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The Bahamas
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Real Estate in The
Bahamas
Since The
International Persons Landholding Act became effective in 1993, it has
become easy for non-Bahamians to acquire a home or vacant land here. A
permit is required, however, for lots of five acres or greater.
The Bahamas Government still has an incentive in place for persons
wishing to build on "Family Islands" (outside Nassau/Paradise Island or
Freeport). Up to June 2002, materials may be imported without customs
duty (usually around 35% on landed cost).
At the time of purchase of real estate, the Bahamas Government levies a
stamp tax of 8%, split between seller and buyer.
Thereafter, one pays the annual property tax of 1% on the value
exceeding $ 100,000.00 and 1.5% on the value exceeding $ 500,000.00.
Foreigners are entitled to a "Homeowner's ID card" which allows
unlimited entry into the country, if they purchased a home valued at $
500,00 or higher.
(Last updated January 2002. Above information may change without
notice, so please verify everything prior to any transaction) |
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