When it comes to purchasing property in the Bahamas, there are many things you need to keep in mind. First of all, you should know that non-Bahamians must apply for a permit if they want to own property in the country. While this process is generally simple, it is important to keep in mind that there are certain legal restrictions that you should be aware of.
One of the best ways to find out what is on the market in the Bahamas is to visit a real estate website that has a database of properties. The Bahamas Multiple Listing Service, or MLS, is a cooperative data exchange program for listing property in the Bahamas. Brokers participate in the program, and their listings are marked with an IDX Symbol and Courtesy of The Bahamas MLS. The information they provide is reliable, but you should still check important facts before making a final decision.
Another important factor that should be considered when buying a property in The Bahamas is its tax structure. The Bahamas is a low tax jurisdiction, and the real estate market is largely mature. Therefore, you can feel comfortable knowing that you will be getting a good deal for your money. In addition to that, the process is highly secure and transparent. The buyer’s attorney will check the property title to make sure it is valid. Any missing abstracts can make the property less marketable. It is also important for the vendor to provide all the necessary documents about the history of the property, so that they are easily available to the buyer.
The transactional costs for purchasing real estate in The Bahamas vary greatly, but are usually around 15%-20 percent of the net price. These costs include the government stamp on the conveyance, legal and recording fees, and a real estate agent commission. There have been a few government changes, but most of them have been smooth and uneventful. The Bahamas government’s governance model follows the British Westminster system.
The property tax in The Bahamas is 2% of the property’s value. Non-Bahamians may be exempt from this tax if they hold the property for at least two years. This is intended to encourage development, and is a good incentive to do so. Additionally, non-Bahamians who develop subdivisions may also be exempt from paying the tax. luxury homes for sale in the bahamas are also available, so make sure to check the Real Property Tax Act for the details.
The Bahamas Property Fund is a real estate investment trust that owns commercial properties in The Bahamas. Its properties include the Bahamas Financial Centre and One Marina Drive in New Providence. The Bahamas Property Fund’s shares are traded on the Bahamas International Securities Exchange under the symbol “BPF.” The fund is managed by Royal Fidelity Bank & Trust and is headquartered in Nassau.