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Buying a Property in the Bahamas

When it comes to investing in real estate, the Bahamas is an excellent choice for a large number of reasons. The country has an attractive tax structure and an experienced real estate market. Purchasing a property in the Bahamas is a safe and transparent process, with no surprises. Before buying any property, it is necessary to have the title of the property checked by a legal representative. Missing abstracts or certificates will reduce the marketability of the property, so the vendor must ensure that the history of the property is accurate.

One of the most exclusive communities in The Bahamas is the Ocean Club Estates. This gated community features a beautiful golf course and pristine surroundings. Many of the residences are located on the waterfront, and the luxury condominium buildings offer beautiful views of the marina, harbour, and golf course. This makes the Ocean Club Estates a great choice for those seeking luxury and convenience.

If you’re looking for a beachfront property, the Bahamas is the perfect place to invest in property. This archipelago of 700 islands is home to the capital, Nassau. Some of the island’s most exclusive communities include Albany Resort and Ocean Club Estate. ocean club estates bahamas spans over 100,000 square miles of ocean, and you’ll find both family-friendly islands and touristic meccas.

Real property tax in The Bahamas is based on the value of the property. There are no income taxes, inheritance taxes, or capital gains taxes in the country. However, you will have to pay Stamp Duty (+VAT) on any property that you buy. In addition to this, there are other fees, such as legal fees and real estate agent fees.

Once you have purchased a property in The Bahamas, you will need to apply for a Home Owner’s Resident Card. This card is valid for a year and allows the owner and spouse to live in the country. Moreover, it allows the owner’s family members to visit the country as well. Once this residency card is granted, you can enjoy living in The Bahamas.

Although demand for residential property is still high in The Bahamas, the recent economic downturn has impacted the market. According to Engel & Volkers’ 2019 Real Estate Market Report, the country saw an overall 20% decline in residential sales. In March 2020, the Bahamas government closed its borders to international tourists to combat the spread of coronavirus. As a result, air and sea travel fell by 10% and 28%, respectively. However, after the recent hurricanes, the economy is expected to improve.

If you’re looking for legal advice, consider hiring a lawyer in The Bahamas. Many of these lawyers specialize in a wide variety of areas, including litigation. The attorneys at Lennox Paton are well-qualified to assist you with your needs. They are knowledgeable and experienced in all areas of law.

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