The Bahamas is a relatively open and liberal economy, and you can own Bahamas property directly or through a trust or partnership. The government also allows foreigners to purchase property. You do not need to have residency in The Bahamas to buy property in The Bahamas, but you will need to obtain a permit from the Bahamas Investment Authority (BREA). This agency will require you to prove your ownership, as well as provide certain documentation to prove that you are a legal resident of The Bahamas.
luxury homes for sale in the bahamas Listing Service (MLS) is a database of properties listed by participating brokers. These properties are marked with the IDX symbol, which means that the brokers have made an agreement to share information about property. The MLS does not guarantee the accuracy of property listings, but you can get a good idea of what is available for sale in the Bahamas.
The Bahamas has a stable economy, strong rental yields, and plenty of development projects. While real estate prices fell during the financial crisis, the Bahamas has since returned to its former form. Once an exclusive club for the rich, the market is now open to a broader range of international investors and developers. There are also financing and ownership opportunities that allow foreigners to buy real estate.
Non-Bahamians can purchase property in The Bahamas, and the government has developed a number of policy documents to encourage foreign investment. The International Land Holdings Act of 1993 (ILHA) is one such document that facilitates the purchase of Bahamian property by non-Bahamians. The law requires that foreign investors register with the Investments Board and the Central Bank of The Bahamas. During registration, fees may range from $25 to $100.
Real estate transactions are generally completed with the assistance of a Bahamian attorney. These attorneys will act on the client’s behalf and follow the instructions of the client. They can help ensure the title of the property is clear and good. The attorney will also handle the completion of the deal. They are essential for the transaction to go smoothly and to protect your interests.
Transaction costs for buying property in The Bahamas are relatively high. You can expect to pay around 15% to 20% more than the net price of the property. This cost includes stamp duty, legal fees, recording fees, and real estate agent fees. You should also be aware of the VAT, which is 7.5 percent. The government has implemented some measures to help make transactions cheaper.
There are a variety of laws in the Bahamas regarding the sale of real estate. Most land purchases come with a map attached to the Sales Agreement. This map will provide an accurate description of the subject property, the boundaries of the property, and the general location of the property in The Bahamas. Sometimes large parcels of land will be subdivided into smaller lots. Alternatively, adjacent lots can be combined to form one large parcel. If you purchase land in The Bahamas, it is important to register the land with the Foreign Investment Board.