If you’re looking to buy real estate in The Bahamas, you’ve come to the right place. The islands are breathtaking, the tax regime is investor-friendly, and there are world-class spas, shopping, and golf courses nearby. Not to mention the stunning, luxurious homes. To make buying and selling real estate in The Bahamas a breeze, here are some tips to keep in mind. Below are three steps to make the process as smooth as possible.
First, you need to check out the local bahamas real estate government’s records. The government will tell you whether the property is actually owned by someone else. It’s possible to learn whether the property is tax-deferred, and when it was last paid. If the buyer cannot make payment, an attorney will typically complete this process. Also, if you’re buying a property for a business, you may wish to consider purchasing a property in a company instead of buying it directly.
After the global financial crisis, Bahamas real estate prices took a big hit. According to Engel & Volkers, residential sales decreased 20 percent in 2019 compared to the year prior. The government also shut down the country’s borders for international tourists in March 2020 to prevent the spread of the disease. As a result, tourism fell nearly 17% in Q1 2020. However, air travel and tourist arrivals also dropped significantly, making the situation worse.
If you’re looking for a home in the Bahamas, you should keep in mind that there are many advantages to buying property here. As a tax-free nation, the Bahamas is an attractive option for business executives and real estate investors. The Bahamas also offers an attractive tax regime, which encourages foreign investment. Its sunny climate makes it an ideal place to live, and its vast expat community has a significant presence in the country.
Nassau, the capital and largest island in the Bahamas, is the largest island. Its commercial centre is located near the international airport. As a result, it’s the second most developed island in the archipelago. Ocean Club Estates is a luxury development located on the eastern tip of Paradise Island. Prices of waterfront units here start at US$14 million. If you’re looking for a more affordable option, check out Eleuthera, a small island located 50 miles east of Nassau.
Non-Bahamians are allowed to purchase residential property as long as they meet certain requirements. In order to purchase a larger piece of land, a permit must be obtained. This is granted based on the investor’s assurance that the development will create jobs. Applicants who plan to construct large hotels should apply to the Bahamas Investment Authority. The government offers attractive incentives to investors who build new hotels, remodel or expand existing hotels in The Bahamas.
The government has implemented a few measures to increase the affordability of property in The Bahamas. Real estate taxes in The Bahamas are relatively low compared to many other countries. Licensed financial institutions are exempt from paying real estate taxes in The Bahamas. Freeport land, however, is charged by the Grand Bahama Port Authority. Purchasing property in Freeport is more expensive than in the United States, but it’s an excellent investment for investors and families alike.