The process of purchasing a Bahamas Property begins by hiring an attorney who will research the land’s title and any encumbrances. A break in the chain of title owners, for example, or missing abstracts will greatly reduce the marketability of the property. There is no requirement for title insurance in The Bahamas, but you will need to make sure the title is clean before you proceed. Also, keep in mind that you must get approval from the Government before you purchase a property.
Once you’ve decided to purchase property in The Bahamas, you’ll need to find a lender. There are bahamas luxury real estate of major banks that offer mortgages to Bahamians and permanent residents. Some offer up to 25-year terms with as little as 10 percent down. Some institutions even grant mortgages to foreign nationals. There are a number of restrictions and interest rates that will apply to your loan, so you should shop around and find the best mortgage for your personal needs.
While many people purchase Bahamas property as a vacation or second home, non-Bahamians who are buying for their second home or commercial development need to have a government permit. To obtain a permit, foreign investors must register with the Foreign Investment Board and Central Bank of The Bahamas. They must then file a tax return with the Investments Board. Once registered, they can then take their net proceeds out of The Bahamas in the currency of their initial investment.
Foreign buyers have been attracted to the Bahamas’ real estate market because the country is tax-attractive and investor-friendly. It is also home to a vibrant tourism sector, which is responsible for driving the country’s economic success. The Bahamas has a low crime rate, and a welcoming immigration policy. With these factors in mind, investment opportunities are abundant in The Bahamas.
While the demand for residential property in The Bahamas has been decreasing since the global financial crisis, the demand for residential property has rebounded in some areas. A recent Engel & Volkers report shows that there were 20% fewer residential sales in 2019. The government has also recently closed the country’s international borders to prevent the spread of the coronavirus. The decrease in air and sea travel by international visitors is expected to be even higher by March 2020.
The Bahamas islands are home to some of the most beautiful waterfront properties in the Caribbean. With idyllic white sand beaches and crystal-blue waters, these properties are among the most desirable real estate opportunities in the country’s archipelago. Whether you are planning a luxury resort, single-family residence, or a luxury hotel, there is a property that will meet your needs.
Buying a Bahamas property involves a number of legal and financial obligations. Aside from paying a real estate agent’s fee, the seller also has to pay for stamp duty on the conveyance. The Bahamas government has also imposed Value-Added Tax (VAT) of 7.5 percent on all real estate transactions. It is recommended to use a lawyer to assist in the buying and selling process.