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The Bahamas...everything you've ever heard about its beauty is true. And if you haven't heard anything. Allow me to introduce you.
There are literally hundreds of islands, 700 in fact, 29 of which are inhabited. But if you're counting landmass, raise the count to 2,000 which will include the numerous cays scattered serendipitously in an archipelago covering 100,000 sq miles of the Atlantic Ocean. Its proximity to the coast of Florida, just 50 miles offers among other things ease of travel anytime quickly day or night.
Baja mar, meaning shallow sea, the name the Spaniards gave The Bahamas on Columbus' exploratory journey was appropriate. The shallow but transparent aquamarine waters hug the coast and glisten like a piece of jewelry from any aerial shot. Yet at greater depths there's visibility of just over 200 feet, offering a mariner the great chance of spotting a prize fish from his very own yacht. No wonder, The Bahamas is the hub for sailors and sports fishermen alike.
The Bahamas enjoys beauty, stability and charm. You are one step closer to exploring the jewels of the Atlantic Ocean individually. On that journey you will discover unique treasures as each island has its own natural charm and beauty. The islands located outside of the capital city Nassau on New Providence Island are often referred to as the Out Islands, but there is nothing "out"landish about them... they're simply "out"standing.
Purchasing in the Bahamas
Yes, when purchasing property in the Bahamas, there is a one-time Stamp Duty (now referred to as VAT on property transactions). The total is 10% of the property's purchase price. Typically, this cost is split equally between the buyer and the seller, with each party paying 5%.
This tax is applied at closing and includes the transfer of ownership. In some cases, buyers and sellers may negotiate a different arrangement, but the common practice is to split it 50-50.
Here are answers to the questions about owning property in the Bahamas from the United States:
What are the property taxes?
Property taxes in the Bahamas vary based on the value and type of property:
Owner-occupied residential property:
Properties valued up to $250,000 are exempt from tax.
Properties valued between $250,000 and $500,000 are taxed at 0.625% annually.
Properties valued between $500,000 and $5 million are taxed at 1% annually.
Properties above $5 million are taxed at 0.25%.
Vacant land owned by non-Bahamians is taxed at 2%.
What banks are lending to US citizens in the area?
Several Bahamian banks lend to US citizens for property purchases, including:
Scotiabank
Royal Bank of Canada (RBC)
CIBC FirstCaribbean International Bank
Bank of The Bahamas
Some US banks may also offer financing, but it’s more common to work with local banks.
Can US citizens own property there?
Yes, US citizens can own property in the Bahamas. There are no restrictions on foreign ownership, and foreigners enjoy the same rights as Bahamian citizens when it comes to property ownership.
What does homeowners insurance cost?
Government Facts
Politically sound and nationally secure since its independence in 1973, The Commonwealth Of The Bahamas is said to be one of the most politically stable countries in the world. Its political stability can be traced as far back as 1729, at which time our popularly elected parliament can trace its heritage to an operational House of Assembly.
Here are some facts about the nature of governance:
* Member of the Commonwealth of Nations and a former British colony, The Bahamas recognizes as Head of State, Her Majesty Queen Elizabeth represented locally by the Governor General. Parliament constitutes our Legislative Branch, which is made up of a Senate and a House of Assembly. Subject to the provision of our Constitution, Parliament may be responsible for laws for peace and national order.
* The two primary political parties are the Progressive Liberal Party (PLP), which governed the Bahamas from 1967 to 1992, and again from 2002 to 2007 and currently in office today. The other is Free National Movement (FNM). Perry Christie is currently the Prime Minister presiding over a 41-member Parliament.
History
The Bahamas has a rich history which includes Lucayan Indians, Spanish explorers, swashbuckling pirates, English Puritans, American Loyalists, persistent bootleggers and rum runners, and British Royal Governors and African slaves. Rich indeed.
Highlights:
• Lucayan Indians were the indigenous people of these islands between 900 – 1500AD.
• Christopher Columbus “discovered” The Bahamas in 1492
• Bahamas became an official British colony in 1717.
• Slavery was fully abolished in 1838
• Limited self-rule was granted in 1964.
• The Bahamas became an independent nation on July 10, 1973.