There are plenty of advantages to purchasing Bahamas property. This Caribbean country has the third largest shipping registry in the world. ocean club estates bahamas is open to foreigners and boasts a very low tax rate. Foreigners are also eligible for an annual Home Owners Resident Card. Property taxes are just 1%, and stamp duty is split evenly between the buyer and seller.
Many celebrities have purchased property here. Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan all own properties. Those who want to be surrounded by the beauty of nature can opt for one of the many islands in the Bahamas. You can enjoy world-class amenities at the ocean-front resorts, such as Atlantis and One & Only Ocean Club.
Foreigners can buy property in the Bahamas, but before doing so, you must first acquire a land permit from the Government. Non-Bahamians can buy up to five acres of land for private residence. If you are planning to build a large development, you must seek a permit from the Bahamas Investment Authority (BiSA). The applicant must provide a detailed project proposal, financial projections, and an employment plan.
The Bahamas property market offers some of the most luxurious properties in the world, and many US investors are taking advantage of the location’s prime real estate. It is less than three hours’ flight from Miami or New York, and is known for its tropical climate and pristine beaches. Its government policy aims to encourage consistent growth in the real estate field, and the country’s Ministry of Financial Services has announced its intentions to streamline the process of purchasing property.
Another great advantage of buying property in the Bahamas is the low tax structure. Property taxes are only 2% of the market value. If you do not pay the tax, you will be penalized, and it’s important to be transparent with your transactions. If you are unsure about the tax implications of the Bahamas property, consult with a real estate attorney.
Buying Bahamas property is easy. Most investment purchasers target the short-term tourism market. There is no need to obtain a visa to purchase real estate in the Bahamas. The legal system of the country is open to foreigners, making it easier to obtain a mortgage. A Bahamas property finance specialist can help you navigate the complex world of Bahamas property financing.
The Bahamas Property Market is One of the Best Investments in the Caribbean! The country is known for its spectacular natural beauty and investor-friendly tax regime. It also has world-class shopping, spas, and golf courses. Not to mention the luxury homes. These are just a few of the many reasons why people invest in Bahamas property.
When it comes to buying a property in the Bahamas, you will find that prices are very reasonable and can be very profitable. There is no income tax, inheritance tax, or capital gains tax. The Bahamas is a sovereign independent nation with a stable democratic government. With 310 days of sunshine per year, Bahamas property is an excellent choice for a second home.