If you’re looking for a new home in the Bahamas, you’ve come to the right place. The Bahamas welcome foreign investment and have developed several policy documents that make it easier for you to purchase property there. The International Land Holdings Act 1993, for example, is designed to simplify the process of buying property in the Bahamas by non-nationals. However, before you can begin the process, you will need to register with the Investments Board and the Central Bank. This registration process can cost anywhere from $25 to $100.
The Bahamas property market is largely driven by investors and landlords. The rental market is heavily favored by landlords as most purchase-to-rent properties for the short-term tourism market. Additionally, the Bahamian dollar is pegged at 1:1 with the US dollar, and US-based buyers dominate the local market. However, Canadian and British interests are also well-represented. Additionally, you don’t need a residency visa to buy real estate in The Bahamas.
The Bahamas Multiple Listing Service (MLS) is one of the most reliable resources for buying and selling real estate in The Bahamas. The MLS comprises a database and broker listings. The MLS brokers are usually marked with the IDX Symbol or the Courtesy of The Bahamas MLS sign. While the Bahamas Multiple Listing Service is a reliable source for property information, you should always verify important facts before making a decision.
When buying Bahamas property, it is important to research the property’s legal status and ownership. Before committing to a purchase, check with the Bahamas government to ensure the property is registered and taxed properly. This way, you will know whether or not the property is legitimately owned by a foreign investor. You should also ensure that the property is registered with the Foreign Investment Board.
The taxation system in The Bahamas is simple and secure. Its real estate market is well developed and the process is transparent. The buyer’s attorney will verify the ownership and title validity of the property. Any missing abstracts or documents will reduce the marketability of the property. Likewise, the vendor will need to make sure that the history of the property is accurate.
The Bahamas Property Fund is a real estate investment trust whose shares trade on the Bahamas International Securities Exchange under the symbol “BPF”. Its properties include the Bahamas Financial Centre in New Providence, One Marina Drive in Paradise Island, and Providence House in Providence. lyford cay real estate Its properties are occupied by companies ranging from healthcare and financial services to tourism. The fund is managed by Royal Fidelity Bank & Trust.
If you’re interested in purchasing property in The Bahamas, you should consider hiring a lawyer. The Bahamas government has strict laws governing the transfer of property. The government also imposes a Value Added Tax (VAT) on all transactions, which is 7.5 percent. This tax is paid by both the buyer and the seller.