Non-Bahamians can own Bahamas Property, provided they follow the requirements laid down by the government. For instance, if you want to own a property over 2 acres or if you intend to use the property for commercial purposes, you will need a permit from the Government. Furthermore, you must register the property with the Foreign Investment Board (FIB).
Mortgages are available from most major banks in the Bahamas. Some offer up to 25-year terms and only require a ten percent down payment. Mortgages are also available from some foreign institutions, although the conditions and restrictions vary. Make sure to check the mortgage rates and restrictions before applying for a mortgage. After all, a mortgage is a large investment and should be carefully considered.
The Bahamas Property Group is your one-stop-shop for all things real estate in the Bahamas. With years of experience in the local real estate market, they know the ins and outs of the real estate market in the country and can offer you relevant information. This is particularly important if you’re planning on investing in property in the country.
The Bahamas Property market is characterized by strong rental yields and medium-term growth. Since the country opened up to foreign buyers, property prices dropped by 40% in some centers, but are now experiencing a strong return to form. Once an exclusive place for the wealthy, The Bahamas is now accessible to a wider spectrum of investors, with a variety of development projects, ownership options and financing options.
If you’re planning to invest in Bahamas Property, it’s a good idea to seek advice from a qualified mortgage broker. Enness is one of the leading high-value mortgage brokers in the country. Their specialist brokers will explain the various options available to you and answer any questions you may have about financing your purchase.
The Bahamas Property market is relatively mature, with a low tax structure and a secure legal system. A buyer’s attorney will check the title of the property to ensure it’s valid. If there are any missing abstracts, this will reduce the property’s marketability. In addition, the vendor must make sure the history of the property is complete and correct.
Buyers should also know the VAT and fees when buying or selling Bahamas property. These fees will vary, but typically range between 9.1% and 25.5% of the property’s value. If the property is worth over $250,000, you will need to pay a stamp duty of about 7%. This tax will be split between the buyer and seller.
ocean club estates Bahamas Property is a great investment for anyone looking to live in a relaxed tropical paradise. The island is also well-equipped with healthcare facilities and well-trained staff. The Bahamas also has an excellent education system with international schools and local schools. This makes the island a great choice for expatriates looking for a laidback lifestyle.