• Home
  • Bahamas Property – Buying Lyford Cay Real Estate in 2019

Bahamas Property – Buying Lyford Cay Real Estate in 2019

Buying property in The Bahamas is a good investment decision, as the country has a favorable tax regime and is surrounded by breathtaking natural beauty. lyford cay real estate It is also home to some of the most luxurious homes in the Caribbean. Before making a purchase, it is important to know the process of purchasing property in The Bahamas.

The first steps of buying a Bahamas property include finding a reputable agent to help you with your transaction. Many brokers will work with buyers from different countries. If you are thinking of buying property in the Bahamas, it is important to know how the property market works and where to find the best prices. In this way, you will be able to ensure that you are getting a good deal.

The Bahamas’ legal system is based on the British Common Law, ensuring that all transactions are transparent and legal. The Bahamas government has also recently taken extensive steps to relax residency requirements. Foreign investors can purchase real estate in The Bahamas without a visa, allowing them to virtually obtain residency and use their property to live and work in the country.

Prices are also relatively reasonable. The Bahamas Property market continues to show improvement in value. As a whole, single family homes and condominiums in The Bahamas increased by an average of 7.2% yo-y in 2019. Prices in Sandyport and North Eleuthera saw an increase between 10% and 15%. Lyford Cay, on the other hand, saw a 6% to 15% price drop.

Foreign buyers of Bahamas property are mostly from the United States, Canada, France, Britain, and Italy. Property in The Bahamas can be sold to foreigners, but a permit is required for undeveloped land over five acres. Furthermore, foreigners who purchase a property in The Bahamas are able to obtain permanent residency and a homeowner’s residence card, which give them rights to live and work in the country.

Bahamas Real Property Tax Act: Real property taxes are assessed on all real property in The Bahamas. Exempt property must be declared to the Department of Inland Revenue, part of the Ministry of Finance. Undeveloped land and Family Islands are exempt from real estate taxes. However, all non-residents must pay taxes in The Bahamas.

Property taxes in The Bahamas are payable in Bahamian currency. They are based on the market value of the property. The maximum property tax assessed per year is $50,000, and owners are responsible for paying the taxes on time. It is recommended to pay the taxes in Bahamian currency, although they may also be paid in US dollars. Failure to pay the tax on time can result in fines and even imprisonment.

The Bahamas Real Estate Act does not prohibit foreign investors from buying Bahamas property, but it does require them to register their purchase. The Bahamas Real Estate Act does not interfere with legitimate credit transactions, and it exempts licensed financial institutions from obtaining a permit. Foreign investors should not worry about the restrictions on foreign investment in The Bahamas, as long as they do not use the property for commercial purposes.

Leave A Comment