The Bahamas Property Group is your one-stop shop for all your real estate needs in The Bahamas. With decades of experience in the area, they can provide you with the best information regarding the Bahamas property market. From investment properties to beachfront homes, these professionals can help you find the perfect property for you. Whether you’re looking to buy a new home or invest in an existing one, Bahamas Property Group will help you find the perfect place for your family.
The Bahamas has countless opportunities for investment. From a bustling capital city to a small, secluded island, there is something for everyone. The tax structure is highly favourable, making this island nation a popular choice for many. Compared to other Caribbean nations, the Bahamas attracts a more diverse group of nationalities. Its major islands, New Providence and Paradise Island, are home to bustling tourist industries.
Buying a property in The Bahamas can be a great way to invest in a thriving country with low crime rates and high rental yields. The Bahamas is home to some of the most prestigious real estate in the world, and foreign investors are flocking to these islands. The country’s low crime rate and relaxed immigration policy are also a big draw for property buyers. Moreover, there are a wide range of opportunities to finance and own real estate in The Bahamas, making it a great choice for those with limited financial resources.
In order to own property in The Bahamas, foreign investors must acquire a license from the government. These licenses are necessary if you plan to buy property over two acres and if you intend to develop it or rent it out for profit. In addition to the license, you also need to register your investment with the Foreign Investment Board (FIB).
There are over 700 islands in The Bahamas. Many celebrities have purchased islands in the Bahamas. Johnny Depp, Faith Hill, and David Copperfield have bought Bahamas property. The latter purchased eleven islands for more than US$50 million. Faith Hill bought a 17-acre beachfront parcel in 2006 and Tyler Perry purchased a 20-acre island for US$6.4 million in 2009. ocean club estates Prince Aga Khan IV spent up to US$100 million to buy the 349-acre Bell Island in 2009, while Shakira bought Bonds Cay for US$16 million.
The Bahamas property market is characterized by low taxes and minimal government fees. There is no income tax or inheritance tax in The Bahamas. However, there is a value-added tax (VAT) on property conveyances. This tax is 7.5 percent and is due on all property transactions, including sales, rentals, and legal fees. The Bahamas government also raises revenues through customs duties on imported items. The average duty rate is about 35 percent. In addition to the duty, VAT is also charged on imported goods.
Since the global financial crisis, the Bahamas’ property market has been struggling. According to the latest figures from Engel & Volkers, the market fell by 20% in 2019. While the economy has recovered since the hurricane, demand for residential properties has dropped even further.