The Bahamas offers a variety of real estate options. With numerous islets, cays and islands, buyers can choose from lively hubs and world-class amenities or more secluded, less populated locations. The country’s economy is strong, stable and growing, with tourism as the main source of income.
There are many benefits to buying property in The Bahamas, including a tax-friendly regime and a beautiful, unspoiled environment. harbour island real estate The islands also boast world-class golf, shopping and spas. Not to mention some of the finest homes in the Caribbean. If you’re interested in buying real estate in the Bahamas, it’s a good idea to seek the assistance of a local attorney.
The government of The Bahamas imposes a VAT tax on all real estate transactions, with the buyer and seller sharing the cost. For owner-occupied residential property, the first $250,000 of its value is tax-exempt. Over this amount, the tax is about 3/4 of a percent. For properties worth more than $500,000, the tax rate increases to 1% of market value.
Real estate in the Bahamas is relatively inexpensive and has an established real estate market. In addition, the real estate process is secure and transparent. For example, the buyer’s attorney will review the title of the property. This is important because missing abstracts can decrease the marketability of a property. The vendor must also provide accurate information about the property’s history.
If you’re interested in purchasing real estate in The Bahamas, consider investing in a property with development potential. A 36-unit apartment complex in a prime location is a good place to start. The property is arranged in two blocks and includes a swimming pool and common office space. It sits on almost 2 acres and has the potential to develop further.
Besides having low property prices, the country also offers tax-free living. There are no inheritance or capital gains taxes. Its capital, Nassau, is located on New Providence Island. The country has several other cities and islands throughout the archipelago, including Freeport. The Bahamas is a popular destination for vacationers. For example, ocean front units in the Royal Ocean Club are currently priced at US$150,000.
Eleuthera is a popular island for property purchase. Many people purchase property on this island for relocation or a second home. Spanish Wells is a picturesque village located near Eleuthera. Harbour Island is also close to Eleuthera. Dunmore is the largest town on Harbour Island. Golf buggy is the preferred mode of transportation on this island.
The Bahamas has a tax system that is very friendly for property owners. Property tax rates are determined by the value of real estate. The tax rates cover the value of the land and improvements. A tax inspector will determine the value of each property.