Bahamas Property How to Buy and Sell Bahamas Property
When buying Bahamas Property, it's vital to have a lawyer present. This is particularly important for foreign buyers who don't speak the local language. A legal professional can spot any problems with title, which can make the transaction more complex and expensive. Property taxes in the Bahamas are based on assessed value, and 1% of the purchase price applies to properties under $500,000. Buying an owner-occupied property will cost an average of $60,000 per year.
The process involves three main steps. First, the owner of real property files a Declaration of Real Property. This document must be signed by the owner and witnessed by an authorized person (such as a bank official, a magistrate, a registered medical practitioner, a minister of religion, or a notary public). Once the owner files the Declaration of Real Property, the process is completed. Then, the property's value is assessed by the Chief Valuation Officer. This assessment may be retroactive up to ten years. The Chief Valuation Officer publishes the assessment and serves a five-day notice on the owners.
Taxes in the Bahamas are high. The cost of hiring a lawyer and realtors can be significant. Fortunately, there is a new law that made purchasing foreign property in the Bahamas easier than ever. The International Persons Landholding Act, which replaced the Immovable Property Act of 1981, made foreign property acquisition much easier. Unlike in other countries, foreign buyers only need to apply for permits if they intend to build on property more than five acres or buy undeveloped land. After purchasing the property, however, foreign buyers must register the property with the Investment Board and Central Bank.
When selling a property in the Bahamas, it is important to employ the services of a licensed BREA agent. This agent knows the features of a property that will make it desirable to potential renters. A home with updated features may be more attractive to buyers, so consider these upgrades when listing your property. You'll be glad you did! After all, your home will be a great investment for years to come. And you'll have a beautiful place to spend your retirement years.
The Bahamas government offers a unique investment opportunity. With its proximity to the U.S., excellent healthcare, and a host of attractions, investing in real estate in the Bahamas is a wise choice. However, make sure you do your research before you purchase property in the Bahamas. The decision to invest is a big one, and the benefits of living in this tropical paradise are well worth the price. http://my-roku-login.com/how-to-determine-whether-your-mattress-is-the-source-of-your-back-pain/ And don't forget to check the property taxes, as well.
A real estate agent should be able to provide you with a comparative market analysis. This is a great way to decide what to sell your property for, since it will show you what similar properties have sold for in the neighborhood. International buyers continue to flock to The Bahamas, and demand for real estate continues to rise. People from all over the world want to live a relaxed, carefree lifestyle. It's no wonder the demand for Bahamas property is so high!
