The Commonwealth of the Bahamas is a stunning group of islands settled in the middle of North Atlantic and eastern shores of Florida. It comprises of 700 attractive subtropical islands and approximately 2400 cays.
Nassau is the largest city and capital of this country. It maintains strong bilateral ties with several foreign countries, including the United States of America. Therefore, Nassau, Bahamas is best place for investment to buy a rental property or to live in your dream home.
Travelers from all across the globe tour every year for tourism and explore business opportunities by earning passive income from real estate in the Bahamas. It is challenging to miss the charm of exotic beaches, reefs, historic towns, and friendly locals while holidaying in the subtropical paradise. Therefore, financial experts believe that exploring business opportunities in the Bahamas real estate can be an excellent option. Consider this write-up if you are planning to invest in homes for sale in the Bahamas.
The Commonwealth of the Bahamas has earned the status of being a tax haven Bahamas for foreign and regional investors. The Government of the Bahamas does not levy any income tax, inheritance tax, company tax, or capital gains tax from its citizens. On the contrary, the economy gets driven by the revenue collected through value-added tax (VAT), stamp tax, import duties, license fees, and Bahamas real estate property tax. It is why offshore financial institutions from over 25 countries have earned the license to conduct business in The Bahamas.
The Central Bank of The Bahamas plays a regulatory role and offers a secure environment for foreign banks’ transactions. Deloitte Touche, PricewaterhouseCoopers International Limited, and KPMG International Cooperative are some reputed international organizations that have successfully set up business in Nassau.
Foreign investors can conveniently invest in Bahamas real estate in the Bahamas without any restrictions from the administrative agency. The stamp tax in the country is 2.5% for assets below $100,000 and 10% for those above $100,000.
The Bahamas property tax depends on whether the owner occupies the location for more than six months in a year. If owners meet this condition, the initial $250,000 of property value gets exempted. Property under the valuation of $500,000 invites a Bahamas real estate tax of 0.75%, whereas assets valued above $500,000 draws 1% tax.
The good news is investors do not face any hassles while undertaking the paperwork related to property transfer in the Bahamas. It is also possible to achieve Permanent Residency in the country with an investment above $750,000.
Since 1729, The Bahamas has been enjoying a stable and peaceful democracy. The country went ahead with the first general election in 1729, and Woodes Rogers got elected as the Governor. After that, it attained governmental independence in 1973 and earned the acclamation of being one of the wealthiest Caribbean countries. The Bahamian dollar (BSD) is even at par with the valuation of the U.S. Dollar.
Shortly after independence, the Bahamas also became a member of the World Bank and the International Monetary Fund. It maintains a strong bilateral relationship with the United States, the United Kingdom, and the Caribbean Community (CARICOM). It even follows the same time zone as Toronto (EST) and New York.
All in All, the Bahamas guarantees stability, simplicity, and prosperity for investors, which is why the idea of investing in the archipelago is not just good, but great! Let BE Luxury Real Estate help you in finding the best Bahamas properties to invest in.