The Bahamas offers a number of ways to experience paradise, from the bustling capital city of Nassau to the secluded, idyllic islands. The Bahamas also has an attractive tax structure and is only an hour’s flight from Miami, making it accessible to people from all over the world. Paradise Island and New Providence are particularly popular among visitors due to their vibrant tourist industries.
The Bahamas Property Fund invests in commercial real estate throughout The Bahamas. Its properties include the Bahamas Financial Centre, One Marina Drive, and Providence House. These properties are located throughout the country and are used by tenants from a wide variety of industries. Its shares trade on the Bahamas International Securities Exchange under the symbol “BPF.” Royal Fidelity Bank & Trust serves as the fund’s investment manager and administers the properties. The fund currently has over $2 billion in assets under administration and $700 million under management.
Buying property in The Bahamas requires a government permit. Whether you’re buying a property for personal use, to let, or for commercial development, you’ll need a permit. If you’re purchasing property for commercial use, you’ll need to register it with the Foreign Investment Board and Foreign Exchange Control at the Central Bank of The Bahamas. This permits you to export the net proceeds of your property in the currency of your original investment.
The government of The Bahamas has strict laws on property taxes. Taxes on real estate are 2 percent of the property’s market value. Failing to file a return and pay the tax on time is illegal. False statements on tax returns will result in fines and imprisonment. As a result, it’s important to be aware of the tax system and make sure you understand your responsibilities.
Foreign nationals and permanent residents can purchase property in The Bahamas. There are several banks in the country that offer mortgages for foreign nationals. Some offer up to 25-year terms and only a 10% down payment. Other mortgages are available from life insurance companies and major banks and lending institutions. The down payment requirements and interest rates vary depending on the institution you’re using.
Since the coronavirus epidemic hit the Bahamas, demand for residential property has fallen dramatically. According to Engel & Volkers’ 2019 Real Estate Market Report, residential sales were down by 20% this year. With the government’s closure, tourism figures are expected to fall even further. ocean club estates Despite the recent dip in demand, the market has stabilized since Hurricane Dorian hit the island.
The Bahamas is a small country of 700 islands that has a variety of property types. You can find a home in an exclusive community or a private island that’s completely isolated from the rest of the world. The Bahamas also offers a low crime rate, easy immigration, and a stunning natural beauty.