Real Estate on The Bahamas

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Bahamas Real Estate The Bahamas offers a wide selection of real estate including luxury homes, private islands and commercial properties located throughout the islands of The Bahamas A change in residence offers numerous important tax planning opportunities and is therefore an increasingly important aspect of global solutions to tax and estate planning for international clients. Annual or Permanent Residence Accelerated consideration of applications for annual or permanent residence will be given to major international investors and owners of residences valued at $500,000 or more. International Owners of Second Homes Overseas Investors may acquire residential properties in The Bahamas of up to five acres without prior Government approval. Such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Second Home Owners are eligible for a Home Owners Residence Card, renewable annually. This card will facilitate entry into The Bahamas and entitle the owner, his spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card. Application may be made to the Director of Immigration. Permit A permit is required for a non-Bahamian in the following instances: Undeveloped land of five acres in size or larger The property is not a private residence, or is not intended for development as such

Failure to obtain a permit will render the acquisition null and void but the foreigner will be entitled to recover all monies paid in consideration of the acquisition less any legitimate deductions. If a permit has been granted for the acquisition of land and the intended usage changes then the permit must be varied by the Board otherwise it will be invalid. Leases Foreigners are not required to obtain permits, register leases or letting agreements unless they are for trade or business purposes and the term can exceed 21 years. The Government Stamp Tax on Property Conveyances A graduated tax is payable on the conveyance of all real property in The Bahamas based on the value as follows: Up to and including $20,000.00 – 2% From $20,000.01 to $50,000.00 – 4% From $50,000.01 to $100,000.00 – 6% From $100,000.01 to $250,000.00 – 8% $250,000.01 and over – 10% A first time homebuyer purchasing a home valued under $250,000 may apply for an exemption of the Government Stamp Tax. The usual practice in The Bahamas is for the Government Stamp Tax to be shared equally between buyer and seller unless otherwise agreed upon. Real Property Tax Rates In respect of owner-occupied property: The first $250,000 is tax exempt. On that portion in excess of $250,000 and less than $500,000 the rate of tax is 0.75% of the market value of the property On the portion in excess of $500,000 the tax rate is 1% of the market value of the property. The maximum annual tax shall not exceed $35,000. In respect of unimproved property other than unimproved property exempt by virtue of Section 39 of the Real Property Tax Act: Upon that part of the market value that does not exceed $3,000 a fee of $30.00 Upon that part of the market value which exceeds $3,000 but does not exceed $100,000 a tax rate of 1% per annum of the market value of the property. In respect of any other property: Upon that part of the market value that does not exceed $500,000 a tax at the rate of 1% per annum of the market value Upon that part of the market value in excess of $500,000 a tax at the rate of 2% of the market value of the property. "Market Value" is defined as the amount the property would realize, if sold in the open market, without any encumbrances or restrictions. If the return is not filed, the owner is guilty of an offense, and upon conviction thereof, may be fined up to $3,000. Persons knowingly making false statements may be liable upon conviction to a fine of up to $3,000 or six months imprisonment, or both fine and imprisonment. If the tax is not paid on or before the last day the tax becomes due, a 10% surcharge is added. In the case of an extension of time, the Chief Valuation Officer may postpone the date on which the tax is payable in a particular case, by notice in writing. Exemptions Bahamas property owned by Bahamians and situated in the Family Islands is exempt from property tax. Property approved as commercial farm land (by the Ministers of Agriculture, Trade and Industry and Finance) is eligible for property tax exemptions. Also exempt from property tax are: Unimproved property owned by Bahamians, meaning property without physical additions or alterations, or any works benefiting the land which have not increased the market value thereof by $5,000 or more Places of religious worship; school buildings and their gardens and playing areas Property owned by foreign governments Property owned by foreign nations used for consular offices or residences of consular officials and employees Property used exclusively for charitable or public service from which no profit is derived. The very best in residential and commercial Bahamas real estate. There are exclusive for sale, lease, and rental properties include the finest business, luxury, vacation, beachfront and private island properties. Real Estate Agents in The Bahamas have a rich heritage, and diverse customer base. They serve customers who need office space, business buildings, residential and vacation properties including homes, condos, beachfront properties, development properties, income properties, private islands, and timeshares located anywhere in the family of Bahamian islands. Their current listings include luxury homes in Lyford Cay, Paradise Island, Freeport and Abaco, with vacation homes, beachfront property and private islands all throughout the beautiful Bahamian islands. When you prepare to purchase Bahamas real estate, you need reliable advice, and answers to questions about legal matters, banking, mortgages, immigration, investments, schools, local amenities, and more. Many Bahamas Real Estate Agents are ready and able to provide the assistance you need. But make sure they are an accredited member of the Bahamas Real Estate Association, and a recognised leader in the Caribbean real estate market place. Real Estate Agents in The Bahamas, provide a tremendous wealth of information for real estate buyers and sellers.

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