For non-Bahamians looking to purchase residential property, prior government approval is not required. However, if you plan to develop a property larger than 5 acres, you will have to apply for a land use permit. This permit is given based on the investor’s assurances that the property will be developed properly. For larger projects, you must apply for permission from the Bahamas Investment Authority. The Authority requires that you submit a project proposal, financial projections, and employment needs to get approval.
If you are interested in purchasing a property in the Bahamas, you should use a real estate agent. bahamas luxury real estate specialize in the Bahamas property market and will be able to help you make the best investment decision. They can help you navigate the real estate market, help you choose the perfect property, and assist you with any other questions you might have.
The Bahamas is an island nation, yet offers an unparalleled lifestyle. With its bustling capital city of Nassau and idyllic, secluded islands, Bahamas Property is a great place for those seeking an escape from the hustle and bustle of big cities. Its favourable tax system is one of its many appeals, and attracting a variety of nationalities makes it unique from other Caribbean nations. The Bahamas is a short flight from Miami and attracts a wider variety of international tourists than other countries in the region. The main islands of New Providence and Paradise Island are the most popular tourist destinations in the Bahamas.
The rental market is heavily weighed in favor of landlords, and most investors target the short-term tourism market. Moreover, the Bahamas currency is pegged at a 1:1 exchange rate with the US dollar, which means that the economy is largely affected by US economic factors. Therefore, US buyers dominate the foreign ownership market in the Bahamas. However, Canadians, British, and European investors are also well represented. In addition, foreign buyers do not need a visa to purchase real estate in the Bahamas.
In addition to purchasing a property in The Bahamas, foreign investors can purchase a second or third home. The process of acquiring a second home is much easier than purchasing a single-family home. Non-Bahamians who wish to buy a second home need to apply for a Permit to Acquire Property with the Investments Board.
Real property tax rates in the Bahamas are different depending on the type of property and the owner. A property tax rate is calculated based on the value of the property and its improvements. The value is assessed by an inspector. However, some types of real property are exempt from taxation. Therefore, it is important to understand the tax rates before purchasing real estate in The Bahamas.
The Bahamas Property Tax System is quite liberal. If you plan to build a hotel or condo in the country, you will need to satisfy the Government that your project is substantial. However, if you plan to build a hotel in Grand Bahama, you will not have to worry about customs fees as this is exempt.