If you are an outsider, buying a property in the Bahamas is possible as long as you follow certain procedures. Non-Bahamians must register any property they acquire with the Foreign Investment Board. It is also necessary to register property that is to be used for business purposes. The process for acquiring property in the Bahamas is generally painless. Listed below are the steps to follow in buying a property in the Bahamas. Read on to learn more about the buying process.
o Make sure to check the MLS. The Bahamas Multiple Listing Service has the property information for all participating brokers. When viewing MLS listings, look for the IDX symbol and Courtesy of the Bahamas MLS. While this information is typically reliable, buyers should verify certain facts before signing any agreement. The Bahamas MLS has many brokers and offers a broad selection of properties. You can also ask a broker for their recommendations, as they have experience and knowledge of the area and the property market.
o Consider the property’s location. The Bahamas is a gorgeous spot and is an excellent location to buy property. The island is close to the U.S. and enjoys an active second home market. Foreigners can buy property in the Bahamas, as long as they register it with the International Persons Landholding Act. For large estate properties, you can expect to spend millions of dollars. Whether you want to own a small island home or a luxurious island estate, the Bahamas is a great place to invest in property.
Buying a Bahamas property requires a lot of paperwork. You need to know about all the laws that govern the country and can even apply for permanent residency status if you are a foreigner. However, the best way to make sure that your property is in good shape is to hire a lawyer. In the Bahamas, a real estate attorney will provide you with a list of reputable companies. These companies can also offer title insurance to help protect you from any title defects.
Once you have found the perfect location, you can start the process of purchasing a property. harbor island bahamas rentals A legal professional will be assigned to help you navigate the process and help you choose the perfect home. Upon approval by the vendor, you’ll need to pay the balance of the purchase price. Your purchase is then recorded with the government registry. Upon completing the process, you will receive your purchase certificate. This document will also provide you with your Certificate of Permanent Residency.
VAT – The Bahamas government charges a 10% Value Added Tax on goods and services purchased or provided. VAT on real estate transactions is a graduated tax that is paid by the buyer and seller in equal portions. A first-time buyer of property in the Bahamas may be exempt from paying the tax up to $500,000.