Bahamas Property – Lyford Cay Real Estate

The Bahamas is a beautiful archipelago of hundreds of islands. It is an ideal place for investing in real estate as it has a favourable tax regime, a wide range of amenities and world-class golf, shopping and spas. You will also find some of the most luxurious homes in the Caribbean.

One of the most exclusive and sought-after areas for real estate in the Bahamas is Lyford Cay. This gated community has been home to film and literary stars and has been a popular destination for international business tycoons. In 1788, British monarch King George III gave the enclave a land grant, which included a part of Lyford Cay and the property across a channel on the mainland. The channel filled with sand over time, and Lyford Cay became part of New Providence.

lyford cay real estate Non-Bahamians can also purchase property in The Bahamas, as long as they have the proper permits. Property purchases of five acres or more are subject to a permit from the Bahamas Investment Authority, which is granted based on assurances that the land will be developed. In addition, large projects require approval from the Bahamas Investment Authority (BiA), which requires submission of a project proposal, financial projections and employment needs.

If you’re planning to buy a property in the Bahamas, you should be aware of the various taxes and fees. Property taxes are generally assessed each year in mid-October and are due on the 31st of December. The Department of Inland Revenue has the right to assess the value of property and to reassess it as necessary. The property tax is capped at $50,000 per year, and it is the responsibility of the property owner to ensure that they pay their property tax on time. Property taxes can be paid in Bahamian dollars or in US dollars. A failure to pay on time will result in a penalty of 5% per year.

The Bahamas is an attractive place for real estate investment, with many benefits. Its low crime rate, low cost of living, and low tax rate are all factors that make it an attractive place to buy property. In addition, the Bahamas offers strong rental yields. Once reserved for the wealthy, the islands have become more accessible with a growing range of development projects and financing opportunities.

The Bahamas has a well-developed real estate market. The transaction process is transparent and secure. A buyer’s attorney will check the validity of the property title. Incorrect abstracts will make the property less marketable. Furthermore, the vendor must ensure that the history of the property is correct. If there are any gaps in the information provided, a buyer’s attorney can verify this information and make an informed decision.

As with any transaction in the Bahamas, it is advisable to hire a lawyer to handle the transaction. Typically, buyers and sellers should be able to share these costs equally. However, the buyer should also be aware that stamp duty fees vary according to the value of the property. A buyer should always get legal advice prior to signing a contract with a vendor.