The government of the Bahamas has introduced changes to make real estate more affordable for foreigners. For example, the government has increased the threshold for permanent residency to US$750,000 from US$250,000. ocean club estates However, it is important to remember that in order to purchase residential property in the Bahamas, non-Bahamians must obtain a permit. These permits are granted based on the investor’s assurance that they will develop the land properly. In addition, non-Bahamians must obtain a permit if they intend to develop land larger than five acres (about 20232 sq. meters).
A good place to start looking for Bahamas properties is through the Bahamas Multiple Listing Service (MLS). This is a database of property listings. Brokers and real estate offices in The Bahamas participate in this cooperative data exchange. Listings in the Bahamas MLS are tagged with an IDX logo. However, before making an offer, be sure to verify the facts and data contained in the MLS.
Another important factor to consider when looking for Bahamas property is the location. You may want to consider a location close to the popular tourist hubs. But if you want to get away from the hustle and bustle, you can also purchase a property in a secluded and less developed area. The Bahamas is also home to many private islands that can be developed for superyachts and private jets.
If you are interested in purchasing Bahamas property, it is a good idea to hire a local attorney. This professional will make sure that all title documents are in order. As the buyer, the attorney will also give you an opinion about whether the property is legally yours. This opinion is similar to title insurance, and the attorney will be held liable if there are problems with the property title.
The Bahamas has a mature real estate market and a low tax structure. As a result, the real estate process is secure and transparent. For example, you will have to pay stamp duty if you plan to transfer the property to someone else. This tax is an important source of revenue for the government and is based on the purchase price.
If you are interested in buying a luxury property in the Bahamas, you should consider the island of Nassau. This city is the capital and is home to a vibrant tourist industry. Moreover, you will be able to enjoy the natural beauty and a wealth of amenities on this island. It is just an hour’s flight from Miami.
When buying Bahamas Property, make sure you find a property that is situated near the beach. Most beachfront properties are affordable and can be found in The Bahamas. You can even buy property with a breathtaking view of the ocean.