Bahamas Property Act Buying Property in the Bahamas For a NonBahamian

As a non-Bahamian, buying property in the Bahamas will require you to register your purchase with the Foreign Investment Board. If you plan to use the property for business purposes, you must have a license to operate as a business. Fortunately, the Bahamas Property Act makes the process as smooth as possible for both parties. Read on to find out more. Below are a few tips to help you purchase property in the Bahamas.

First, you should look for a real estate agent that specializes in the Bahamas. One of the best places to start is with the Bahamas Property Group. This company has been in the business for years and understands how important it is to have accurate and useful information about the island. Its website is designed to be a one-stop shop for buyers and sellers. Browse their listings to visualize your dream home. After all, the Bahamas has a unique culture that will make it worth your time and money.

The Bahamas government charges VAT on real estate transactions. It is 10% of the market value and is shared between the buyer and seller. The first $250,000 of residential property is exempt from VAT. Properties that cost between $250,000 and $500,000 are taxed at 3/4 of a percent of the market value. Once this amount is exceeded, the market value of the property is taxed at one-half of the market value, a rate of 1.5 percent per year.

Once you've made the decision to buy property in the Bahamas, you'll need to decide whether it's a good idea. The government has made it easy for foreigners to own property here. However, you must make sure that you do your research before committing to a purchase. There are a lot of advantages and disadvantages to renting property in The Bahamas. One of them is that you won't have to deal with a Home Owners Card. Instead, you can explore the islands.

To own property in The Bahamas, you will need to file a Declaration of Real Property. This document should be signed by you and witnessed by a third party. This person can be a magistrate, registered medical practitioner, bank officer, minister of religion, or notary public. The Chief Valuation Office can assess your property retrospectively for ten years. This notice will be served on you five days after publication. To avoid being penalized for not paying tax, make sure you pay the right amount.

If you have saved money for the purchase, you may want to consider buying property in The Bahamas. While the Bahamas property market is relatively stable, it's important to exercise due diligence before making a final decision. http://ramaquaproducts.com/comfort-and-support-of-mattress-whats-the-best-ratio/ Fortunately, the government has loosened immigration rules to allow foreigners to own free title to real estate. This opens up a wealth of investment opportunities for foreigners. Once the Bahamas was only for the rich, now foreigners can buy free title real estate in the country.