5 Reason Canadians Should be Buying Real Estate in The Bahamas
Call or WhatsApp 1-(242)-395-8495 to Buy Bahamas Real Estate
Tax Benefits for Canadians Buying Real Estate in The Bahamas
As the forces of globalization push wealthy investors to buy properties in exotic places like the Caribbean. Here are 5 reasons Canadians should be buying real estate in the Bahamas, and 5 benefits of owning property in The Bahamas. Along with a great video by Canadian Tax Attorney, Tom Olson of Olson Lemons Llp.
1. Property in the Bahamas offers a tax-efficient environment
With the increasing number of the world’s wealthy growing significantly, according to Property Wire, the number of “high net individuals” in Russia and Brazil is set to increase by 59% to 76% between 2011 and 2016.
There is no doubt that the attractive tax-efficient environment offered by the Bahamas will bring a flood of interest in buying real estate in the Bahamas.
As the Bahamas has no income tax, capital gains, or inheritance taxes that are assessed against income, real estate, or personal property. This relatively tax-free environment is what most wealthy individuals seek and you will find it in the Bahamas. And it is one of the primary benefits of owning property in The Bahamas.
2. Low Transactional Costs
The low transactional cost of buying real estate in the Bahamas will certainly be another draw for wealthy real estate investors who are looking to maximize their dollars and get as much bang as possible for their buck.
The average transactional cost of buying Bahamas real estate is around 15.5%-20% above the net price of the property. Which includes a government stamp that is paid on the conveyance, legal fees, recording fees, and any real estate agent commission that may be warranted by the transaction.
You can get a full account of the Transactional Cost of Buying Bahamas Real Estate
3. Political Stability of the Government
Another benefit of owning property in The Bahamas is its political stability. While there have been several government changes since the Bahamas’ 40 years of Independence these changes have been uneventful, cementing the country’s reputation as a politically stable environment. And the country’s governance follows the British Westminster system as the Bahamas is a former British colony and an active member of the British Commonwealth.
4. Legal Transparency
This attachment to the British Commonwealth is also seen in the Bahamas’ legal system which is based on British Common Law, thereby creating a legally transparent environment.
5. Increasing Accessibility
Additionally, the Bahamas is becoming increasingly accessible as the Government has taken extensive measures to loosen the residency and permit rules. Allowing for fast-tracking of residency request processing for persons who purchase real property with a value in excess of $1.5 million. Meaning that you have the unique opportunity to buy real estate and virtually get a residency at the same time. Adding to the benefits of owning property in The Bahamas. Check out Buy Bahamas Property and Residence is almost Guaranteed.
And if you are wondering what to buy in the Bahamas? No worries Glenn can help you buy a home in The Bahamas or buy land in The Bahamas.
Buying a House in The Bahamas with Glenn Ferguson
Buying a House in The Bahamas
Buying a house in the Bahamas might seem like a glamorous idea, and it certainly can be, but it also involves some complexities. Thorough research, insight into the local real estate market, and dealing with all the legal aspects are some crucial steps you'll need to take before purchasing your dream house. A professional real estate agent like Glenn Ferguson can carefully guide you through this process.
Glenn Ferguson, well-recognized in the Bahamas real estate industry, offers in-depth knowledge of the region, including its diverse property market, local customs, and legislation related to real estate transactions.
With years of experience and well-established connections, Glenn Ferguson's expertise in Bahamas real estate entails:
1. Identifying the perfect properties matching your preferences and budget.
2. Offering Honesty and transparent communication about property condition and value.
3. Conducting negotiations, fulfilling legal obligations, and finalizing the deal.
4. Guiding you through the entire process from initial search to final acquisition.
In hiring Glenn Ferguson, you can expect:
1. Personalized Service: He tailors his service to individual client needs, helping you find a home that meets your unique requirements and budget.
2. Local Expertise: As a local, Glenn provides inside information about various locations, amenities, and potential investment opportunities.
3. Professionalism: Glenn's integrity, accountability, and dedication symbolize his professional conduct.
4. Peace of Mind: With Glenn handling the complexities of the transaction, buyers can rest easy knowing they’re in good hands.
So, if you're planning on buying a house in the Bahamas, Glenn Ferguson can make your home-buying experience as smooth and hassle-free as possible. By entrusting your real estate needs to him, you'll be one step closer to finding your dream home in the Bahamas. Call or WhatsApp 1-(242)-395-8495 or Simply ASK Glenn
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