The International Persons Landholding Act, 1993, has made it easier for non- Bahamians and companies under their control to own property in The Bahamas. Foreign nationals are now encouraged to acquire residential real estate. Underscoring the new attitude towards investors, the government repealed the Immovable Property Act, 1981, which required prior approval for the purchase, transfer, or inheritance of real estate by non-Bahamians. It has been replaced by the International Persons Landholding Act, which considerably eases the process of foreign ownership of and real estate. This has fuelled the revival of the second home market and makes the The Bahamas an even more attractive location for acquiring real estate and for private residence.
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Real estate is relatively expensive in The Bahamas. House prices are more than double the level of Florida. But if one takes up residence, the high level of real estate prices is compensated by the lack income taxes, wealth taxes, and gift or inheritance taxes. However, The Government levies a Stamp Tax on Property Conveyance, which is usually shared equally by the buyer and the seller. For real estate of value between USD 100,000 and USD 250,000 the stamp tax is 8% of the property value. For real estate of value more than USD 250,000 the stamp tax is 10% of the property value. |
Bahamas - Offshore Paradise |
The Bahamas offer many advantages, including:
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No income or capital gains tax, no inheritance tax |
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No double taxation agreements |
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Excellent jurisdiction for incorporating offshore companies |
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Major banking centre |
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Attractive lifestyle and ideal location near the US mainland |
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Excellent access by sea and the international airport of Nassau |
Further Information
Through its offices in the Bahamas, Henley & Partners assist foreign individuals in obtaining residence status, and advise corporations and investors about all aspects of investing and doing business in the Bahamas, including comprehensive and efficient company incorporation and management. Please contact us for more information or to arrange for an initial personal consultation.
