A stunning archipelago of hundreds of islands, the Bahamas offers a low tax structure and a thriving real estate market. Its enticing benefits include world-class shopping, golf, spas, and some of the most luxurious homes in the Caribbean. And because of its relaxed property ownership laws, the Bahamas is a popular choice for foreign buyers.
One of the most popular islands to buy Bahamas property is Grand Bahama, where every imaginable amenity is available. The city of Nassau is the capital of the Bahamas and is located on New Providence, which is linked to Paradise Island by a bridge. Ocean Club Estates, a full-service luxury development on the eastern tip of Paradise Island, offers luxury waterfront properties for as much as US$14 million.
Enness, a leading high-value mortgage broker, has specialists who can help you find the right mortgage for a Bahamas property. The firm offers a free no-obligation consultation, and a specialist broker will walk you through your options and answer any questions you might have about financing your new property in the Bahamas.
Non-Bahamians can own real estate in the Bahamas, although there are strict laws to follow. First, you must obtain a government permit. This is required if you plan to use the property to rent out or develop it for commercial purposes. If you plan to sell it, you will have to register it with the Foreign Investment Board. Once you have done this, you can withdraw the net proceeds of the sale in the currency of your original investment.
Aside from being a popular investment destination, the Bahamas also offers an affordable healthcare system. Its healthcare facilities are well-equipped and staffed with highly qualified personnel. Furthermore, there is an excellent educational system, with many international and local schools in the country. All in all, the Bahamas is a great option for property investors looking for a laid-back lifestyle.
Bahamas property taxes vary depending on the type of property you own, and the value of the property. For example, the first $250,000 of residential property is tax-free. From there, the tax rate increases to 3/4 of one percent. Above this, the rate increases to one percent of the market value. On the other hand, if you have a market value of more than $7,000, the tax rate is 1.5%.
There are numerous celebrities who have purchased Bahamas property. For instance, Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan all own properties in the Bahamas. Furthermore, Tiger Woods bought a property in Bonds Cay for US$16 million. If you’re considering buying a property in The Bahamas, make sure you do your research and get the facts.
The Bahamas is a highly desirable investment destination for overseas buyers, thanks to its stable economy and favorable tax system. ocean club estates The country’s booming tourism industry has created a real estate market with a wide range of opportunities for foreign investors.