Before ocean club estates bahamas buy Bahamas property, you should first find out the rules and regulations that govern real estate in the country. Real estate in the Bahamas is taxed by the Bahamas Real Property Tax Act, which lists categories of property and sets out how its value is measured. The law applies to individuals, corporations and partnerships, and includes certain exemptions for certain types of property.
The Bahamas has one of the most attractive investment climates of all the Caribbean. Its low crime rate and relaxed lifestyle make it a popular choice among property investors. In addition, foreigners can buy real estate in the Bahamas, as long as they are registered with the Foreign Investment Board. A typical property can fetch millions of dollars.
Many celebrities have bought Bahamas property. The island nation is home to some of the most breathtakingly beautiful properties in the world. Stars like Nicolas Cage, Maria Carey, Sean Connery, Michael Jordan and Tiger Woods all own homes here. In addition, prices of these properties are quite affordable compared to other Caribbean vacation destinations.
A luxury Bahamas property can be anything from a simple beach front property to a large estate in a gated community. Whether you choose a luxury home or a low-rise condo, Bahamas real estate will appeal to any buyer. The islands offer many residency options and an economy that is growing steadily.
The Bahamas is home to a variety of islands and a bustling capital city. With an attractive tax system, the country is a safe and secure market for foreign investors. Real estate in the Bahamas is easy to enter and exit, and there are numerous development projects and financing options that make it possible for foreigners to buy real estate here.
In order to buy real estate in the Bahamas, foreigners must obtain a permit from the government. These permits are necessary if they are purchasing land over two acres or intend to rent it out or develop it for commercial use. In addition, they must register their investment with the Foreign Investment Board. Upon selling the property, the foreign investor will be entitled to take the net proceeds out in the currency of their original investment.
Real estate tax in the Bahamas varies depending on the type of property and who owns it. The amount of property tax payable depends on the value of the land and any improvements. However, a first-time buyer may qualify for exemption from the tax. Additionally, they may qualify for an exemption if the land is not currently occupied.
In addition to a property tax, the Bahamas government also has a Value Added Tax (VAT) of 7.5 percent that applies to property conveyance. All transactions involving real estate also need to be accompanied by real estate agent fees and legal fees.