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A buyer may wish to consider purchasing property in the Bahamas as a business opportunity. There are several tax advantages for doing so. Bahamas real estate is very affordable compared to other Caribbean islands. The tax burden is considerably lower than in the U.S. and is one of the top reasons for investing in Bahamas real estate. However, there are a few steps buyers should take to protect themselves. These steps include having a solid legal strategy and knowing what to expect when buying a property in the Bahamas.
First, the buyer must know that tax laws in the Bahamas differ from other countries. The Bahamas imposes seven percent on unimproved property. This tax only applies to non-Bahamians who own the property and have held it for at least two years. The tax is intended to provide incentives for the development of the property. Moreover, non-Bahamians who plan to build subdivisions can request an exemption from the minister. Other tax breaks can be sought under the Real Property Tax Act.
The Bahamas is also an excellent choice for second bahamas real estate home ownership. This tropical paradise is popular among foreign buyers and real estate investors because of its resort-style living. With stable economic conditions and attractive tax advantages, the Bahamas has become a hot spot for second home ownership and real estate investments. There is no better place to invest than the Bahamas when purchasing property. Aside from being an ideal second home location, Bahamas real estate also offers a low tax rate compared to its Caribbean neighbours.
Foreign buyers can invest in Bahamas real estate as it is friendly to non-Bahamians. To facilitate foreign investment, the government has enacted a number of policy documents to make this process easier. The International Land Holdings Act 1993 allows non-Bahamians to invest in Bahamian properties. Non-Bahamians must register with the Investments Board and Central Bank, and it costs anywhere from $25 to $100 to do so.
The Bahamas is one of the world’s premier business and tourism centres, and its government encourages real estate investment. The focus on financial services and tourism makes it an ideal place to invest in property. Government policy is geared toward consistent growth in the real estate industry. The establishment of a ministry of financial services in October 2002 aims to streamline the process of purchasing property in The Bahamas. However, you should never rely solely on these documents.
For more information on buying property in The Bahamas, consider getting in touch with a local realtor. There are several firms that specialize in the Bahamas real estate market. For example, Lightbourn Realty is a real estate firm with offices in Cherokee Sound, Elbow Cay, and Man-o-War Cay. Lightbourn Realty also has agents in Long Island, Exuma, and Treasure Cay. One of their top-rated Bahamas real estate offices is MAISON Bahamas, founded by Ryan Knowles.