Are You Ready to Purchase a Bahamas Property?
There are many advantages to purchasing a Bahamas property. In addition to enjoying the laid-back lifestyle, the country's real estate market continues to thrive. With a diverse population of both locals and international visitors, the Bahamas property market continues to grow and thrive. To find out if you are ready to purchase a Bahamas property, keep reading! Here are a few tips to keep in mind. First, make sure that the agent you're working with is a member of the Bahamas Real Estate Association.
When it comes to buying a Bahamas property, foreigners do not need a license. In fact, more than 80% of buyers are Americans. If you purchase undeveloped land over five acres, a permit may be required. In addition, you may need to register your property with the Investment Board and Central Bank. These two government agencies oversee property ownership. Having the proper licenses and permits to invest in a Bahamas property will allow you to enjoy the benefits of owning a property there.
Another plus to purchasing a Bahamas property is its tax structure. The Bahamas boasts the third largest shipping registry in the world. Foreign property purchasers also enjoy a home owner's residency card. Property taxes in the Bahamas are very low - only 1% for properties worth $500k and higher. Stamp duty is split between the buyer and the seller. A real estate attorney is recommended if you are unsure about the tax implications. You should also ask the vendor to provide a complete and accurate history of the property.
Aside from beautiful natural features and breathtaking views, the Bahamas also offers friendly locals and a relaxing lifestyle. The government's stable economy and growing economy make it a desirable place to invest. For example, foreigners can purchase Bahamas property as a second home or as a retirement investment. For a second home, you can apply for a Home Owners Residence Card that will ease your entry into The Bahamas. You'll also need to pay a fee to acquire this card.
Another benefit of owning a Bahamas property is that there are so many ways to enjoy the paradise lifestyle. You can choose to build your vacation home on a beachfront, develop a luxury resort, or even build your own hotel or resort. In addition, the tax system in the Bahamas is incredibly friendly for foreign investors. Lastly, the islands have great weather, so you can enjoy a wonderful holiday without worrying about the tax bill. http://samdarnoldjersey.com/what-are-the-things-to-consider-when-purchasing-a-mattress/ All of these benefits make the Bahamas a top investment destination for a wide variety of investors.
Buying a Bahamas property is relatively easy. There are no taxes on income or capital gains, and no inheritance or sales tax. However, there is a tax on the conveyance of real estate, called Stamp Duty (+VAT). In addition, foreigners can own free-title property, if they are qualified to do so. Aside from tax laws, you'll also need to pay fees for a real estate agent and the seller's legal representation.