Before you decide to buy a Bahamas property, you should be aware of all the legal requirements. In most cases, you will need to register your property with the Registrar General’s office. This is a mandatory procedure if you have an undeveloped piece of land, or if it is more than five acres in size and not intended as a private residence. You should also know that the process is completely transparent and secure. However, if you are not a native of the Bahamas, you may be required to pay additional fees.
There are a variety of taxes that may apply to a Bahamas property. First, there is a 10% VAT tax on real estate transactions, which is split between the buyer and seller. For example, if you’re buying a property worth $250,000, the VAT tax will be about 3/4 of a percent. For a property worth $500k or more, the tax rate will be 1% of the market value. The government will also charge a stamp duty of one percent on properties worth over $7000.
The tax system is favorable in the Bahamas, which makes it a popular investment destination. In addition to tax advantages, the Bahamas has a healthy tourism sector. Its economy is driven largely by travel and the country’s government is continually investing in the sector. These factors have helped the country’s real estate sector experience strong growth since the downturn. In fact, analysts predict that 2015 will be the year when the region will recover and sales will reach pre-crisis levels. harbour island real estate Furthermore, the World Travel & Tourism Council has predicted that the country’s tourism industry will grow by more than three percent per year until 2024.
Another island in the Bahamas that offers plenty of opportunities for investing in real estate is Eleuthera. People buy property here as a second home or for relocation purposes. The town of Spanish Wells is located on the island of Eleuthera, which is close to the island of Harbour Island. Dunmore is the largest town on Harbour Island, and golf buggy is the main mode of transport.
If you’re looking for a luxury vacation home, this is an opportunity you shouldn’t miss. This stunning four-bedroom property is on the harbour side of the island and offers panoramic views of the harbour. It is also on three levels, spanning nearly two acres, and boasts 5,000 square feet of luxurious interior space. The property also includes a common swimming pool and an office.
When buying a Bahamas property, you should know that there are no income, inheritance, or capital gains taxes in the country. However, there is a real property tax in place. This tax is applied to all real property in The Bahamas, including vacant land. In some cases, you may be able to get an exemption for the property if you are a foreign national. However, this exemption is not automatic. You need to apply for it using the Application for Tax Concession.