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Tuesday, October 27, 2020

Living as Expat in Bahamas, then here are the Laws and Procedure regarding buying a property in Bahamas.

Living in Bahamas give expats a chance to explore Carribean with lots of corner to explore. Also its proximity to USA makes it a best place to invest for second home.

Here are some Laws and Procedure regarding buying a property in Bahamas.

Foreigners may acquire residential property upto 5 acres without any prior government approval, but these act must be registered with International Persons Landholding Act. Buyers for second home are eligible for Home Owners’ Residence Card, which is renewable and it facilitates entry and permission to live in Bahamas, during its validity period. Application of card can be done through the Director of Immigration.

Although, if land is larger than 5 acres or if property is not a private residence, then the buyer must require a permit. A permit must be included along with title documents to be recorded in the Registrar General’s Office otherwise the recording will be null and void.

Once an offer is made and when it has been accepted, we would seek to refer to attorney and once agreed you will need to pay a deposit of 10%.

Then a stamp tax of 2% is charged on property sales of amount upto $20,000. The tax rate increases peaking to 10% on sale over $250,000. The tax is by default shared equally between buyer and seller.

To encourage sale of property to bring boost in economy, the government permits first-time home buyers of property valued under $250,000 exemption from stamp tax.

There is also annual tax of upto 1% of the most recent selling price (up to $50,000).

The real estate agent charge usually 6% for house and around 10% for undeveloped land.

So, with such flexibility in taxes by government and due its wonderful scenery, you should invest your money in Bahamas and enjoy life as an expat in Bahamas.

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