Investing in Bahamas Property is an excellent way to take advantage of the growing number of tourists visiting this beautiful country. The country’s economy is booming, and it has a high rate of rental yields. Foreign buyers are also welcomed to buy real estate here, and the country has created a number of policy documents that make the process easy. For instance, the International Land Holdings Act 1993 encourages foreign investors to buy property in The Bahamas. However, foreign investors must register with the Investments Board and Central Bank. The registration process costs anywhere from $25 to $100.
One of the most popular areas for buying property in The Bahamas is Cable Beach. There are numerous luxury hotels and resorts in the area, and property investors are attracted by the location. In addition, Cable Beach is conveniently located near modern medical facilities and world-class shopping. It is also a short flight from Miami.
Another great reason to invest in Bahamas property is the country’s low taxes. Since the country is a mature and established real estate market, the purchasing process is secure and transparent. A buyer’s attorney will check whether the property title is valid and whether it has all of the necessary abstracts. In addition, the vendor must make sure the property’s history is properly documented.
Other factors to consider when investing in Bahamas property are its location and management company. A reputable and experienced real estate agent will be able to guide you in the process. One of the most experienced companies in the country is Damianos Sotheby’s International Realty. This real estate firm has doubled sales in 2014 and has been inducted into the exclusive “Billionaires Club”.
If you want to invest in Bahamas property, make sure you know the rules about taxation. There are exemptions for foreigners and certain categories of real estate are exempted from this tax. The maximum property tax assessment in any given year is $50,000. However, you need to make sure that you pay your taxes on time. The Department of Inland Revenue has the right to reassess your property if it’s not paid on time.
It is a good idea to hire a local attorney when buying property in the Bahamas. An attorney can ensure that the title documents are in order and that you’ll get a clear title to the property. luxury homes for sale in the bahamas will also provide you with a title opinion. This kind of opinion is similar to title insurance, except that the attorney will be liable for any problems in the title.
In order to invest in Bahamas property, you should know the rules governing foreign investors. The Bahamas has a liberal and open economy. Non-Bahamians can buy real estate directly or through trusts and trustees. However, if you want to invest in large projects, you need to apply to the Bahamas Investment Authority. In order to qualify, you should submit a project proposal, financial projections, and job creation.