How to buy an island in the Bahamas?
When buying real estate in the Bahamas, you will need at least half a million US dollars. You can also become a candidate for a quick review of the application for permanent residence. Of course, you can also make more modest investments, such as buying a cozy villa, a small cottage or a modest apartment. All these offers can be found on the real estate market. If you can afford it financially, then why not wish for something more? For example, buy an island in the ocean? Here you can enjoy your own luxurious beach and golden sand, which is washed by the waves of the ocean. And you won’t want to take your eyes off the tropical palm trees and dense vegetation. Have you ever dreamed of becoming a real Robinson Crusoe? Some changes will allow you not only to be on the island in proud solitude, but also to use modern amenities, constantly keep in touch with the outside world.
In this article, you will learn how to buy and sell real estate in the Bahamas. What kind of financial investments are you going to make, and which plot of land is better to buy?
How to buy a tropical island for non-residents?
The Bahamas is a country made up of islands. Warm weather and excellent conditions create a real paradise for its residents. The ocean is washed by up to 700 islands, and people live on only 30 of them. Why should I buy an island? If you have ever vacationed in this country, you probably were shocked not only by the beautiful scenery, but also managed to enjoy the hot sun, colorful reefs, and paradisiacal delights.
The Bahamas attracts the attention of many people. It has an ideal atmosphere, both for living and for business. Foreign businessmen are quite often interested in the latter direction. If you decide to start your own business here, then after the first month you will be able to assess all the benefits of the tax system of this country. For the development of the state economy, the Government provides non-residents with favorable conditions for conducting and managing business. The Bahamas is virtually tax-free. You will not have to pay the following types of tax fees::
- on the property,
- on revenue,
- capital gains, etc.
Foreign investors and start-up entrepreneurs are officially exempt from paying taxes and customs duties for almost 2 decades. Such benefits can not go unnoticed.
If you are going to move to this wonderful land, then consider buying an entire island. The Bahamas is an excellent opportunity to get permanent residence. In the future, you will be able to become a citizen of this country. You can buy the islands for as little as half a million dollars. Having acquired real estate, the owner can count on the fastest possible consideration of the application. A residence permit can be obtained not only by the buyer of real estate, but also by his family members.
One of the main advantages of this purchase is the price of islands in the Bahamas. These relatively small plots of land, located far from densely populated areas such as Andros, Nasau, etc., will cost much less than a modest cottage on popular islands. For example, housing in New Providence will cost you about $ 1-2 million, while the same price is asked for an island called Lower Harbor. This 5.5 acre parcel of land is located near New Providence. You just have to choose which is better — buy a cheap island or buy a regular apartment.
Potential buyers should also take into account the fact that the government of the country is going to raise the minimum level of investment in real estate in the future. In the future, its size will be 1-1. 5 million dollars. The material benefits are obvious, so do not delay the purchase.
Anyone can buy a desert island cheap and rent it to tourists. If you build several bungalows or wooden houses on the territory of your island, the demand for rent will increase significantly. You can start a hotel or restaurant business, create your own resort. The country’s legislation allows not only to actively carry out business activities, but also to import into the country the necessary materials and equipment to build a recreation area or hotel.
Islands for sale – the most attractive offers
If you want to buy an island cheap, then the first problem you may face is a large selection of free islands in the ocean. A potential buyer may even be confused when faced with such a level of offers. What should I pay attention to, and how do I find the most profitable option?
Can I buy an island for $ 2 million?
The island of Reclusia is being sold for just one and a half million dollars. It is located near Harbor and Eleuthera. This option is sure to appeal to people who dream of a small paradise in the tropics. You will not have to be far away from civilization, because all the benefits of humanity will be located very close. The nearest airport is only 3.5 kilometers away. And thanks to the proximity to populated large islands, the owner will be able to buy the necessary food, visit restaurants and various entertainment venues.
The Reclusion area is 3.5 acres, and a house has been built on the island, but it will have to be restored to normal condition. You can quickly get permission from the government to invest in the development of this island.
I want to buy Wild Berry Island: what is the attraction?
