If you’re looking to purchase a property in the Bahamas, you’ll want to know the rules and regulations for transferring ownership. Unlike in most countries, the Bahamas does not restrict foreign ownership of property, but there are some requirements to follow. The first step is to register the property in the Registrar General’s office. If you own an undeveloped piece of land or a property larger than five acres, you will need to register the land. Once you’ve registered the property, you’ll need to pay a stamp duty, which is a percentage of the purchase price.
Before the coronavirus outbreak, demand for residential properties was already decreasing in The Bahamas. According to the Engel & Volkers 2019 Real Estate Market Report, there were 20 percent fewer residential sales. The Bahamas government had also decided to close its international borders in March 2020, which further lowered tourism numbers. The number of air and sea travellers in the Bahamas dropped by 10.5% and 28%, respectively. The tourism figures are expected to fall even more in Q2 2020.
The Bahamas has many properties in prime locations. You can purchase properties with excellent views of the ocean or enjoy secluded nature. The weather in the Bahamas is tropical, making it ideal for those who love the outdoors. The island’s proximity to the US is an added bonus. There are also plenty of opportunities for investment. The political stability and low tax environment of the Bahamas make it an attractive choice for many US investors.
In addition to tax-free status, the Bahamas has become a favorite for residents, business executives, and investors alike. It is one of the most prosperous countries in the Caribbean and has a democratic and stable government. Its climate year-round is perfect, with an average of 310 days of sunshine. In addition, the Bahamas has a vibrant expat community.
Waterfront properties in The Bahamas are among the most sought-after real estate in the Caribbean. These luxurious properties range from remote luxury estates to stylish condominiums. A waterfront Bahamas property is a rare opportunity to enjoy the sun, salty air, and sparkling sapphire waters. Regardless of your budget, a waterfront property in the Bahamas will give you a private piece of paradise.
You should also know about the property taxes in the Bahamas. bahamas luxury real estate are due by the end of December, and the Department of Inland Revenue has the right to reassess a property’s value if necessary. The maximum property tax assessed each year is $50,000. Make sure to pay your taxes on time. These taxes can be paid in Bahamian or US currency. Moreover, failure to pay the property taxes on time can result in a penalty of 5%.
Real property taxes in the Bahamas vary depending on the type of property, the owner, and its value. Property taxes are assessed on both the land and improvements. The government has a tax exemption list for certain types of real property. However, these exemptions do not apply automatically and must be applied for.