Things You Should Know Before Buying Bahamas Real Estate
June 20, 2017
Located only 60 miles off Florida’s coast, the 700 islands that make of the beautiful coral archipelago of the Bahamas, has attracted tourists for decades. Some of those visitors to the islands were so moved by this tropical paradise, that they purchased estates and made the Bahamas their home away from home. You, too, can purchase Bahamas real estate. Here are some things that you should know before buying property in the Bahamas.
While you can live in the Bahamas if you can prove that you’re able to support yourself without a job, anyone who doesn’t fall into this category will need to obtain a work permit in order to find a job. It is not easy to find work on the islands if you don’t have a specialized skill that there is a great need for. Even a degree isn’t usually going to be enough to secure a work permit for you. For example, an engineering degree would typically have to be accompanied with a minimum of 5 years of experience to be competitive with other foreign applicants. You can start a business in the Bahamas, provided that you have a Bahamian partner, if you have the finances to do so.
Anyone can buy residential property on the islands without prior approval from the government, provided that the property is valued over $250,000 and includes 5 acres or less. A purchase of this type would allow you to apply for annual residency, which would allow you to live on the islands with your spouse and children. A property purchase with a value over $500,000 allows you to apply for permanent residency. In either case, you still would need to secure a work permit if you needed employment.
Cost Of Living
The cost of living in the Bahamas is very comparable to that of the United States, but you’d benefit by the fact that there is no income, estate, or corporate taxation in the Bahamas. Property taxes are generally less than in the U.S., and if the property is owner occupied, there is no property tax on the first $250,000 of assessed value. If you plan to relocate to the Bahamas, plan to either budget to spend more for consumables on the islands, or plan ahead to make trips to Florida to stock up on necessities.
Purchasing Your Dream Home
It’s unlikely that you’d ever regret your decision to purchase Bahamas real estate, but it’s always advisable to seek guidance from real estate professionals to make sure that you’re making the right decision. MCR Bahamas Group has access to listings in the most prestigious neighborhoods of the country, and well as many “un-listed” properties that are being offered for sale. Their agents will help you to find the perfect home for you, and then work on your behalf to obtain the best terms for your purchase. You can visit them on their website.
There’s no better time to make your dreams come true than right now. Contact MCR Bahamas Group today, and watch as your vision for your future unfolds!