| Owning on Leaf Cay |
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Owning Property in the Bahamas:
In 1994 the Bahamas passed the International Persons Landholding Act which provides for non-Bahamians to be able to purchase and own real property in the Bahamas. Investors and owners of residences valued at $500,000 or more may apply for permenant residency.
If the Owner wishes to participate in our Rental program and make their villas available for rental, then there are no property taxes for the first 20 years. These units would also be Tax Exempt from any import duty taxes for materials, furnishings,etc. These properties would benefit from the Hotel and Resort Encouragement Act that provides these benefits for those units participating in the Resort rental program.
The Bahamas has no income tax capital gains tax, inheritance tax or sales tax with the exception of the Stamp Duty on the conveyance of real property. The government's primary source of income is from duties charged by customs on all imported goods in The Bahamas.
If you elect to not participate in the Resort Rental Program, then Property Taxes in the Bahamas are as follows.
First $250,000 is tax exempt. The portion in excess of $350,000 and less than $500,000 is taxed at a rate of 1% of the market value of the property. The maximum annual tax shall not exceed $35,000.00. |
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