The process of purchasing a property in The Bahamas is simple and transparent, but you should take some precautions. First, make sure you have the right legal status. It is possible for a non-Bahamian to purchase residential property, but he or she needs to obtain a permit. This permit is given when the investor can show proof of proper development of the property.
Another advantage to owning a property in The Bahamas is the tax system. The Bahamas has a low tax rate and attracts a broader range of nationalities than other Caribbean countries. Moreover, the country is accessible by plane from Miami. The country’s two main islands – New Providence and Paradise Island – are the main centres of tourism.
As a premier tourist and business center, The Bahamas encourages foreign investment in real estate. Its government policy has been geared towards encouraging investment in this sector, while simultaneously promoting tourism and financial services. ocean club estates With the government’s support, the real estate industry is expected to continue growing steadily. The government has implemented a number of reforms, including the creation of a ministry of financial services to streamline the purchase process.
Ocean Club Estates is one of the most exclusive residential communities in The Bahamas. It features a par-72 golf course, exquisite surroundings and waterfront home lots. It also has 88 luxury condominiums with views of the golf course, marina, and harbour. Its residents enjoy world-class service and convenience. In addition, the property is well-maintained and has an excellent location, which makes it an excellent investment.
Despite the recent correction in Bahamas property prices, the housing market has continued to stabilize since the global financial crisis. While some areas suffered up to 60% drops, the overall decline in demand has been less than 20%. The country’s government also offers tax incentives to foreign investors. Moreover, the Bahamas is home to a large expat community. Hence, the property market in The Bahamas is positioned to benefit from the current economic situation.
Purchasing a property in The Bahamas is a relatively inexpensive process compared to the United States. There are no sales taxes, income taxes, inheritance taxes, or capital gains taxes. However, buyers should consider that the transactional cost will be 15% to 20% of the net price. This includes the cost of legal, mortgage, and real estate agent’s commission.
Foreign investors are encouraged to buy Bahamas property and are eligible for residency cards. A non-Bahamian with a home in The Bahamas may obtain this residency card in exchange for paying an annual fee to the Director of Immigration. A residency card enables the non-Bahamian owner to live and work in The Bahamas with his or her family.