The Bahamas is an investor-friendly archipelago of hundreds of islands. ocean club estates bahamas is home to some of the most luxurious homes in the Caribbean and has an excellent tax regime. Many celebrities, including Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan, have real estate in The Bahamas. But it can be challenging to find a property in The Bahamas that will suit your budget.
Grand Bahama is the largest and most well-known of the Bahamas islands. It boasts every conceivable amenity, and Grand Bahama property is considered to be some of the finest in the Caribbean. Nassau, the capital city, is situated on the 21-mile-long New Providence island. It is linked to the neighboring Paradise Island by a bridge. Nassau, the capital of the Bahamas, is the largest city in the archipelago, and is the main destination for tourists from all over the world.
The legal system in the Bahamas is based on British Common Law, creating a legal environment that is transparent. The government has also taken extensive steps to relax residency rules. In fact, if you own a property valued at over $1.5 million, the Bahamas government will expedite your residency request. This provides an excellent opportunity to purchase real estate in the Bahamas and virtually obtain residency in the country.
Real property tax in the Bahamas is a flat 1%. This applies to individuals, partnerships, and corporations. However, some types of real property are exempt from taxation. Therefore, it is important to understand the tax implications of owning a property in The Bahamas. The real property tax system in The Bahamas is a very secure system.
Foreigners are not required to obtain a permit before purchasing real estate in The Bahamas. However, if you plan to develop a property or rent it out, a government permit will be necessary. You must also register your investment with the Foreign Investment Board (FIB) and register your investment with the Bahamas’ Central Bank. If you sell your property in The Bahamas, you’ll be able to take the net proceeds in the currency of your original investment.
The Bahamas property market has recovered from the economic slump, with prices rising again. Once reserved for the wealthy, the Bahamas are now available to all investors. There are various investment options, including fractional ownership and full rental and management packages. The island’s low crime rate, international accessibility, and natural beauty make it an attractive investment choice.
Foreign nationals can also obtain a mortgage in The Bahamas. Various major banks offer mortgages, some with terms of 25 years and a minimum of 10 percent down payment. However, interest rates and down payments vary from institution to institution. Whether you want to finance a purchase or refinance, mortgages are available for foreign nationals.
The Bahamas’ property market has experienced a slowdown since the global financial crisis. Before the outbreak of the coronavirus, demand for residential property fell by as much as 20%. According to the Engel & Volkers’ 2019 Real Estate Market Report, fewer residential sales were recorded. In March 2020, the Bahamas will close its borders to international tourists to prevent the spread of the coronavirus. As a result, air and sea travel numbers are expected to fall further. Despite the slowdown, the property market is stabilizing.