Before buying a property in the Bahamas, you should make sure it is legally transferable. In order to do this, you can consult the government’s records. Check whether the seller paid taxes on the property in the past and whether the buyer was able to complete the transaction. If the buyer is not present, an attorney will typically complete the transaction. The Bahamas government’s office for real estate will provide you with this information. Ensure that you understand all the laws regarding Bahamas real estate before purchasing.
The Bahamas is a premier centre for bahamas real estate business and tourism, and its government encourages investment in the real estate sector. Government policies are geared towards promoting consistent growth in the real estate sector. In October 2002, the Bahamas’ new ministry of financial services announced its intention to simplify the process of purchasing real estate. In addition, the Bahamas boasts some of the best shopping and golf courses in the Caribbean, making it an attractive investment for foreign investors.
Before the outbreak of the coronavirus, demand for residential property in the Bahamas was already declining. According to Engel & Volkers, there were 20% fewer sales in the first half of 2019. In March 2020, the government closed its borders to international tourists to prevent the spread of the virus. This slowed tourism and property sales, and in Q1 2020, international arrivals fell 14.7% y-o-y, according to Global Property Guide. Additionally, air travel declined 28% in the first half of 2020, and the Bahamas is expected to see even more significant declines in Q2 and Q3 of 2020.
The Bahamas welcomes foreign investment and has created several policy documents that encourage this. The International Land Holdings Act 1993, for example, makes it easier for non-nationals to purchase Bahamian property. However, it requires registration with the Investments Board and the Central Bank. Registration fees vary between $25 and $100, but it is worthwhile to take the extra few steps to ensure you own the property legally. In addition to being tax-free, the Bahamas also has attractive real estate and tourism industries.
Mario Carey is the president and CEO of Mario Carey Realty. He is a highly respected real estate agent in the Bahamas. His firm holds the record for selling the largest beachfront property in the Bahamas – a $21 million vacant piece of land. He has also been the top producer in Ocean Club Estates since 1999. In short, he knows the islands and can help you make an informed decision. So, if you’re looking for a Bahamas real estate deal, look no further.
There are no capital gains tax, income tax, inheritance tax, and corporate tax in the Bahamas. The capital city is on the island of New Providence. Other cities include Nassau and Freeport. Property in the Bahamas can be found on ‘Out Islands’ such as Andros, Bimins, and Berry. Moreover, the Bahamas can be easily reached from New York City in 2.5 hours. The economy is a stable one. You can be sure of a good return on your investment.