Every person may have such a desire, but not everyone has such opportunities. If you dream of owning a shelter near the United States, then pay attention to this offer. Wild Berry Island is located near Florida. Its cost reaches $ 4 million. The area of the territory is 100 acres. The island is 1.6 kilometers long and 800 meters wide. A pleasant advantage of such a purchase for gardeners will be fertile soil. You will be able to plant various crops here, work in the garden and vegetable garden for your own pleasure.
Buy a Private Lobster Island
Not far from the populated island of Eleuthera, there is another surprisingly beautiful private island, which is also “looking” for a new owner. Its area reaches about 4 acres. This purchase will cost you three and a half million US dollars. This island has a fairly developed infrastructure. Here you will find:
- helicopter landing point,
- docks for boats and yachts,
Not far from the Harbor is Pierre Island. Its area is 16 acres, and the price for the island is 6.5 million dollars. This area is partially gentrified, there is a tennis court. Colorful landscapes, dense vegetation, bright representatives of birds will not leave anyone indifferent.
Roberts Cay-buy an island in the ocean: prices
For potential buyers who love sailing or often go fishing, we recommend buying Roberts Cay Island in the Bahamas. Its cost is slightly more expensive than the previous versions and is $ 8 million. The territory is 20 acres, where there is a pleasant-smelling vegetation, a quiet harbor, sandy beaches. The land is partially equipped for the needs of modern man.
How to buy an island at a cheap price?
First of all, you need to decide on the size of your investment. How much money can you invest in this purchase? In most cases, the cost of the island ranges from 1-45 million US dollars. Once you have decided on your budget, you can start considering the available options.
Currently, offers can be found on various online resources that specialize in the sale of real estate and land plots in the Bahamas. However, many potential buyers prefer local real estate agencies. Specialists have all the necessary information about the islands being sold, and are also familiar with the country’s legislation. To ensure that the purchase or sale of land is not disrupted, it is necessary to act according to the law, and also do not forget about taxes.
Before buying an entire island, it is recommended to live in this tropical paradise located in the middle of the ocean. Many island owners agree to lease land to potential clients for a specific fee. Do not rush to conclude deals of this kind.
Be sure to check with the realtor at what distance the islands with developed infrastructure are located from you and how long it will take you to reach them.
Also find out how developed your island is. If the land plot is not equipped, then you should understand that you will have to create everything yourself, including building a house, taking care of communications and making a dock. To equip the island, you will need to purchase construction goods on the mainland.
An important role in choosing an island in the Bahamas is played by colorful landscapes. Special attention should be paid to the following characteristics::
- height of the island,
- water depth near the shore,
If your island is part of a nature reserve, you will not be able to engage in construction, fishing, or other similar activities on this territory.
How much money do you need to prepare to buy an island?
You should understand that to buy an island, you will need an amount exceeding the value of the land plot. The fact is that you will need to pay for the services of a real estate agency. Qualified specialists will select the most suitable option for you. In addition, they provide their customers with guarantees and can independently transfer money to the owners for the island.
Despite the fact that there are almost no taxes in the Bahamas, you will still have to pay money to the treasury of the country:
- state fee,
- VAT RATE,
- stamp duty.
If you have purchased an island and paid all the government fees, then it is not yet time to relax. You must pay a commission for the purchased property. If the value of the property does not reach 250 thousand dollars, then it is not taxed. If the price of the property exceeds the above amount, you will have to pay the tax rate for the year, the amount of which varies from 0.625 to 0.5 percent. The key role in this issue is played by the price of real estate.
A potential buyer should understand that he is not buying an apartment or a private house, but an entire island, which should be given more time. To develop the land in the middle of the ocean, you will need not only human, but also financial resources. When buying an unfurnished island, you should immediately make the necessary calculations and find out the approximate amount of investment. An island with ready-made housing and docks will require less investment, but you will have to pay for insurance, utilities, and the work of a house manager who will monitor the housing and the surrounding area.
Everyone wants to relax in nature away from tourists, city bustle and car noise. What could be better than a vacation on your own island?! Buying a property in the Bahamas, you will be able to rent it out profitably in the future. You will no longer have to pay taxes for this activity, so the island will be able to pay for itself in a fairly short time.