Real Estate updates

Bahamas

Guide to purchasing property in The Bahamas
Lennox Paton
  • Bahamas
  • 28 August 2020

A second home in The Bahamas has been a highly sought-after commodity for international buyers from time immemorial. The Bahamas is an archipelagic nation of 700 islands and cays, with each island providing its own charm and unique Bahamian culture. As the value of real property in the jurisdiction tends to hold or gradually appreciate over time, the purchase of real property remains a viable and attainable wealth-creating mechanism.

Tax consequences of transferring Bahamian real property held by a company for estate planning
Lennox Paton
  • Bahamas
  • 24 July 2020

Bahamian real property is commonly held by a company which is incorporated in The Bahamas or another jurisdiction whose shares may be held by an individual or their nominee. A 'beneficial owner' is any person who is beneficially interested in the real property, including a beneficiary under a trust. This article considers the tax consequences of transferring Bahamian real property held by a company for estate planning purposes.

Has COVID-19 affected real estate transactions?
Lennox Paton
  • Bahamas
  • 29 May 2020

Restrictions on both domestic and international travel, lockdowns and curfews have been imposed in The Bahamas to restrict movement in an attempt to reduce the spread of COVID-19. While law firms have had to close their physical doors to the general public, real estate and resort development attorneys have embraced new and efficient procedures for closing transactions.

What impact could COVID-19 have on leases?
Lennox Paton
  • Bahamas
  • 22 May 2020

The government recently announced an ambitious rental assistance programme to assist tenants who have been economically affected by COVID-19 and are unable to satisfy their contractual obligation to pay rent. However, many pundits have questioned the legality of rental assistance during a state of emergency.

Special tax relief for Abaco and Grand Bahama
Lennox Paton
  • Bahamas
  • 31 January 2020

To encourage the rebuilding effort in Abaco, Grand Bahama and the surrounding Cays after Hurricane Dorian, tax relief is now available under the Disaster Reconstruction Authority (Special Economic Recovery Zone) (Relief) Order 2019. This article examines the tax relief available with regard to real property.


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