There are many benefits to owning property in The Bahamas. Below are a list of some of the more common benefits that you may come to enjoy:

The Tax benefits:

There is no application of the following taxes • personal income tax • capital gains tax • corporate tax • inheritance tax • tax on rental income

However, you should be aware that when purchasing property there is the applicable VAT that will apply to real estate transaction. The maximum rate is 10%. This is normally shared evenly between the buyer and the seller. There is also a real estate commission that is paid by the seller. The rate of which is 10% on undeveloped land or the sale of a business. The rate of 6% applies to the sale of developed properties.

Finally, there is a legal fee which can be up to 2.5% of the sale price.

The Estate Planning option:

The inclusion of your Bahamian property in a corporate structure or a trust could facilitate effective estate planning and/or transfer of ownership. (However, you are encouraged to obtain your own independent tax advice regarding the subject as it relates to your nationality or country of residence).

Proximity to the United States:

The US mainland is about a 30-flight from Nassau. The benefits to the Bahamas include world class telecommunications, health care, modern construction, world class dinning and shopping.

Residency and Citizenship Program:

The Bahamas as offers a Residency and Citizenship program. For non-residence that may desire an extended stay you will need a residence permit. By becoming an owner of a property in the Bahamas qualifies an individual for permanent residency. However, if the investment in the property exceeds $750.00.00 you can receive expedited consideration for residency.

Sophisticated Banking Industry:

The Bahamas is a sophisticated, international banking centre. It’s banking industry subjected to the highest global regulatory standards and hence, well regulated. There over 250 banks from over 20 countries that are registered and licenced to conduct business in the Bahamas.

English Common Law Legal system:

The Bahamian legal system is based on English common law which is complimented a constitution which declares the existence of certain fundamental principles that are to be observed and enforced.

Effective Governance and Oversight of the Construction Industry:

The construction of a building requires various approvals from certain government agencies which is to ensure building are constructed in accordance with the established building codes and environmental assessments. As we are in a hurricane zone there is strict enforcement of the building codes with are designed to minimize damages, structures to the extent possible in severe weather situations. However, homeowners can take additional measures to enhance the protection of their investment.

Varying Lifestyle Options:

There are lots to be enjoy whether the beach, boating, fishing, golfing outdoor activities, night life, sport and the list goes on and on. If you desire the tranquillity of our family islands such and Eleuthera, Exuma or Andros or more active lifestyle of Nassau, these options are available. As Nassau is a bit more cosmopolitan, many persons opt for either a gated community or condominiums that provide additional security.

Finally, you should be aware that the Bahamas Real Estate Association (BREA) is the regulatory body for real estate transactions and real estate agent licensing and conduct for the Bahamas. We are please to advise that Clearwaters Realty Limited is fully licenced and registered with BREA registered and qualified licenced agents to assist you with all your real estate needs in the Bahamas.