Buying Bahamas Property can be a very lucrative investment, but there are certain costs that buyers need to be aware of before making a decision. These costs include the government stamp duty on all property transactions valued over $100,000, legal fees, and real estate agents’ commission. In addition, buyers should also be aware of the value added tax (VAT), which is between 7.5 and 25 percent, depending on the value of the property.
In the Bahamas, non-Bahamians are required to register their property, unless it is a private residence. In addition, property owners who intend to rent the property out or develop it for commercial purposes must register it. The cost of registration is split 50:50 between the vendor and the buyer. Using an attorney to complete the transaction is recommended, although it is not necessary. The fees of an attorney typically run about 1.5% of the sale price.
A good mortgage broker should be able to help you secure financing for your property purchase. Enness is a leading high-value mortgage broker in the Bahamas and can help buyers who are considering buying a $2 million+ property in the country. Enness can talk you through the options and answer any questions you may have about financing your Bahamas property purchase.
There are many different types of real estate in the Bahamas. For example, you can buy beachfront property in Nassau or Paradise Island, which are both ideal for families. Both islands have vibrant tourism industries. You can also buy luxury condominiums in the capital city of Nassau. lyford cay bahamas rentals A luxury waterfront property in the Bahamas can fetch upwards of US$14 million, and the same applies for properties in Paradise Island.
The Bahamas Property Fund’s board of directors includes Larry Roberts, who has been in the real estate industry for over 50 years. He is a licensed broker and past president of The Bahamas Real Estate Association. He is also a member of the Society of Industrial and Office Realtors. Most recently, Roberts served as the Managing Broker and CEO of NAI Bahamas Realty Commercial. He is an expert in negotiating sales and leasing of commercial properties.
If you’re a US citizen looking for a luxury property investment, Bahamas Property is the perfect place to invest in. The country’s pristine beaches and pristine climate have made it one of the world’s most sought after destinations for property investments. The Bahamas is accessible by plane, and it’s just a three-hour flight from New York or Miami. Moreover, English is the official language, so you don’t have to worry about language barriers.
The Bahamas has no income tax, inheritance tax, or capital gains tax, making it an attractive destination for international business executives. The Bahamas also has a very stable, democratic government. The country’s climate is perfect year-round and it has a large expat population. Purchasing Bahamas Property is a safe, lucrative investment.