The Bahamas is a beautiful archipelago of hundreds of islands. There are a number of advantages to buying a property here. The tax structure is investor-friendly and the country offers world-class golf courses, shopping and spas. Additionally, the Bahamas offers some of the most luxurious homes in the Caribbean.
Despite the economic downturn, the demand for residential properties in the Bahamas is rising again. The local real estate agency, Brookes & Co, reports a sharp uptick in client interest in five-star properties. Clients are buying properties now at lower prices in anticipation of an upward price trend in the months and years ahead. According to the latest figures from the Caribbean Tourism Organization, the Bahamas attracted a total of 1,136,898 stopover visitors in 2013, making it the fifth most popular destination in the region.
Purchasing Bahamas property may be costly, but the legal system encourages foreign investment. In addition to offering a tax-free environment, the Bahamas government has loosened residency requirements and created several policy documents to make it easy for non-Bahamians to purchase property. The International Land Holdings Act 1993 is one such piece of legislation, which seeks to simplify the process of purchasing Bahamian property. The first step in purchasing a property in The Bahamas is to register the property with the Investments Board. The registration fee ranges from $25 to $100.
If you plan to buy a property in The Bahamas, you may want to use the Bahamas Multiple Listing Service (MLS). This cooperative data exchange program allows participating brokers to exchange property data with one another. Listings from participating brokers will be listed with the IDX Symbol, which indicates that the listing brokers have agreed to exchange information regarding a property. The MLS does not guarantee the accuracy of property information, however.
The Bahamas is home to several beautiful islands. One of the most famous is Grand Bahama, which boasts every luxury amenity you could imagine. It is also home to the capital city, Nassau. The city is located on 21-mile-long New Providence island, which is connected to the neighboring Paradise Island by bridge. The two islands share a common border. As a result, there are many properties for sale in this region.
Investors are returning to the Bahamas property market after the global financial crisis. This is due in large part to the fact that the Caribbean has lost around 30% of its value since the global financial crisis hit the region in 2007. Moreover, ocean club estates bahamas of real estate in The Bahamas has dropped by 40% during that time. Fortunately, the housing market has steadied since Hurricane Dorian. However, foreign investors should avoid purchasing property unless they have a residency visa.
In the Bahamas, taxes on property are low. Usually due on the last day of December, property taxes are paid to the Department of Inland Revenue. This process is secure and transparent. In addition, the buyer’s attorney will check the property’s title to make sure that it is properly recorded. In some cases, missing abstracts or deeds may reduce the property’s marketability.