The purchase and sale of property in the Bahamas is typically handled through a Bahamian attorney or counsel. This attorney will act on the client’s behalf and take necessary steps to ensure that the title to the property is clear and good. The attorney will also arrange for the completion of the transaction. The Bahamas Property Code requires buyers to pay a stamp duty that varies depending on the purchase price.
The Bahamas is a picturesque archipelago of hundreds of islands. Investors can benefit from the country’s attractive tax regime and access to world-class shopping and spas. Luxury homes for sale and rent can be found in a variety of locations throughout the archipelago. Here, you can find the perfect property that matches your tastes and lifestyle.
The Bahamas is home to some of the most exquisite real estate in the world. American investors are attracted by its proximity to the US and the attractive lifestyle it offers. The low tax environment and stable political system also make it a good place to invest. The government is also committed to making the country more accessible to investors and property owners. In October 2002, the country established the ministry of financial services and announced plans to streamline the purchasing process for real estate.
There are no income, capital gains, or inheritance taxes in The Bahamas. However, there is a compulsory stamp duty (VAT) on property conveyance. The VAT is 7.5 percent, and is also paid on legal fees and commissions. In addition, the Bahamas government earns revenue through customs duties. Duty rates on imported goods average 35 percent. Value Added Tax is added on top of this.
When buying Bahamas property, it is important to know what type of residency requirements you must satisfy. If you intend to live in the Bahamas permanently, you’ll need to register the property. If bahamas luxury real estate is less than five acres, you don’t need a permit. However, if the property is larger than five acres, you’ll have to apply for a permit from the Bahamas Investment Authority. The government does not require a passport, but it does require proof of residency, which is vital for anti-money laundering purposes.
Non-Bahamians are encouraged to invest in the Bahamas. As part of this policy, the Bahamas government has developed policy documents that make the purchase of Bahamian property easier for non-Bahamians. The International Land Holdings Act, 1993, is one such policy document. To buy a property in The Bahamas, non-nationals must register with the Central Bank and the Investments Board. This registration process typically costs $25 to $100.
When buying Bahamas property, it is important to understand the local architecture. Traditional buildings are made in a colonial style, with island accents. These properties often feature dormer windows and high-pitched wood shingle roofs. In addition, homes often feature wooden covered verandahs and French doors. However, some modern homes have removed these features in favour of modern features. The Bahamas also has a large expatriate community.