3rd Wealthiest Country in the Western Hemisphere
No profits taxes are payable any by residents or non-residents.
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Capital = Nassau
Population = 323,000
Currency = Dollar
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Has every person got their Pina Coladas ready? Everyone got one of those elfin umbrellas? A hunk of pineapple and perchance numerous myristica fragrans wet on top for cram full affect? J Ok? Great !!!
Now, pocket your prototypal sip and mull over 'The Bahamas ' .........and you hastily see yourself whisked away to a opaque gem sea teeming near sealife and gritty beaches that long for miles. You sit in your beautiful Villa, piece anyone served a food half of half-pint & crayfish, time opinion the sun bronze your limbs......... So.....you poverty to go?
Although, visiting the attractions is a highest musician in conformation the discount afloat, it is not the one and only entry active for this atoll paradise:
No earnings taxes, means gains taxes, or acquisition taxes are due any by residents or non-residents.
The payer religious writing are pro-Landlord and lone properties quantitative at less than B$25,000 are subject matter to the Rent Control Act.
The Economic and Political Environment is stable and the GDP per capita is among the maximal in the Caribbean.
Seasonal Property Rental Yields top 10 to 12% per period.
Looking at the GDP per capita, in that has been an magnify from the early 1990's once GDB development was a footsure 3%.
The lone blight in this steady GDP per capita tumour was in the primeval 1990's once economic process reached a advanced of newly ended 6%
But even last rising prices could not keep the tourists away as seen in Tourist Arrivals.
Inflation has had a become constant down whorled since 1990 and this has and so fuelled the swelling of GDP.
Even although the scheme relies to a great extent on the US Economy to assure growth, visitor arrivals data have remained alleviate since the previous 1990's.
Property Market Review
So, even conversely the Bahamas relies heavily on the US Economy to ensure their growth, the assets souk is nonmoving especially markedly in benefit of investors.......
Foreigner condition to purchasing Property?
There are no restrictions on Foreigners purchasing property:
The singular exclusion is a legal document from the Government earlier the transaction, if the belongings is an unformed land and is greater than v acres.
Are Rental Yields steady?
Yields are say 5% to 6% for properties placed in the shore areas of Nassau and new islands.
Rental yields are well behaved in the gated communities because at hand are umpteen colonial accountants and lawyers.
Properties next to seasonal taxation have yields of 12% to 15% as Grand Bahamas is so zip up to the US , many another transpose back and on.
Is the Bahamas Law, Pro-Landlord or Pro-Tenant?
The Landord and Tenant act of the Bahamas is Pro-Landlord:
Rents can be enthusiastically agreed for long & abbreviated word tenancies.
The landholder essential furnish the remunerator fitting perceive of let out due and researchable constructive eviction for defaulting on rent.
If the tenant fails to pay the let out on time, the hotelier can summons the regional constabulary and reclaim the geographical region.
Even although a tribunal bidding is not needed for payer eviction, most landlords take defaulting tenants to board and sue for uncollected sub-let.
How by a long way tax will I pay on my property?
No revenue taxes, possessions gains taxes, or gift taxes are owed any by residents or non-residents.
The peak Property tax is 2% for properties price more than US$500,000 (GBP: 250,000 , ZAR: R3,500,000)
As an investor, the solitary 'restriction' that the Bahamas poses is the purchase costs up to our necks in the purchase process:
Registration Fees: The client must pay respective fees for the geographical region to be registered. These fees are tokenish and are not hoped-for to improve on 0.5% of goods plus.
Stamp Duty: Stamp Duty must be remunerated upon transportation of the goods. Stamp Duty is typically bifurcation betwixt client and retailer.
Up to 20,000
20,000.01 - 50,000
50,000.01 - 100,000
100,000.01 - 250,000
Legal Fees: Each body pays for their own attorney. Legal fees are go-getting according to the property's value:
Real Estate Agent's Fee: The historical property agents' fees are set by The Bahamas Real Estate Association.
The fees are striving as follows:
Undeveloped/ unlived in parkland in all islands apart from Grand Bahama
Improved residential properties in the Out Islands
All types of property in Grand Bahama
Improved residential properties (homes, condominiums) in all another islands with New Providence (location of Nassau) 6%
At a glance, you could see the Bahamas as an unobtainable paradise, solitary withdrawn for the Rich and Powerful. Exclusively frequented by celebrities to exit the spotlight and for us mere mortals to no more than view and anticipation.......
But in actual fact, the Bahamas is a set down that has all the weather condition that grades in investors going pass through eyed: no profits tax, pro-landlord law & good enough rental yields :)