Your Guide to Buying an Estate in the Bahamas

Estate in the Bahamas

One of the most lucrative investments you can make a lot with is the real estate business. However, it also holds risks, but the good news is that you can mitigate such risks by purchasing an insurance policy such as the homeowner insurance. Not everything is free especially the consultancy but you can get the best quotes from homeownersinsurancecover.net for first time.

If you are thinking of expanding your horizon, say buying an estate in the Caribbean, The Bahamas is an ideal choice. Herein is your guide to buying an estate in the Bahamas.

The Opportunities

If yours is an estate aimed explicitly at generating income, then the Bahamas has a lot of opportunities. For starters, with its amazing sceneries, beaches, and a warm weather year round, the Bahamas is one of the most-sort out tourist destination in the Caribbean.

As you plan to buy an estate in the Bahamas, consider the neighborhood and its popularity. Go for a region that is a popular tourist hub as it will bring sizeable traffic throughout the year, ensuring you make the most out of your estate investment. Examples of such regions include paradise Island, New Providence, Old Fort Bay, and Lyford Cay to mention a few.

The endless real estate opportunities are one of the reasons you should consider investing your capital in the Bahamas.

Tenancy Laws

Unlike in most states, investing your capital in the Bahamas real estate does get a lot of interference from the government. One of such intervention that significantly benefits your investment is the tenancy laws. The government does not set rental rates; instead, you get a chance to settle for an appropriate rate with your clients.

After buying an estate in the Bahamas, you can customize it in a way that stands out from the rest. From there, you can enjoy not only an edge in the market but also higher rates since you get to set them. With all that tourist traffic and competitive rates, your real estate investment can make a fortune in no time.

Foreign Restrictions

The other thing you need to know about buying an estate in the Bahamas is that there are no restrictions on foreigners buying property. This is owing to the 1994’s International Persons Landholding Act that replaced the Immovable Property Act of 1981. However, if you plan to purchase property whose size exceeds five acres, you will need a government permit.

If your estate investment in the Bahamas is aimed at making money through leasing, all you need to do is to register with the Bahamas Investment Authority. The fees are not exorbitant, meaning, you do not have to break the bank and the availability of annual permits allows you to stay in the Bahamas as you prefer.

With such lesser restrictions, you have no reason not to consider buying an estate in the Bahamas and tap into the lucrative venture.

Taxes on the Purchase

Stamp tax and value-added taxes are involved as you buy an estate in the Bahamas.  A 2.5% stamp tax is charged on all real estate transactions while 7.5% value-added tax is charged on all transactions exceeding $100,000. Furthermore, a 7.5% value-added tax is charged on real estate services such as the legal fees, appraisals, and commission.

With the above information, you are ready to get started on a fruitful journey in the real estate market in the Bahamas.

Tips When Planning to Move to the Bahamas

Planning to Move to the Bahamas

Bahamas entry logistics are not complicated at all. If you are planning to move into the Bahamas, then you will have an easy time settling there. It’s a nice place to move to. Despite it being populated, it has quality social services, a stable economy, close proximity to the United States, and a long summer. The Bahamas is a quiet island, a three-hour flight from New York.

In case you are planning to move into the Bahamas due to various reasons, you need to talk to piano moving companies Toronto in advance before landing in there.

Several things you need to know about the Bahamas

Before relocating to the Bahamas, you need to be aware of the following aspects about the place:

The cost of living

The Bahamas is one of the expensive countries to live in. Unless you are coming from Switzerland or Bermuda, you must feel a pitch as you settle there. When compared to other states in the United States and the whole world, Bahamas is ranked the third most expensive. This makes the cost of living to be high. Meals are also expensive due to the high VAT added on every goods and service.

Have in mind that you are going to start over

Shipment of your household is expensive, thus not cost effective. Due to this reason, rental houses are furnished with every item that you likely to need. This is even advantageous to the person renting because he/she wouldn’t be burdened by the high cost of shipping.

Apply for international medical insurance

It’s not that the Bahamas has no local insurances, but it’s the fact that local insurances only ensure you only when you are in the Bahamas. In case you travel, you will be at risk because you will not be covered. For local insurers, you will have to pay an extra cost as advanced medical emergencies and diagnoses require you to travel outside. However, the hospitals are not bad. They are well equipped for major and common medical services.

No quarantine requirement

This means that you can bring along your pet as there is no long quarantine process in the Bahamas. You are only required to have your pet vaccinated from rabies and other illnesses.

Get a dual SIM card cell phone

Cell phone coverage is fair enough and you don’t need to change to other network providers.  This will help you if you have plans of traveling outside frequently.

Get an IP/VPN vanisher

Foreign websites are blocked in the Bahamas. Thus, if you wish to browse on a foreign site, you will be required to hide your IP address.

Hold on to your former Bank

Banks in the Bahamas are filled by many customers and getting served will require you to be patient enough. Hence, continue using your former bank services to be on the safe side.

Have enough sunscreen on you

The tropical sun rays are very intense in the Bahamas. You are required to apply sunscreen lotion to your skin to avoid sunburns.

With all the tips above put into consideration, your stay in the Bahamas will be enjoyable. If you are planning for any overseas movement, you should contact professional removalists for more assistance – they’ll help you move your things without any hassle at all.