If you are looking to purchase a Bahamas property, you are not alone. There are many brokers in the country who specialize in real estate. You can visit their offices on Dunmore and Crown Sts. or contact one of their real estate specialists by email or phone. Coldwell Banker Lightbourn Realty is also located on Harbour Island.
Buying a Bahamas property requires a permit from the Government. Foreigners are allowed to purchase property in The Bahamas. For purchases over $500k, foreigners are eligible to purchase a Home Owners Resident Card. Property taxes are low and only 1% of the property value. Property taxes are split between the buyer and the seller.
The Bahamas Property Fund is managed by Larry Roberts, who has been involved in the real estate industry for more than fifty years. He is a licensed broker and Past President of the Bahamas Real Estate Association. He also holds membership in the Society of Industrial & Office Realtors. Most recently, he retired as the CEO and Managing Broker of NAI Bahamas Realty Commercial. He specializes in negotiating sales and leasing of commercial property.
Buying property in The Bahamas can be expensive because of high fees for lawyers, realtors, and other professionals. However, the process is secure and transparent. During the buying process, the buyer’s attorney will inspect the property’s title to ensure that it is valid. A missing abstract can lower the property’s marketability. The vendor must also ensure that the property’s history is complete and accurate.
Buying property in The Bahamas is a great way to invest your money in an exotic country. It has many advantages, including an investor-friendly tax system, world-class golf courses, and luxurious homes. It’s also home to some of the best beaches and spas in the Caribbean. There are many places where you can buy a property, and the Bahamas Property Group can be your one-stop-shop for purchasing property.
Property taxes in The Bahamas are based on the value of the property. The tax rate varies depending on the type of property, owner, and value. The value of real estate is determined by the real estate tax rate, and includes the value of the land and any improvements. harbour island bahamas real estate It is possible to get an exemption from this tax but you will have to apply.
Value Added Tax – The Bahamas imposes a 10% value-added tax on all real estate transactions. The tax is normally split between the buyer and the seller. However, the first $250,000 of owner-occupied residential property is exempt from VAT tax. Between this value and $500, the tax is 3/4 of a percent of the market value. Moreover, any property with a market value of over $7,000 is subject to a 1.5% tax rate on the market value.
When considering Bahamas Property investment, it is important to consider the size and location. Whether you plan to purchase a condo, a single family home, or an entire island chain, there is a sizeable choice. The size of the islands and the number of amenities make them an attractive investment. Buying property in the Bahamas is a wonderful way to invest in an exotic and rewarding country.