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Buying Bahamas Property and Lyford Cay Rentals

If you’re interested in buying Bahamas property, you’ll need to do some background research on the country’s laws and processes. The Bahamas has a liberal, open, and modern economy. You can purchase real estate in the Bahamas either directly or through a trustee or partnership. If you’re interested in developing a larger project, you’ll need to apply for a permit with the Bahamas Investment Authority, a government agency that oversees real estate transactions. To obtain a permit, you must submit a project proposal, financial projections, and employment needs.

A well-known real estate agency in The Bahamas is Damianos Sotheby’s International Realty, which has offices all over The Bahamas. Their agents are well-versed in the property market and can help you make the right decision when it comes to buying or renting a property on The Bahamas’ islands. This company specializes in sales and rentals in Old Fort Bay, Lyford Cay, and private islands.

Before the recent outbreak of the coronavirus, demand for residential properties in The Bahamas had already been declining. According to the Engel &Volkers 2019 Real Estate Market Report, the country’s housing market has experienced a 20% decline in residential sales. In March 2020, the Bahamas government closed its borders to international tourists in an effort to stop the spread of the disease. This has led to an overall drop of 10.5% in air travel and a 28% drop in sea travel. These numbers are expected to go down even further in Q2 2020.

Upon purchasing Bahamas property, non-Bahamians are required to register their investment with the government. Non-Bahamians who purchase under two acres must register the investment as a single family residential property. If you’re planning to live on the property for longer than two years, you’ll need to apply for permanent residency. Permanent residency also carries tax benefits.

There are many advantages to owning real estate in The Bahamas. The country boasts a third-largest shipping registry in the world. The country also has a stable economy and low crime rate, making it a safe place for foreigners to buy property. In addition to the economic benefits, the Bahamas is an international destination with an excellent immigration policy. Its natural beauty is unmatched and makes it an attractive option for any property investor.

Nassau is the capital of the Bahamas. lyford cay rentals Located on New Providence, the city is linked to the neighboring Paradise Island by a bridge. On the eastern end of Paradise Island, Ocean Club Estates is a full-service luxury development where waterfront properties are available for sale. These luxury properties can cost up to US$14 million.

In the Bahamas, there are no income, inheritance, or capital gains tax. However, there is a real property tax. The government imposes a 7.5 percent tax on all real estate transactions. This tax is shared between the buyer and seller of the property. The first $250,000 of owner-occupied residential property is tax-exempt. The market value of the property above this amount is taxed at a rate of one-half percent.

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