Buying or selling a Bahamas Property is a great way to make your property dreams come true. The real estate market in the Bahamas is very competitive. The best way to find the right property at the best price is to do your research. To get started, contact a real estate professional. A good example is Coldwell Banker Lightbourn Realty on Harbour Island, located at Dunmore & Crown Sts.
You can search for properties through the Bahamas Multiple Listing Service. This is a database that includes all properties listed with participating brokers. Properties listed with participating brokers are marked with an IDX Symbol. These symbols mean that the broker has agreed to exchange property information. harbor island bahamas real estate It is a great way to find information about a Bahamas property but be aware that the information can be inaccurate.
There are many different types of Bahamas property for sale, ranging from affordable beachfront properties to luxury condos. Waterfront property is the most desirable type of Bahamas real estate. This kind of property provides residents with a variety of amenities. Some of these include: resort-style amenities, community pools, and gated communities. Condos also provide low maintenance costs and are appealing to prospective renters.
Transaction costs associated with buying Bahamas property are typically around 15%-20 percent of the net price. Transaction costs include government stamp tax on conveyance, real estate agent fees, recording fees, and legal fees. In addition, you will need to pay VAT if you are buying a property in The Bahamas. However, this tax is shared between buyer and seller.
Real estate taxes are assessed on all real estate in The Bahamas, unless it is exempt. Property tax exemptions are not automatic and must be sought through the Department of Inland Revenue (DOIR) within the Ministry of Finance. However, if the property is undeveloped, foreigners are still required to pay real estate tax.
Foreign buyers are welcome in The Bahamas and there are few restrictions on their purchases. The Bahamas Government has passed the International Persons Landholding Act, 1993, which allows non-Bahamians to purchase real estate in The Bahamas. This act also allows foreigners to purchase single-family homes in The Bahamas. Moreover, foreigners are eligible for an annual Home Owners Resident Card (HOR).
The Bahamas Property Fund has appointed Larry Roberts, a veteran of the real estate industry. He has been active in the sector for more than 50 years and is a member of the Society of Industrial and Office Realtors. He recently retired as the CEO and Managing Broker at NAI Bahamas Realty Commercial, a firm that specializes in commercial real estate.
The Bahamas is an island paradise that attracts a diverse population from all over the world. Its tax regime is also favorable for investors. The Bahamas boasts world-class shopping, golf, and spas. Not to mention some of the most prestigious properties in the Caribbean.