If you are considering buying property in the Bahamas, there are some important things to know before you begin your search. First, you should know about the real estate tax structure. The Bahamas tax system is simple, transparent, and secure. The government collects taxes on property based on the market value of the property. When buying a property in the Bahamas, you should make sure the title is clear and that you have the necessary abstracts and other documents. If you don’t have these, you should seek an attorney to help you. You should also check the history of the property, since inaccurate data can negatively impact its marketability.
A reputable broker will be able to provide you with the right information about property in the Bahamas. A good source of property information is the Bahamas Multiple Listing Service (MLS). This information can be found in a variety of places and is updated regularly. Just make sure to double-check any information you find before making a final decision.
Among the best locations for real estate investment in The Bahamas is Cable Beach. You can find many luxury buildings near the cable beach. One of the most successful developments in Nassau is Aqualina Bahamas, located right next to ONE Cable Beach. The complex offers world-class shopping, fine dining, and modern health facilities. In addition, the location is minutes from the international airport.
You can also find affordable and luxurious properties in The Bahamas on websites like JamesEdition. The site offers a fully searchable database of Bahamas properties for sale, rent, and appraisals. You can save properties to get email alerts of new listings. You can also find luxury homes in popular locations, including North Eleuthera, Governor’s Harbour, Bailey Town, and Elbow Cay. If you are serious about buying property in The Bahamas, make sure to work with a knowledgeable and reliable broker.
You should also know that foreigners can buy real estate in the Bahamas and become eligible for the Home Owners Resident Card. In addition, the tax rate is very low. Only 1% of the value of property is taxed, and the stamp duty is split between the buyer and seller. This means that foreigners can benefit from low property taxes, and the opportunity to own property in The Bahamas without paying local taxes.
Non-Bahamians who want to own property in The Bahamas must get the required permits. They must apply for a license if they are planning to develop the land or rent it out. Additionally, if the property is intended for commercial purposes, they must register it with the Foreign Investment Board. This process usually costs $10k.
The buyer should use a lawyer for legal advice. ocean club estates bahamas should also consider using a real estate agent or a lawyer. The Bahamas Real Estate Association sets fees for Realtors. These fees vary widely, but they can be anywhere from 7% to 25.5% of the value of the property.