This brand new model sits on one acre, two minute walk to private beach. 10,000 gal cistern, 3,000 gallon water maker, standing seam metal roof, 2100 sq. ft living with 2300 sq. ft of covered wood decking offers 4400 sq. ft of total area. Private detached two bedroom wing. Fully furnished with the finest furnishings, appointments, art work and GE profile appliances. Located in Orchid Bay, Great Guana Cay, Abaco, Bahamas. Orchid Bay is a private, secure peaceful community that hosts a 66 slip marina, tennis, marina pool, sea side restaurant, paved roads, utilities. Vacant estate properties start at 1.5 M to 4M for oceanfront acre plus parcels. Look for more posts. Lots to tell about this "piece of paradise" in the Abacos of the Bahamas. Visit http://www.orchidbay.net/
Want to know more. Call 772.546.7355, or visit or web site at www.orchidbay.net for more contact information. We cooperate with all licensed Real estate agents internationally.
ReplyDeleteForeign ownership in the Bahamas is really very simple. First in 1993 the Bahamian Government passed the International Persons Land Holding Act. Under the new law, approval is granted automatically for non-Bahamians to purchase residential property of less than five acres on any single island in The Bahamas, except where the property constitutes over 50 percent of the land area of a cay (small island) or involves ownership of an airport or marina. The Bahamian government hopes this new legislation will stimulate the second home vacation home market and revive the once-vibrant real estate sector. The new law also provides for a two-year real property tax exemption for foreign persons acquiring undeveloped land in The Bahamas for development purposes, provided that substantial development occurs during those two years.
ReplyDeleteThe real estae tax structure: The Bahamas levies no taxes on personal or corporate income, capital gains, dividends, interest, royalties, sales, estates, inheritances, or payrolls. Foreign-owned businesses receiving tax benefits are expected, however, to contribute generously to various civic projects. The only direct tax is the real property tax. The tax rates on real property are as follows:
Owner occupied:(a) exempt from real property tax on the first $50,000 of assessed value; (b) 0.75 percent per annum on the next $50,000 of assessed value; (c) 1 percent per annum on assessed value in excess of $100,000.
Stay tuned more to come!
This is a beautiful island and Orchid Bay is a lovely development, my personal favorite is the tropical beach with its white sand and lagoon blue water. Another bonus is the quaint jet sophisticated marina, tucked along the islands curves.
ReplyDeleteOrchid Bay also offers vacant estate parcels ranging from 1 to 4+ acres. The Oceanfront properties are priced at $4M with Interior parcels that range in size up to 4 acres start at $1.5M. The interior properties offer amazing views; with elevations in some areas of over 60 feet! Panoramic views of the ocean and the Sea of Abaco make for "one of a kind" estate sites.
ReplyDeleteLionfish have invaded So. Florida and the Bahamas. This is a BIG deal. They are voracious eaters and I've been told have no natural predators. Lionfish are destructive. They are voracious eaters and the native fish of the reefs are in jeopardy. Lobsters too! Lionfish eat everything. The Bahamians have started tournaments where the target fish is; you guessed it Lionfish. Thousands have been shot yet they keep multiplying like the plague. So it came as really good news when I heard the following "fact". A friend of mine shot a grouper and as he was placing him on the deck he noticed the Grouper was disgorging Lionfish fins! Another friend told me he caught a dolphin (no not the flipper type, the good eating kind) and he cut open the stomach to see what the dolphin had been eating and yep, you guessed it, Lionfish in the stomach. As far as I am concerned, Grouper, Dolphin and free divers should all be protected species until we rid ourselves of the scourge called Lionfish. Yes a bit tongue in cheek, but seriously, it is good to know, that in fact, the non native Lionfish does have native predators, dolphin and grouper, stay tuned I may find out there are other fish out there that are helping us rid our region of the infamous Lionfish.
ReplyDeleteOK, so I recieved conflicting information about real estate ownership and related costs. Please ignore comment from Michael on MAy 5, with respect to costs. It is better than what I stated! Here goes, straight from the Bahamas Real Estate Association:
ReplyDeleteBahamas Real Estate
Stamp Duties & Taxes
The Government Stamp Tax on Property Conveyances
The Government Stamp Duty (Tax on the conveyance of real property). This is a graduated Tax. The total amount of the Tax is calculated as follows:
•When the value of the consideration is less than or equal to $20,000, the rate is 2%
•When the value of the consideration is greater than $20,000 and is less than or equal to $50,000, the rate is 4%
•When the value of the consideration is greater than $50,000 and is less than or equal to $100,000, the rate is 6%
•When the value of the consideration is greater than $100,000 and is less than or equal to $250,000, the rate is 8%
•When the value of the consideration is greater than $250,000, the rate is 10%
The usual practice in the Bahamas is for the tax to be shared equally between buyer and seller unless otherwise agreed upon.
Now, as far as annual real estate tax, heres the deal:
Rates of Taxes
The rates of tax on real property are as follows:
In respect of owner-occupied property: The first $250,000 is tax exempt.
•On that portion in excess of $250,000 and less than $500,000 the rate of tax is ¾% of the market value of the property;
•On the portion in excess of $500,000 the tax rate is 1% of the market value of the property.
In respect of unimproved property other than unimproved property exempt by virtue of Section 39 of the Real Property Tax Act:
•Upon that part of the market value that does not exceed $3,000 a fee of $30.00.
•Upon that part of the market value which exceeds $3,000 but does not exceed $100,000 a tax rate of 1% per annum of the market value of the property.
•More than $100,000 of market value 1½%.
