The Bahamas is a stunning archipelago comprised of hundreds of islands. The country boasts a stable economy, low crime rate, and flexible immigration policy. Its natural beauty and climate make it a desirable place to buy property. It also has a tax regime that favors foreign investors. And if that isn’t enough to attract you, the Bahamas offers some of the most luxurious homes in the Caribbean.
Before you purchase a Bahamas property, it is important to obtain a permit from the government. This is usually required for properties larger than two acres or for commercial development. If you are not a Bahamas citizen, you should register your property with the Foreign Investment Board and the Central Bank of The Bahamas. You can then take the net proceeds out of the Bahamas in the currency of your original investment.
One of the most famous islands in the Bahamas is Exumas, which has more than 700 islands. Johnny Depp filmed Pirates of the Caribbean here, and David Copperfield purchased up to 11 islands for US$50 million. Faith Hill bought a 17-acre island in 2006 and Tyler Perry bought a 20-acre island in 2009 for US$6.4 million. Prince Aga Khan IV spent up to US$100 million for 349-acre Bell Island. Meanwhile, Shakira bought Bonds Cay for US$16 million in 2011.
The islands in the Bahamas are home to some of the most luxurious waterfront properties in the Caribbean. From posh luxury estates to remote resorts, there’s something for everyone. The country is also known for its friendly locals and a stable and growing economy. Its main industry is tourism. Investing in a Bahamas property is an excellent way to enjoy an island lifestyle.
Before the outbreak of the coronavirus, demand for residential properties had started to fall. According to Engel & Volkers’ 2019 Real Estate Market Report, the Bahamas had 20% fewer residential sales than it had in the previous year. A further 10% fall was expected in 2020, as the Bahamas government shut down its international borders in an effort to prevent the spread of the virus. lyford cay real estate The government is attempting to prevent the spread of the disease by reducing tourism to the island. But since Hurricane Dorian, the market has steadily recovered.
Real property tax in the Bahamas varies, depending on the type of property you’re buying and the price. There is a 2.5 percent Stamp Duty tax for less than $100,000 and 7.5 percent VAT for commercial property. However, if you’re a first-time buyer, you can claim a tax exemption for residential properties. The government has also set fees for realtors, which can vary between 2 and 8% of the purchase price.
There are other fees associated with buying Bahamas property. The real estate tax is comparatively modest, but the Grand Bahama Port Authority levies a surcharge for Freeport land.