Buying Real Estate in Bahamas

Tax Benefits for Canadians Buying Real Estate in Bahamas

As the forces of globalization pushes wealthy investors to buy properties in exotic places like the Caribbean. Here are 5 reason Canadians should be buying real estate in the Bahamas, along with a great video by Canadan 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 for buying real estate in Bahamas. 

As the Bahamas has no income tax, capital gains or inheritance taxes that is assessed against income, real estate or personal property. This relatively tax free environment is what most wealthy individual seek and you will find it 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 bucks.

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

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 value in excess of $1.5 million. Meaning that you have the unique opportunity to buy real estate and virtually get residency at the same time. Check out Buy Bahamas Property and Residence is almost Guaranteed.

Planning on buying real estate in Bahamas then Call or WhatsApp 1-(242)-395-8495 or Simply ASK Glenn