Lyford Cay Rentals – Buying Real Estate in the Bahamas
Real estate in The Bahamas has many advantages, including low taxes and a mature real estate market. The buying and selling process is highly transparent and secure. Before buying or selling property, a buyer’s attorney will verify the property’s title and abstracts. If there are any discrepancies, this will negatively impact the property’s marketability. In addition, a vendor must make sure that the history of the property is accurate.
Traditionally, residential property in the Bahamas features colonial architecture with island accents. This architectural style typically includes dormer windows and high-pitched wood shingle roofs. In addition, residential properties generally have upper levels with covered verandahs and French doors. While some of these homes have been modernized, others have remained classic. Some properties are also in gated communities, which are popular with expatriates.
When buying property in The Bahamas, foreign investors should be aware of the laws and regulations. For example, if a buyer is not a Bahamian, the government will require them to register their investment with the government. However, if the property is small enough and not intended for commercial use, a non-Bahamian will not be required to register the property.
Buying real estate in The Bahamas is also advantageous in terms of taxation. Property taxes are 1% of the property value. This tax is split between the buyer and seller. This is a significant benefit for the buyer. Furthermore, foreign buyers will enjoy strong rental yields. The Bahamas’ low crime rate and international accessibility make it a good investment option. The country also has a flexible immigration policy, which makes it accessible to a wide range of people.
The government of The Bahamas does not impose income taxes, capital gains taxes, inheritance taxes, and sales tax. lyford cay rentals However, there are taxes on real estate conveyance, known as Stamp Duty (+VAT). All of these fees are tacked onto the price of the property. Those who own real estate in The Bahamas can also apply for a permanent residence permit.
If you are looking for a luxury property in The Bahamas, you should consider the capital city, Nassau. This city is a 21-mile-long island that is linked to neighboring Paradise Island via a bridge. The island is also home to the Ocean Club Estates, a full-service luxury development on the eastern tip of Paradise Island. There, waterfront properties are priced as high as US$14 million.
The Abacos are an island chain that spans 650 square miles. Most popular are Great and Little Abaco Islands. You can also buy property in Elbow Cay, an eight-mile-long island. Houses in Elbow Cay start at $300,000, and beachfront properties go up to US$8 million.
Prime real estate in The Bahamas is some of the most luxurious in the world. Many US investors purchase property in The Bahamas, which is only three-and-a-half hours from Miami and three hours from New York City. Its climate is tropical with clear, blue waters. Its official language is English.