When it comes to investing in Bahamas Property, a good place to start is with a reputable broker. The Bahamas Multiple Listing Service (MLS) is a cooperative data exchange program for real estate agents and brokers. This program provides accurate and timely information on available properties for sale. The Bahamas MLS has brokers who are members of the program, who are often marked with an IDX symbol and the words “Courtesy of The Bahamas MLS.” While this database is extremely reliable, it is still advisable to check the facts and figures before investing in any property.
The Bahamas has a low tax structure and a well-developed real estate market. Purchasing property is possible for both foreigners and residents. Foreigners who purchase property in the Bahamas are usually eligible for a Home Owners Resident Card and can pay property taxes up to 1% of the property value. The buyer must ensure the information on the property is correct, including the title, since missing abstracts can make a property less marketable.
The Bahamian economy has experienced a recent resurgence, and investment property is no exception. Previously, Bahamas property was only accessible to the wealthy, but now foreigners can purchase property in the country without a visa. bahamas luxury real estate , there is a booming tourism industry and strong rental yields.
While it is not necessary for non-Bahamians to obtain a permit to buy property in the Bahamas, they must apply to the Bahamas Investment Authority (BIA) for approval. The BIA requires a project proposal, financial projections, and employment needs. If you’re buying property for business purposes, it is a good idea to purchase the property as part of a company.
If you’re looking to invest in property in the Bahamas, you should consider Eleuthera. This 110 mile island is 50 miles east of Nassau and has a thriving investment property market. It embodies everything that’s great about the Bahamas. You can also consider Exumas, a district of over 360 islands in the Bahamas. This district is less populated than the Grand Bahamas but is home to some amazing properties.
You can also obtain a mortgage in the Bahamas if you are a permanent resident of the country. The Bahamas government has recently adopted the International Persons Landholding Act, 1993, which allows non-Bahamians to purchase real estate. This law also allows non-Bahamians to buy single-family homes.
In the Bahamas, property taxes must be paid on time. These taxes are billed by the Department of Inland Revenue in mid-October and are due by 31st December of the same year. If you fail to pay on time, the Department of Inland Revenue will re-assess your property. The maximum amount that can be assessed each year is $50,000.
After the global financial crisis, demand for residential properties in The Bahamas began to fall. According to Engel & Volkers’ 2019 Real Estate Market Report, there were 20% fewer residential sales in 2019. The government’s decision to close the borders to international visitors in March 2020 is likely to have even greater impact on the market. In addition to falling property prices, tourism figures will be much lower in Q2 2020 than they are today.