Real estate in the Bahamas is subject to tax. The tax is 2% of the market value of the property. The tax is applied to both Bahamians and non-Bahamians who own real property in the Bahamas. A “Bahamian” is defined as a Bahamian citizen or a company registered under The Companies Act, which is required if more than 60% of the shares are held by Bahamians. Property owners are required to file annual returns with the Chief Valuation Office.
Property investors looking to invest in real estate in the Bahamas should consider the advantages that it offers. The island country is home to some of the world’s most exclusive properties. This attracts affluent buyers from all over the world. The warm climate, festive traditions, and laid-back lifestyle make the Bahamas an attractive investment opportunity.
The Abaco Islands are a popular tourist destination and comprise a 120-mile chain of islands that span 650 square miles. The Abaco Islands have a thriving downtown area, while Marsh Harbour is the mainland location. The islands’ many beaches and colonial buildings make these areas popular with visitors.
Property in the Bahamas can offer attractive rental opportunities. A high-end vacation home can generate thousands of dollars in rental income when not in use. For example, a home on Harbour Island can rent for six to ten thousand dollars a week. That’s not bad for a property that requires less capital than a property in Florida.
The Bahamas Property Fund is led by Larry Roberts, who has been in the industry for over fifty years. He is a licensed broker and Past President of the Bahamas Real Estate Association. He is also a member of the Society of Industrial & Office Realtors. His extensive experience in the Bahamas real estate industry includes leasing and selling commercial real estate in the Bahamas.
When purchasing Bahamas property, buyers and sellers should consider the fees and taxes involved. harbour island real estate The fees are typically between nine and twenty percent of the net price. These costs include legal fees, recording fees, and the commission paid to a real estate agent. Customs duties are another source of government income, which averages at thirty five percent.
The Bahamas is an internationally recognized financial hub. Its political and financial stability make it an ideal location for foreign investors. It is also one of the oldest parliamentary democracies in the Western Hemisphere. Columbus made landfall here in 1492. Despite its small size, the Bahamas has a rich history of tourism and real estate.
There are many opportunities for purchasing a piece of Bahamas property. Andros Island, for example, is home to the largest island in the Bahamas, with a total area of 2,300 square miles. There are single family homes and condominiums for sale, as well as vacant land.