Bahamas Real Estate & Homeownership
Q: What are the tax benefits of living in the Bahamas?
A: In addition to the year-round tropical climate, the breathtaking natural beauty and the freestyle Bahamas lifestyle, the islands also offer these benefits:
– Very advantageous administrative costs and tax benefits for homebuyers
– According to the Bahamas Real Estate Guide, the annual tax fees on your February Point home or condo may be waived under the Hotel Development Act. Consult your tax advisor for details.
– An independent judicial system based on English common law
Q: What kind of deed will be issued on my property?
A: You will get a fee simple title, which means that by paying the costs and the fees, you become the freeholder of the property.
Q: What is the Stamp Duty?
A: This is an old British method of formalizing a receipt. In the Bahamas, Stamp Duty ranges from 8% to 12% of the cost of the property, and the cost is shared equally between the seller and buyer. (The buyer’s portion of the Stamp Duty fee is part of the all-inclusive pricing at February Point.)
Q: How Soon could I move into my New Residence at February Point?
A: Construction is currently underway on two exciting new residential offerings at February Point. Limited opportunities are available in The Views oceanfront condominiums to move in this year (2016). Contact us for details.
Q: What does homeowners insurance cost in the Bahamas?
A: Anticipate annual costs of approximately 1% of the replacement value of the home (excluding land) plus all valuables insured.