The Bahamas Property Group is your one-stop shop for real estate in the Bahamas. The company has years of experience in the Bahamas real estate market and provides the latest information and advice. They also have a comprehensive rental property portfolio throughout the Bahamas. The company specializes in luxury homes, condos, resorts, and investment properties.
The Bahamas Property Fund is a real estate investment trust that invests in commercial properties across the Bahamas. The property portfolio includes three different locations: the Bahamas Financial Centre in New Providence, One Marina Drive in Paradise Island, and Providence House on the island of Grand Bahama. Its shares trade on the Bahamas International Securities Exchange under the symbol “BPF”. Its investment manager is Royal Fidelity Bank & Trust. The company has more than $2B in assets under administration and management.
Before investing in Bahamas property, foreign investors should check to see if the country requires prior government approval. Non-Bahamians cannot buy residential properties more than 5 acres without a permit. They must apply to the Bahamas Investment Authority, which will then approve the project. Upon approval, the buyer can then take the net proceeds out of the Bahamas in the currency of their original investment.
In addition to real estate investments, investors can invest in the Bahamas’ tourism sector. Several resorts offer complete rental and management packages to attract tourists. The Bahamas has a stable economy, low crime rate, and flexible immigration policy. The Caribbean country is renowned for its natural beauty and pristine beaches. As a bonus, foreigners can own free-title property in the Bahamas.
In addition to buyer-selling fees, the Bahamas also requires buyers to pay a value added tax (VAT) of 7.5 percent on the transaction. However, a buyer can pay less than half of this tax if the property is a residential property. This tax can add up to around 2% of the total price of the property.
Foreign homebuyers are primarily from the United States, Canada, France, Britain, and Italy. Foreign nationals who own property in The Bahamas are eligible for a homeowner’s residence card and permanent residency. However, annual residency does not grant them any right to work or live in the country. A foreign national can buy a property with a down payment of ten percent of the value.
Bahamas property taxes are low. Buyers can pay taxes in Bahamian currency or in United States dollars. ocean club estates bahamas Real estate in the Bahamas is taxed by the Department of Inland Revenue. Property tax rates vary, and property owners must ensure that they pay their taxes on time. If they fail to pay on time, they will be assessed a fine of up to 5% of the value of their property.
When buying real estate in The Bahamas, a buyer should hire a local attorney to ensure that title documents are in order. This attorney represents the buyer in the transaction and provides an opinion on the title to the property. This is similar to title insurance. This attorney will be held liable if any problems are found with the property title.