Tell me about the Abaco:
ReplyDeleteABACO
Island Information
Abaco, the second largest island in The Bahamas, is best known as a yachtsman’s paradise. Abaco and its cays are scattered over 130 square miles of aquamarine water. Its two major islands, Great and Little Abaco, have a myriad of small cays flanking the mainland. The sea channel between the islands allows for good cruising. Abaco, located in the northern Bahamas,abounds with pine forests and is frequented by hunters of wild boar and ducks. Its waters abound with fish, including marlin and sailfish. It also has bonefishing flats.
Abaco is the third most populous island in The Bahamas and bears a resemblance to New England from which it attracts so many of its visitors and winter residents. Marsh Harbour is the commercial centre located on Great Abaco. The first settlement on Abaco was Carleton Point, located at the northern end of Treasure Cay a luxury resort development. Carleton was settled in 1783 by 600 Loyalists refugees from New York, fleeing the newly independent United States.
Other settlements include its northern cays, such as Walker’s Cay (now essentially uninhabited) the Grand Cays; Crown Haven and Fox Town in Little Abaco, and Cooper’s Town on Great Abaco; Green Turtle Cay, Hope Town, Moore’s Island, the tourist resort of Castaways Cay, Great Guana Cay, Cherokee Sound, Little Harbour, Hole-in-the-Wall, Sandy Point, Crossing Rock, Spring City and Man-O-War Cay.
Mike,
ReplyDeleteBoy ! Am I jealous!
It sounds fantastic and I look forward to hearing more from you guys.
As soon as I get off this blog, I am going to Google “lionfish”.
Bob & Sharon Plotkin
Hi Mike!!! Sounds like you're learning lots and what a wonderful place to 'hang'! When will Terry be joining you? Plan on us being around for the Stranded Naked party!!!
ReplyDeleteTish & Bill
To All, Blogging can't always be about the business end of stuff; it needs to be fun. So...I had a client come visit on May 26, stayed until today, May 28. Went fishing yesterday afternoon and ...get ready... he caught four Marlin in one afternoon. Three Blues from 70 lbs up to 350 lbs and a white. I would say that was a good day of "Catching". The dolphin, wahoo, yellow fin and Billfish are all running strong over here right now. Its a three day weekend, wind is down...hum, might want to get over here and fish!
ReplyDeleteOrchid Bay, Great Guana Cay, Abaco, Bahamas FAQ’S
ReplyDeleteCan a foreigner (non-Bahamian) own real estate in the Bahamas?
Yes, the Bahamian Government in 1993 repealed the Immovable Property Act and replaced it with the International Persons Landholding Act. Under the new law, approval is granted automatically for non-Bahamians to purchase residential property of less than five acres on any single island in The Bahamas, except where the property constitutes over 50 percent of the land area of a cay (small island) or involves ownership of an airport or marina.
What are the costs associated with a real estate purchase? A typical sale, which is called a "Gross Sale", assumes that the seller will be responsible for the payment of: The real estate agents commission (if an agent is involved). The commission on the sale of residential developed property is 6% of the gross sales price. The commission on the sale of undeveloped property is 10%.
The Government Stamp Duty (Tax on the conveyance of real property). This is a graduated Tax. The total amount of the Tax is calculated as follows:
When the value of the consideration is less than $20,000, the rate is 2%
When the value of the consideration is equal to or greater than $20,000 and is less than $50,000, the rate is 4%
When the value of the consideration is equal to or greater than $50,000 and is less than $100,000, the rate is 6%
When the value of the consideration is equal to or greater than $100,000 and is less than $250,000, the rate is 8%
When the value of the consideration is equal to or greater than $250,000, the rate is 10%
This tax is split between the seller and the purchaser
The Seller's legal fees. The legal fees on a sale or purchase are usually 2 1/2 % of the first $500,000, 2% of the next $500,000, 1% of the next $4,000,000 and 1/2% thereafter.
The Purchaser will be responsible for:
1/2 of the Government Stamp Tax as set out above,
The purchaser's legal fees as detailed above. This fee includes the lawyers Opinion on the title to the property.
Recording fees ($3.50 per page) on the conveyance and other closing documents which need to be recorded.
Payment of the permit under the International Persons Landholding Act if applicable.
Am I entitled to permanent residence in the Bahamas?
Yes, Those who wish to settle in The Bahamas by investing in property, retiring here or opening a business usually apply for this status. Accelerated consideration for Permanent Residency can be obtained with a minimum property investment of $500,000. Applicants must be of good character, show evidence of financial support, and say in writing that they wish to live permanently in The Bahamas.
Annually A head of household pays $1,000 plus $25 per dependent. Applicants for annual residency status must show evidence of financial support.
To be continued:
What if I want to know more? Please contact Michael Dooley, 772.546.7355. You may visit our Web Site at www.orchidbay.net and please check out our blog at www.orchidbayabaco.blogspot.com
If I buy as a rental investment are there advantages to me? Do you offer rental management? There may be. Under the Hotel Investment Act, Chapter 289, certain properties ay benefit from substantial tax savings. Please check with a qualified Bahamian attorney. Yes we handle property management. Our fee is 20%of the rental amount.
ReplyDeleteWhat if I want to know more? Please contact Michael Dooley, 772.546.7355. You may visit our Web Site at www.orchidbay.net and please check out our blog at www.orchidbayabaco.blogspot.com
Orchid bay,
ReplyDeleteA beautiful place, in time all will wish they had picked out there piece of paradise there.
Positive site, where did u come up with the information on this posting?I have read a few of the articles on your website now, and I really like your style. Thanks a million and please keep up the effective work. Bahamas attorneys
ReplyDelete