If you’re considering purchasing a Bahamas property, there are a few things you should know. The Bahamas are open to foreigners and non-nationals, and have adopted a number of policy documents to facilitate the purchase of Bahamian property. For example, the International Land Holdings Act of 1993 aims to make the purchase of Bahamas property easier for non-nationals. For non-nationals who wish to purchase Bahamas property, the first step is to register with the Investments Board and Central Bank. The registration process usually costs between $25 and $100.
A reputable real estate broker can help you find the best financing for your Bahamas property. One of the top brokers in the country is Enness. They specialize in high-value mortgages for property buyers. Enness also provides no-obligation consultations to buyers of up to $2 million. These brokers can walk you through the options and answer any questions you have about financing your Bahamas property.
Buying or selling real estate in The Bahamas is not an easy task. Despite this, the Bahamas real estate process is generally secure and transparent. A buyer’s attorney will investigate the title of a property to make sure it is titled properly. If there is a title issue, the property’s marketability will suffer. The vendor must also ensure that the property’s history is accurate.
If you are buying a property in the Bahamas, hiring a local attorney is highly recommended. An attorney will ensure that the title documents are in order and act as a representative on your behalf. He or she will also issue an opinion on the title of the property, similar to title insurance. lyford cay real estate If there are any problems with the title, the attorney is responsible for any damages that arise.
The property tax in the Bahamas is 2% of the market value of the property. Failure to file a return will result in a criminal record and fines. Failure to remit taxes will also result in jail time. Therefore, it is essential to be familiar with the tax laws. In addition to paying taxes on time, you should make sure you are aware of other obligations and fees in the Bahamas.
Non-Bahamians must obtain a permit to purchase a property in The Bahamas. This is not necessary for residential properties under 5 acres, but if you plan to build a commercial property or build residential units, you will need a permit. Foreigners should also register their investment with the Foreign Investment Board.
A buyer should consider using a lawyer to assist with the purchase of a Bahamas property. The cost of a lawyer will vary depending on the value of the property. Typically, the fees for both the buyer and the seller will range from two to 8% of the net price. A real estate agent should also be used, as their services are often necessary for the sale of a property in The Bahamas.