Before purchasing Bahamas property, non-Bahamians must obtain a government permit. These permits are required for all property transactions that involve more than two acres or that are bought for commercial development. A foreign buyer must also register with the Foreign Investment Board (FIB) or the Central Bank of The Bahamas (CBT) for their investment. Once registered, they can take out the net proceeds of the sale of their property in the currency in which they invested.
Most foreign homebuyers are from the United States, Canada, France, Britain, and Italy. Undeveloped land with a surface area of more than five acres (20023 sq. m.) must be platted. In addition, there are some restrictions when purchasing undeveloped land. For more information, visit the Global Property Guide.
There are several luxury residential communities in The Bahamas. Ocean Club Estates, one of the premier gated communities, offers luxury homes with ocean views and a golf course. Residents can enjoy access to community pools and clubhouses. These homes are also surrounded by lush tropical palm trees. As a result, residents enjoy luxurious living as well as convenience.
Property taxes in The Bahamas are very low. Taxes are only two percent of the market value of the property. This makes the process of buying and selling property in the Bahamas safe and transparent. When buying property, the buyer’s attorney will inspect the title to make sure that it is legal. If there are any missing abstracts, the property’s marketability will be reduced. In addition, the vendor must ensure that the property’s history is accurate.
Luxury properties in The Bahamas can be found in many locations. There are luxury homes for sale in popular locations such as Nassau, North Eleuthera, Governor’s Harbour, Bailey Town, and Elbow Cay. A luxury home in The Bahamas can be a beautiful investment or a place to live. In addition to luxury homes, the Caribbean islands also offer many recreational activities.
ocean club estates bahamas for non-Bahamians are available from major banks. Some of them offer up to 25-year mortgage terms with as little as a 10 percent down payment. Foreigners can also apply for mortgages, though they may need a higher down payment and may be subject to different restrictions. The cost of a mortgage varies by institution.
Taxes on Bahamas property are low. There are no income taxes, capital gains taxes, or inheritance taxes, but the buyer is still responsible for paying legal fees. A real estate agent in the Bahamas can help the buyer with legal fees and tax compliance. Buyers should seek legal advice before making a purchase. In addition to fees charged by lawyers, buyers are responsible for paying stamp duty and Value Added Tax (VAT) on all property transactions.
The Bahamas property market is a great investment opportunity. The country’s tax system is attractive for foreigners, and its tourism industry underpins its economic prosperity. This sector has seen strong growth since the downturn and is expected to continue to do so in 2015. The government has implemented many policies to attract investors, and the country’s immigration policy is flexible.