CLIMATE
The Bahamas enjoys a semitropical climate and year-round good weather without temperature extremes. There are approximately 320 sunny days a year, with constant trade breezes ensuring pleasant, comfortable conditions. The warm waters of the Gulf Stream make swimming enjoyable any time of year.
Temperatures average in the mid-70s to mid-80s. Winter is a bit cooler and drier while summer is warmer and apt to have a brief rain shower on some afternoons that clears quickly.
GOVERNMENT
The Bahamas is one of the most politically stable countries in the
Caribbean, with an uninterrupted parliamentary democracy for 275 years
and its own government since gaining independence from England
in 1973. A member of the commonwealth, the Bahamas still recognizes the British monarch as the head of state.
ECONOMY & CURRENCY
The Bahamas is considered a stable developing nation according to a commerce report issued by the U.S. embassy in Nassau. The economy is based primarily on tourism, offshore banking, agriculture and fisheries as well as retail and wholesale distributive trades.
The legally accepted currency of the Bahamas is the Bahamian dollar. Although all other currencies are foreign, the U.S. dollar is normally accepted throughout the islands and is on par with the Bahamian dollar.
GOVERNMENT PERMITS & APPROVALS
Overseas investors can acquire a residential property in the Bahamas of up to five acres without any government approval or permit.
Permits and approvals are required only for non-Bahamians who buy undeveloped land of five acres or more or a property that is not intended for use as a private residence.
GOVERNMENT STAMP TAX & LEGAL FEES
A government stamp tax of 10% is due on the conveyance of all property in the Bahamas over $250,000.
Total legal fees are 5% of sales price.
ANNUAL PROPERTY TAX
- The first $250,000 in property value is exempt from taxes.
- From $250,000 to $500,000 is taxed at .75%.
- From $500,000 up is taxed at 1%.
- The maximum property tax is $35,000.