When it comes to buying or selling a property, there are a number of benefits to acquiring Bahamas real estate. These benefits include the beautiful location, a tax bahamas real estate system that is highly investor-friendly, and access to world-class golf courses, spas, and shopping. Not to mention that you can buy the most luxurious property in the Caribbean! But before you buy a Bahamas real estate property, you should learn more about the market and how to get started.
Bahamian land law has been around for centuries. The transaction is conducted through a conveyance, a legal document drafted and signed by the seller and buyer. Once the conveyance has been approved by both parties, it is stamped and recorded to transfer ownership. A large part of the government’s revenue comes from stamp duty, which is determined on a sliding scale according to the purchase price. Recording conveyances is important for the buyer’s protection. You may wish to buy property in a company or corporation if the transaction is large.
There have been several incidents involving U.S. citizens trying to purchase or sell Bahamas real estate. Some individuals have lost their entire life savings because the seller did not have clear ownership of the property. Others were victims of high-end real estate development projects on family islands that never materialized. In these instances, the buyer was unaware of the potential pitfalls of the sale. But the good news is that there are many advantages to owning real estate in The Bahamas.
Foreign investors are welcome to buy Bahamas real estate, and non-Bahamians should know the regulations before investing. For example, the International Persons Land Holdings Act 1993 was designed to help foreigners buy Bahamian real estate. The act also stipulates that non-Bahamians must register their acquisitions with the Investments Board before buying a piece of land. The registration fees vary from $25 to $100, but it’s worth considering the benefits.
Buying real estate in The Bahamas is a good investment option for a luxury buyer. The Bahamas has high cost of living and the price of land and services is relatively high. However, the purchase prices of land in Family Islands are lower than in Nassau. To help buyers avoid making a costly mistake, professional advisers can provide assistance. If you want to buy a property in The Bahamas, you can take advantage of these benefits and enjoy the benefits of living in paradise.
The government of the Bahamas also has attractive incentives for investors. There are no requirements for obtaining permanent residency in The Bahamas if the property is worth less than US$750,000; however, if you plan to buy a residential property with a land value greater than US$1.5 million, you will need to obtain a permit from the government. This permit is granted based on the investor’s assurances of development. To acquire property in The Bahamas, you will also need to register your business, which will require a work permit.