For those who want to invest in a property in the Bahamas, real estate is a great option. The Island has several real estate offices, including Coldwell Banker Lightbourn Realty, which has an office on Harbour Island. Located on Dunmore and Crown Sts., the office can provide you with expert advice.
One of the best aspects of real estate in The Bahamas is its tax structure. Property taxes are only 1% for properties worth $500k and up. Foreigners who wish to buy real estate in the country are eligible to purchase a Home Owners Resident Card. This card is issued each year to foreigners and entitles them to live in the country.
While buying property in the Bahamas, you must make sure that it meets your specific needs. The Bahamas are not well known for their employment opportunities, so most buyers come here for vacations and to live after work. In addition, the tax regime is very favorable for investors. This is a good thing for buyers, but you should verify all the important information to make a wise decision.
There are no income, capital gains, or inheritance taxes in The Bahamas. There is also no sales tax. However, you will have to pay Value Added Tax (VAT) on the conveyance of your property. Approximately 7.5 percent of all real estate transactions in The Bahamas are subject to VAT. The VAT is usually shared by both the buyer and the seller. First-time buyers may be exempt from the tax if they are purchasing a residential property or vacant land.
If you are interested in purchasing real estate in The Bahamas, you should know that the Bahamas has many varieties of properties for sale. There are single-family homes, town houses, condominiums, and rental properties in Nassau, and there are also a number of vacant plots in the island. Unlike other Caribbean islands, the Bahamas has a tax system that is quite favourable. If you are looking for a home in the Bahamas, make sure you look for luxury properties.
Aside from purchasing property in The Bahamas, you may also want to purchase a second home. This is especially important if you want to invest in luxury resort properties. The island is home to world-famous individuals, including actor Sean Connery and global best-selling author Arthur Hailey. The Bacardi family also has a presence on the island.
The Bahamas property market continues to recover. Before the outbreak of the coronavirus, demand was already decreasing. The Engel & Volkers 2019 Real Estate Market Report noted that there were twenty percent fewer residential sales in 2019. The Bahamas government is now closing its borders to international tourists to prevent the spread of the virus. The tourism figures have recovered a little since then, but the country still faces an uncertain future.
For non-Bahamians, residency in the Bahamas is easy to achieve. Upon purchase of property, you can apply for a home owner’s residence card, which can be renewed every year. harbour island bahamas real estate It entitles you to live and work in the island.