Investing in Bahamas real estate is an incredible way to enjoy a tropical paradise while paying low taxes. The country offers world-class golf courses, shopping, spas and other amenities, as well as some of the finest homes in the Caribbean. Here are a few tips to help you get started. The Bahamas Property Portal is the premier website for all things real estate in The Bahamas. Here, you can view listings for luxury homes for sale, Paradise Island condominiums for rent, waterfront properties, and more.
The first thing you should do before buying real estate in the Bahamas is determine the size of your budget. Depending on where you want to buy your property, the price may be as low as BS$ 100,000. A large proportion of buyers are wealthy foreigners, who pay cash. But if you’re planning to rent your property out, the rental yield is medium to good. A buyer should have a budget of at least US$35,000 for their purchase, as it can get costly if you don’t have enough money for it.
The second thing you should do before bahamas real estate buying Bahamas real estate is to determine whether the property is actually owned by you. If the property belongs to someone else, you can use the company or trust to protect the privacy of the buyer. The Bahamas has no requirement for non-Bahamians to register leases or obtain permits for commercial properties. For non-business purposes, a lease of 21 years is not required. It’s recommended that you check with a Bahamas real estate attorney before signing anything.
You should also check with the government regarding the property you’re interested in. If you’re buying property as an investment, it’s a good idea to find out the property’s ownership history with the Bahamas government. The government can check the property’s ownership information, the last tax payment, and other information. This way, you’ll be assured that the property is legally owned by the right person. For larger projects, it’s better to buy a company instead of an individual property.
Foreign investors in the Bahamas should also consider acquiring a piece of land in the country. Foreign buyers are the most common foreign buyers in the country, and they are mainly from the United States, Canada, France, Britain, and Italy. For undeveloped land greater than five acres or 20232 square meters, you’ll need a permit from the Government. For more information on international property markets, visit Global Property Guide. The guide also includes detailed information on the Bahamas real estate market.
When you’re ready to purchase property in the Bahamas, you should first consult with a local lawyer. You can ask your attorney to file a request for a permit with the government. A permit is not required for residential property purchases under five acres, but you will need one for larger projects. The government will approve the permit based on your assurances about how you’ll use the property. Once you’ve received a permit, make sure you record your property with the Registrar General’s office. If you don’t, it’s void.