No one likes paying nearly half of their hardly earned income in taxes and there's a strategy expats are using to practice tax avoidance the only a few know about.
Countries like Canada & the United States are spending upwards of 40% in taxation and there's a way Americans, Canadians, Europeans and other expats can save hundreds of thousands per household.
Buying Bahamas Real has been the, unlock, the savings strategy, employed by expats around the world in their attempts to retain thousands of their hard earned dollars. While this strategy seems to be used by those closer to retiring age this can work for anyone who maybe willing to become a permanent resident in The Bahamas.
The eligibility for this permanent residency program requires a Bahamas real estate purchase exceeding $750,000.00 among other less taxing requirements. But why the Bahamas and what are the taxes we have here, well.....
The Bahamas is a popular vacation destination, and many people dream of owning a piece of paradise in this tropical country. If you're considering buying real estate in the Bahamas, you may be wondering about the tax implications of owning property in this country. Here are a few things to keep in mind:
Property taxes: The Bahamas does not have a property tax, so you won't have to worry about paying an annual tax on your property.
Capital gains tax: There is no capital gains tax in the Bahamas, so you won't have to pay tax on any profits you make when you sell your property.
Income tax: If you rent out your property in the Bahamas, you will be required to pay income tax on the rental income. However, the Bahamas has a relatively low income tax rate of around 15%.
Other taxes: There are a few other taxes that you may be required to pay when owning property in the Bahamas, including stamp duty (a tax on the transfer of property ownership) and value-added tax (VAT). These taxes can be as much as 10% of the purchase price of the property.
Overall, the Bahamas offers a number of tax benefits for real estate investors, including no property tax, no capital gains tax, and relatively low income tax rates. It's always a good idea to consult with a tax professional or lawyer when considering a real estate investment in any country, to make sure you understand your tax obligations.