Bahamas Property is a great investment opportunity for people looking to buy vacation or permanent residence property. The country boasts hundreds of islands, an investor-friendly tax regime, and some of the most beautiful properties in the Caribbean. Many celebrities, including Nicolas Cage, Maria Carey, Sean Connery, Michael Jordan, and Tiger Woods, have purchased property here.
The capital, Nassau, is a 21-mile long island and is linked to neighboring Paradise Island by a bridge. The eastern tip of Paradise Island is home to Ocean Club Estates, a full-service luxury development that is home to waterfront properties. Prices in Ocean Club Estates start at US$14 million.
If you’re interested in investing in Bahamas property, you’ll find a number of financial resources and specialist brokers online. A comprehensive searchable database of Bahamas property listings will allow you to find the right property for you. Specialist brokers can guide you through the process and answer all your questions about financing and real estate finance in the Bahamas.
If you’re buying property for investment purposes, you’ll need to secure a government permit. This is a requirement for real estate that is over two acres, purchased for commercial purposes, or for commercial development. ocean club estates If you’re not a resident of The Bahamas, you’ll need to register your investment with the Foreign Investment Board. Once you’ve done this, you’ll be able to take out the net proceeds of the sale in the currency you invested.
After the global financial crisis, the Bahamas experienced a steep decline in residential property prices. According to Engel & Volkers, the number of residential sales in the Bahamas fell by as much as 20%. Despite the lowered demand, the housing market has remained stable. The Bahamas’ economy relies on tourism, which is responsible for 60% of its GDP.
In addition to its ideal weather conditions and tax-free environment, the Bahamas is also a popular destination for business executives and investors. The country has a stable, democratic government and a large expat community. As a result, the country’s real estate market is well positioned and can be an excellent investment.
The Bahamas government also imposes a small amount of VAT on all real estate transactions. This is generally shared between the buyer and seller. However, the first $250,000 of owner-occupied residential property is tax-free. Between $250,000 and $500k, you’ll have to pay 3/4 of a percent of the market value. Once the market value is over $7000, a 1.5% VAT is levied on the sale.
Those looking for entertainment will be thrilled with the Bahamas’ Atlantis Casino. And for those who enjoy a luxurious stay, there is the Graycliff Hotel, which has a cigar shop, chocolatier, and the third-largest wine cellar in the world. Other attractions include the Lucayan National Park, which boasts a stunning underwater cave system, and the Blue Holes National Park, which is a vast pine and coppice forest with deep vertical caves. And the National Art Gallery, which exhibits works by modern Bahamian artists, is also worth a visit.