Once you’ve decided to buy Bahamas property, there are a few steps you’ll need to take to make the transaction a success. First, you’ll need to register the property. This is necessary for any property over five acres that isn’t intended for private residence. It’s usually done at the Registrar General’s office, where the vendor and buyer split the stamp duty 50/50. Then, you’ll need to hire an attorney, whose fees are typically 1.5% of the purchase price.
If you’re considering buying Bahamas property, you should know that there are several ways to locate a property. First, you can use the Bahamas Multiple Listing Service, which includes listings from participating brokers. All of these brokers share the same data, so you’ll know which properties are listed with them. This data is not intended for commercial purposes, but rather to help you identify prospective properties that interest you.
The Bahamas has many attractive features that attract property investors. The island’s low crime rate and relaxed lifestyle are two main draws. Expats can buy property in the Bahamas, and once they have the right paperwork, they’re free to move in and start enjoying a more relaxed lifestyle. The Foreign Investment Board (FIB) has made it easier for non-Bahamians to purchase property in the Bahamas.
Another advantage of purchasing Bahamas property is the low tax rate. The country’s real estate market is mature, and the entire process is transparent and secure. Moreover, buyers and sellers are required to provide clear title information, so that there are no issues with ownership. Furthermore, the buyer’s attorney will verify the legality of the property by conducting a title check. Missing abstracts reduce the marketability of the property, so it is imperative that the seller provide a complete history of the property.
The VAT tax in the Bahamas applies to real estate transactions over a certain threshold. The tax rate is 10%, and the buyer and seller share it equally. ocean club estates bahamas of owner-occupied residential property is tax-exempt. From $250,000 to $500,000, the tax rate is 3/4 of a percent. Then, from $500,000 and up, the tax rate increases to one percent of market value.
In addition to paying the tax rate, buyers and sellers have to pay fees to the real estate agent and their lawyers. Generally, these fees amount to about 10% of the net price, but they can vary depending on the type of transaction. In addition, if you’re buying a residential property, you’ll need to pay a real estate agent’s fee as well.
When looking for a home in the Bahamas, you should look for a property that is close to the amenities you want. For instance, you may want to be near a vibrant hub and world-class amenities, or you may want a secluded island that’s surrounded by virgin waters. Either way, the Bahamas has something for everyone.