The real estate market in the Bahamas is well-developed and transparent. Investors looking to buy property in the Bahamas can take advantage of the low tax structure and thriving tourism industry. The country is also home to some of the most luxurious properties in the Caribbean. While most investment purchasers are Americans, Canadians, and British nationals also have a strong presence. Foreigners are not required to obtain a visa for purchasing real estate in the Bahamas.
For those looking to own property in the Bahamas, you can choose between a vibrant city like Nassau and secluded, idyllic islands. The Bahamas has a low crime rate, a favourable tax policy, international accessibility, and inimitable natural beauty. Property taxes in the Bahamas are 1% on properties worth $500k or more. Property taxes are split between the buyer and seller.
Real estate tax rates vary by type and owner. The tax rate is based on the value of the property, including the land and any improvements. The government determines these rates by inspecting the property. A property owner may qualify for an exemption from paying real estate tax if they are a U.S. citizen or resident.
The transactional cost of buying real estate in the Bahamas is around 15% to 20% of the net price. This includes government stamps on the conveyance, legal and recording fees, and a real estate agent’s commission. Although the Bahamas has gone through several governments in recent years, the political situation has remained stable. The country’s government follows the Westminster system of governance.
Besides the luxury properties, there are also some affordable properties in the Bahamas. For example, there are luxury homes on the islands with as little as 1 to 20 bedrooms. These are typically around 245 square meters in size. Popular areas in The Bahamas include Nassau, North Eleuthera, Bailey Town, and Elbow Cay. You can also save the homes you’re interested in and be alerted to them with email alerts.
If you’re looking for a vacation home or an investment property in the Bahamas, waterfront properties are often the best option. These properties are located close to the beaches and offer a relaxing, resort-style lifestyle. The islands in the Bahamas are also characterized by their stunning natural beauty. The Caribbean islands also have many benefits, including a stable economy and a large number of residency options.
The Bahamas has a temperate climate all year round. In general, the islands receive 310 days of sunshine per year, with average temperatures in the mid-sixties. harbour island real estate While rainfall is a possibility, it tends to fall in short bursts and is rarely devastating. The trade winds also help cool the island during the summer.
Non-Bahamians can acquire residency in the Bahamas by following a number of guidelines laid down by the government. There are two types of permanent residency: one with the right to work and one without. The former type requires an investment of $500,000 or more.