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The Bahama Islands The Bahama Islands Bahamas Government Offshore Low Tax Banking on Bahamas Bahamas Online Casino Nassau Bahamas Bahamas Vacations Bahamas Hotels Atlantis Bahamas Resort Bahamas Cruises Bahamas Attractions Bahamas Real Estate Useful Contacts Other Low Tax Islands Isle of Man Cayman Islands Bermuda Bahamas Plus... Bahamas BLOG Bahamas Site Map Bahamas Articles 1 Bahamas Articles 2 Bahamas Articles 3 |
Bahamas Real EstateThe Bahamas offers a wide selection of real estate including luxury homes, private islands and commercial properties located throughout the islands of The BahamasA 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:
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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:
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.
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:
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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