Buying Luxury Real Estate in the Bahamas
When it comes to buying property in the Bahamas, most buyers are foreigners. Most buyers come from the United States, Canada, and Britain, but a growing number of Bahamians are also buying properties in the middle and lower price range. The Bahamas has a stable real estate market with an investor-friendly tax structure. The Bahamas also has world-class shopping, spas, and golf. Plus, the country is home to some of the most luxurious homes in the Caribbean.
The Bahamas is home to numerous islands, cays, and islets. While there are several vibrant hubs with world-class amenities, there are also many less-populated, virgin islands with untouched beaches. Moreover, the Bahamas has many private islands with infrastructure for superyachts. Buying property in the Bahamas is an excellent way to enjoy the lifestyle that the country has to offer.
The Bahamas Property Portal has a comprehensive listing of properties available for sale. The site also has a directory of real estate agents. It features luxury homes, private islands, waterfront properties, and condominiums. A real estate agent can guide you through the process and answer all your questions about financing your new property. The Bahamas Property Portal also allows you to search for the perfect property based on your preferences.
Luxury properties in The Bahamas are in high demand. With low inventory, prices have increased significantly, and luxury properties are selling fast. In fact, the average sale price in 2020 was $359,079. In the first six months of 2021, the average sale price was $628,887. This is due to pent-up demand.
Mortgages are available through most of the major Bahamian banks. Bahamians and other permanent residents can apply for a mortgage with as little as ten percent down payment. Most banks also grant mortgages to foreign nationals. However, the terms and restrictions of these mortgages vary. Moreover, it is best to work with a licensed professional in this field.
Taxes in the Bahamas are very low. In fact, they are lower than in the United States, which helps attract international investors. But you should still be aware of the costs associated with buying property in the Bahamas. luxury homes for sale in the bahamas is between fifteen and twenty percent above the net price. This includes the fees of the real estate agent and government stamp on the conveyance. There is also Value Added Tax (VAT) of 7.5 percent on all real estate transactions.
Taxes are payable on all real estate in the Bahamas, except land that is undeveloped. In some cases, you can claim exemption from real estate taxes by submitting a Form – Application for Tax Concession. But this is not automatic. You must apply for the exemption and pay it if it applies to you.
Taxes on Bahamas property are comparatively low compared to those of other Caribbean countries. However, if you are planning to buy a property in the Bahamas for investment purposes, there are several advantages of investing in property there. As a resident, you’ll enjoy a wide range of services and amenities, including access to the community’s swimming pool. You can also rent your property if you have the cash.