The Bahamas Property Group is your one-stop shop for real estate in The Bahamas. With years of experience in the industry, Bahamas Property Group agents will give you the best advice and information about Bahamas property. This is a place where you can invest in the best property in the world at affordable rates. There is a lot to love about The Bahamas: it is a beautiful archipelago made up of hundreds of islands. The country has an investor-friendly tax regime, world-class golf and shopping facilities, and some of the finest homes in the Caribbean.
Bahamian land law uses ancient forms and language to describe property ownership. Purchasing a property requires a conveyance, which is written and approved by an attorney. It is then stamped by the buyer’s attorney and recorded in the land registry. lyford cay real estate Stamp duty is a major source of government revenue and is based on a sliding scale depending on the price of the property. It is essential to record the conveyance, as this protects the buyer in case of a legal dispute.
One of the most sought-after islands in The Bahamas is Exumas, which is made up of 700 islands. Famous people who own property on Exumas include Johnny Depp, who filmed Pirates of the Caribbean in the region. Other notable buyers include David Copperfield, who bought up to eleven islands for US$50 million. Faith Hill purchased a 17-acre island called Goat Cay in 2006, while Tyler Perry bought a 20-acre island named White Bay Cay for US$6.4 million in 2009. Prince Aga Khan IV bought a 349-acre island named Bell Island in 2009 and spent up to US$100 million. In 2011, Shakira purchased Bonds Cay for US$16 million.
The Bahamas Property market offers an unrivalled selection of real estate. Its prime locations and pristine beaches make it a popular destination for US investors. In addition, the country’s government policy promotes investor-friendly environments and emphasizes financial services and tourism. The country’s Ministry of Financial Services has announced its intention to streamline property purchase procedures.
Investing in the Bahamas is a great way to diversify your portfolio and enjoy strong rental yields. The island is a great choice for both foreign and local investors. Its tax policy is favourable for foreign investors and offers a tax-attractive environment. Additionally, it has a low-crime environment, a favourable immigration policy, and an inimitable natural charm.
The transactional cost of buying Bahamas property is around 15% to 20% of the net price. This includes government stamps on the conveyance, legal fees, and real estate agent commission. The government also generates revenue from customs duties and taxes, which are generally 35 percent. Additionally, value added tax is added to these taxes in most cases.
The Bahamas Property market is tax-friendly. Buyers should be aware of the VAT tax rate, which is between 4% and 10%. This tax is generally split between the seller and buyer. However, the first two-fifty-thousand-dollar owner-occupied residential properties are tax-free. Commercial property and vacant land are also tax-free for first-time buyers.