Buying Bahamas Real Estate

If you are interested in purchasing Bahamas property, there are several options available to you. You can contact Coldwell Banker Lightbourn Realty, which has offices on Harbour Island and Dunmore & Crown Sts. These offices can help you find a property that meets your needs and your budget. They can also provide you with information about the current real estate market on the island.

Property taxes in the Bahamas are based on the assessed value of the property. Usually, the bill is sent around mid-October and must be paid before the end of the year. If you fail to make your payment, the Department of Inland Revenue (DIR) may re-assess your property. The maximum assessed value is $50,000 per year. Regardless of whether you plan on selling or renting your property, it is vital that you pay your taxes on time to avoid penalties and fines. You can choose to pay these taxes in Bahamian or US dollars.

One of the most sought after areas of The Bahamas is Harbour Island. The region is known for its warm weather, laid-back lifestyle, and welcoming people. HGTV, America’s leading lifestyle programme, has featured several properties on the island in recent weeks. These include Sandy Hill, Pink Sands, Valentines Resort, Fort Point, La Tortuga, and the Strawberry House.

Bahamas real estate is popular with residents and non-residents alike. The pristine beaches and easy access to the US make it an excellent investment destination. The Bahamas also boasts a stable political background and low tax rates. The economy is thriving, with tourism being the main industry. If you are an American investor, you’ll be delighted to know that English is the official language.

Another option for investing in Bahamas property is to use a broker in the country. These professionals will know the ins and outs of the real estate market and can provide you with relevant information. This is an excellent way to invest in property in The Bahamas. When you use the services of a broker, you can feel confident in the property you buy.

Moreover, real property tax is assessed on all properties in The Bahamas. harbour island bahamas real estate This tax applies to land and improvements. However, there are exceptions to this rule. You must declare your property to the Department of Inland Revenue, which is part of the Ministry of Finance. If your property is undeveloped, or on Family Islands, you will not have to pay real estate taxes on it.

In addition to being a tax-friendly destination, the Bahamas also offers strong rental yields. The tourism sector is a key driving force in the country’s economy. The country also invests heavily in the real estate sector and has been growing consistently since the recession. In fact, the World Travel and Tourism Council (WTTC) predicts that the country will experience annual increases of over three percent until 2024.

Leave a Reply

Your email address will not be published. Required fields are marked *