 issuance fee. Permanent residency is also tax-friendly.

Before the outbreak of the coronavirus, demand for residential properties in The Bahamas had already started to drop. A report from Engel & Volkers found that residential property sales were 20% lower in 2019 compared to the previous year. The government also temporarily closed its borders to international tourists on March 2020, in an attempt to prevent the spread of the virus. As a result, air and sea travellers dropped by 28% and 10% respectively. The number of tourists is expected to decline even further in the second half of 2020.

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