The Beauty of Living in The Bahamas
If you want to purchase your little piece of paradise, consider looking at real estate in The Bahamas. This island archipelago is famous for being a sound investment, whether you are looking to purchase a modest condominium or a sprawling multi-million-dollar estate on the beach. Positive property returns, laid-back Bahamian way of life, and ever-growing communities with amenities catering to discerning individuals make investing in The Bahamas a popular financial activity.
Overseas investing is common, and non-residents can purchase residential properties up to five acres in size without prior government approval. You can rent out your new home in the Bahamas, taking advantage of the consistently booming tourism industry and its reliable demand for accommodation to earn a good living in the vacation rental market. Repatriation of the proceeds is possible with registration with the Exchange Control Department of the Central Bank at the time of purchase, making your new property’s ever-rising value in The Bahamas a financial boon even if you do not physically live there.
13 Factors to Consider When Looking for Real Estate in The Bahamas
Buying real estate as a foreign investor differs from purchasing a house in your home country. There are several factors to consider, including:
- Type of real estate: are you looking to buy an affordable condominium to rent out or are you seeking a private island where you can build your dream home and retire? There are houses for sale, vacant land, and resort properties you can purchase, depending on your intentions with the property.
- Cost of buying in The Bahamas: although the average home price in The Bahamas has skyrocketed in recent years due to the prevalence of multi-million-dollar estates, you can still find affordable beachfront homes near popular destinations
- Location: Do you want your home to be near schools in the city of Nassau or are you looking for a beachfront resort-like experience? Whether you are looking for a home with a view or a passive income generator, you will want to consider the amenities you want your property to be close to. Researching the neighborhood and its surroundings can save you a lot of headaches, regardless of your budget.
- Bills and Other Costs: utilities like water, heat, and power can cost more in The Bahamas than in other countries, insurance requirements vary depending on where you are buying, and there may be additional fees associated with buying a house as a foreigner.
- Residency: If you own a property in The Bahamas valued at a minimum of $250,000 you can apply for an annual residency. If you own property that is valued at $750,000, you may apply for permanent residency, and if your home is worth $1.5 million or more, your application will be expedited.
- Foreign Buyer Restrictions: foreign buyers can purchase up to 2 acres of property in The Bahamas without being required to obtain a special license or permit. If you are buying more than 2 acres, intend to rent the property out, or are purchasing land for commercial development, you will need to seek out the appropriate permits.
- Taxes on Home Sales: The first $250,000 on owner-occupied residential property is tax-exempt, and for $250,000 to 500,000 the tax rate is .75% of the property’s market value. On the portion over $500,000, it is 1%, with a ceiling of $60,000.
- Value Added Tax (VAT) on a home sale: The Value Added Tax (VAT tax) on conveyances is 2.5% VAT taxes on all real estate transactions under $100,000 with a graduating tax level based on the value of the property on all transactions $100,000 and over. This tax is usually shared equally between the buyer and seller.
- Legal Fees for Home Purchases: These fees can vary but average at about 2.5% of the purchase price of the property.
- Property Tax: property tax bills are sent out every year in October, with payment due by the end of December, with past-due payments accruing additional interest charges.
- Real Estate Commission Fees: When buying real estate in The Bahamas, the realtor usually takes 6% on improved property and 10% on vacant land and business sales. This is usually paid by the seller.
- Rules About Building and Renovations: Building permits must be obtained by the Ministry of Works and approval from the Town Planning Board before building or making changes to a structure. Licensed local architects and contractors will be well-versed in the process.
Why Paradise Landing Is the Right Real Estate Investment in The Bahamas
Paradise Landing offers the best options for people thinking about investing in real estate in The Bahamas for several reasons:
Paradise Landing is located on Paradise Island, within walking distance away from the world-famous Atlantis Paradise Island casino, there are several restaurants, and shopping opportunities just steps away, and downtown Nassau is a short drive or taxi ride away on New Providence island.
When you live at Paradise Landing, you will have full access to all the luxury amenities we have on offer, beginning with our on-site concierge who can help you find anything you need. There are exclusive swimming pools, restaurants, gourmet grocery and liquor stores, and access to secluded private beaches.
All the Comforts of Home
You will not miss out on any of the comforts you are used to having at home, from a high-speed, secure Wi-Fi connection to laundry facilities to doing your own grocery shopping, everything is available at your fingertips, so you can relax and live the way you want to live, eat the food you want to eat, and feel at home in The Bahamas.
Living at Paradise Landing grants you much more than a lovely place to stay near the ocean. Along with incredible views and a convenient position on Paradise Island, you will also be granted the opportunity to join the local golf and tennis clubs.
Safety and Security
At Paradise Island, safety is our number one priority. We have 24-hour uniformed guards on patrol, along with cameras with facial recognition and secure parking facilities for long-term parking. We also offer the highest level of online cyber security, keeping your data safe and secure.
Connection to the new deep-water superyacht marina, Hurricane Hole
If you want to rent a slip for your yacht, Hurricane Hole can accommodate even the longest superyachts, with docks fitting boats up to 420 feet. We have a 240 ft wide turning basin, in-slip fueling, and pump-outs, boat detailing, and electrical points every 50 feet, and we even offer food and liquor deliveries to your vessel. Anything else you need? Just ask.
Living on Paradise Island at Paradise Landing on Paradise Island is a unique real estate opportunity. Own a home in one of the world’s most beautiful destinations, just a stone’s throw from white sand beaches, turquoise waters, world-class golf courses, and incredible entertainment and epicurean destinations.
If you are considering buying property in The Bahamas and want to know more about what we have to offer at Paradise Landing, please call us at 242-677-1900. Your exclusive residence awaits you in this tropical paradise.