Bahamas Property – Buying Harbor Island Real Estate in the Bahamas
The Bahamas is an enchanting archipelago of hundreds of islands that is home to many desirable properties. The country offers a low crime rate, an investor-friendly tax system, world-class shopping and spas, and some of the most stunning property in the Caribbean. If you are interested in purchasing property in the Bahamas, you can use the Bahamas Multiple Listing Service to find the ideal property for your needs.
If you are interested in secluded and luxurious property in the Bahamas, you can consider the Abaco Islands. They consist of a chain of 120 islands, spanning over 650 square miles. The islands are a popular vacation spot. harbour island real estate There are a number of mainland towns as well, such as Marsh Harbour, which has a bustling downtown. Treasure Cay and Elbow Cay are popular destinations for vacationers, and both feature beautiful beaches.
The Bahamas also has some of the most luxurious prime real estate in the world, making the country an attractive option for US investors. Mortgages in excess of $2 million are available through Enness. The Bahamas is a short flight from Miami or New York City and is known for its pristine beaches and tropical climate. It is also an English-speaking country, so it’s easy to communicate with residents. The economy is stable, and tourism is the main industry.
The Bahamas government places few restrictions on the purchase of real estate by foreigners. The International Persons Landholding Act of 1993, for example, allows non-Bahamians to purchase and own property in the country. This act applies only to single-family homes and does not apply to condos or apartment buildings. The Bahamas government also offers attractive tax rates for foreigners.
When buying Bahamas real estate, you should use a lawyer. The average transaction cost is around 15% to 20% of the net price. This includes government stamp duty on the conveyance, legal and recording fees, and a real estate agent’s commission. The Bahamas government has been stable and has not experienced any major government changes. In terms of governance, the government follows the Westminster system of government.
The government has also laid out guidelines for non-Bahamians to establish residency in the Bahamas. There are two types of permanent residency: one that includes the right to work and the other that doesn’t. Both types require a minimum investment of $500,000 to qualify. There are also other requirements, such as an annual residency permit or permanent residency.
For those interested in purchasing a property in the Bahamas, the climate in the islands is tropical with two distinct seasons: the dry season from November to May and the rainy season from October to April. The wet season usually consists of short but intense thunderstorms, while the dry season consists of a relatively cool climate. The trade winds also help the islands stay cool during the summer months.