Bahamas Property – Buy Harbor Island Real Estate in Paradise
The Bahamas is a pristine archipelago of hundreds of islands with a pristine real estate market and a low tax structure. You can buy property here with confidence knowing that the process is safe and transparent. Buyers and sellers should both hire an attorney to verify the title validity. It’s best to verify abstracts and other documents before committing to a deal.
The Bahamas has a thriving tourism industry. Its infrastructure includes the third largest shipping registry in the world. Buying property in the Bahamas can be done by foreigners. Depending on the value of the property, foreign buyers can get an annual Home Owners Resident Card. Property taxes in the Bahamas are low – 1% on properties worth $500k or more. There is no stamp duty for purchasing property in the Bahamas.
The Abaco Islands are a popular tourist destination. They are a chain of 120 islands that cover an area of 650 square miles. The main town of Marsh Harbour is a popular mainland destination with a lively downtown. Stunning beachfront property on Treasure Cay and the colonial-style Elbow Cay are also popular options for vacation property.
If you are interested in investing in Bahamas real estate, consider hiring a specialist broker. Enness is a leading high-value mortgage broker in the country and can assist you in getting financing for your property. The broker will talk you through your options and answer any questions you may have. It’s important to remember that there is no obligation to buy if you don’t feel confident.
If you are looking for property in the Bahamas, you’ll be pleasantly surprised at the wide array of options available to you. You’ll find single-family homes, condos, townhouses, vacant land, rental properties, and much more. The Bahamas can offer you countless ways to live in paradise.
harbour island real estate Although there are no sales taxes, income tax, or inheritance taxes, the Bahamas government charges VAT on all real estate transactions. This tax is generally shared by the buyer and seller. However, if you buy owner-occupied residential property, the first $250,000 is tax-exempt. From there, the tax is 3/4 of a percent of the market value. For properties that cost more than $500,000, the VAT rate increases to 1.5% per year.
If you want to own a property in the Bahamas, you can apply for a Home Owner’s Residence Card from the Department of Immigration. The application fee is $100 non-refundable, and the issuance fee is $500. In addition, you’ll need a permanent or annual residence permit to live in the country.