The Bahamas is a popular real estate market for foreigners. It is possible to purchase a property for millions of dollars, though there are a few requirements that must be met. Foreigners who wish to purchase property in the Bahamas must first register with the Bahamas’ Foreign Investment Board. A Bahamas property buyer must follow all laws regarding foreign ownership, including the International Land Holdings Act 1993.
The Bahamas MLS (Multiple Listing Service) is a cooperative data exchange program for real estate listings. The Bahamas MLS includes listings from real estate brokerage firms and other institutions. Listings are marked with an IDX logo and are generally considered reliable. But buyers should still verify the information. To avoid getting scammed, always ask for documentation.
The Bahamas Property Group is your one-stop real estate resource for Bahamas property. With years of experience in the real estate market, they provide the most relevant information. In addition, you will be able to choose from one of their luxury homes, which usually feature up to 20 bedrooms. They have several locations in the Bahamas, including North Eleuthera, Bailey Town, Elbow Cay, and Governor’s Harbour.
For buyers, the Bahamas property market is attractive because of its low tax structure and a well-developed real estate market. Its real estate process is transparent and secure. However, it is important to know that property titles must be correct and that the property’s history is accurate. A missing abstract can reduce the value of a property.
As a real estate investor, you will also want to be aware of the risks involved. The Bahamas property market is highly competitive. If you’re interested in purchasing a property for $2 million or more, Enness can help you. Their specialists will guide you through the options and answer any questions you may have. ocean club estates A qualified broker will also be able to help you obtain the mortgage you need.
While purchasing a Bahamas property, be aware of the legal requirements. Non-Bahamians may need a government permit if they intend to buy more than 5 acres of land. If they plan to develop it for commercial purposes, they should apply to the Bahamas Investment Authority for approval. Applicants must also submit a project proposal and a financial projection.
Once the transaction is complete, you will need to pay the government stamp tax on the conveyance and real estate agent fees. The transactional cost of buying a Bahamas property is typically about 15%-20% of the net price. Other fees include legal fees, recording fees, and a real estate agent’s commission. As a buyer, you will also need to pay the value-added tax (VAT) of 7.5 percent.
Nassau is the capital of The Bahamas, with a range of property available. Luxury homes and vacation homes are available to those who desire natural beauty and a relaxed atmosphere.