The Bahamas is an internationally renowned tax haven with no capital gains or inheritance taxes. Holowesko Realty, and their associate law firm Holowesko Pyfrom Fletcher, can assist you with investing in The Bahamas.
It is not by chance that The Bahamas is the most successful international financial centre in the Caribbean today. More than 80 years of thought, effort and co-operation have produced ideal conditions for High and, indeed, Ultra High Net Worth individuals, families, and businesses to manage their wealth efficiently in comfort and style.
The country’s mature financial services industry, established infrastructure, progressive government, tax neutral environment and luxury lifestyle all have been cultivated very carefully to satisfy the specific needs of this most exclusive clientele.
The attractiveness of a low-tax environment and a stable currency in The Bahamas is enhanced by a series of investment incentives that provide relief from customs duties on approved raw materials, equipment and building supplies, as well as allowing exemptions from real property taxes for up to 20 years.
The following incentives are open to any qualifying individual or firm:
THE HOTELS ENCOURAGEMENT ACT
Provides duty free entry of approved construction materials, furnishings and fixtures for hotel development as well as provides for exemption/concession from real property tax for the first twenty years of operation of a hotel/resort. Hotels with as few as four guest rooms on a Family Island and those with a minimum of ten rooms in New Providence qualify for concessions under the Hotels Encouragement Act. The act has been amended to also include shops and restaurants, which have a touristic component, and entertainment facilities.
THE INDUSTRIES ENCOURAGEMENT ACT
Provides duty-free concessions for the importation of machinery, raw materials and building supplies for manufacturing entities in addition to exemption from Real Property Tax for a 15 year period. Duty free concessions for applicants is valid for the first five years of operation. Thereafter, applicants would be required to pay a reduced rate of duty (10%) on all approved materials and equipment imported.
THE BAHAMAS VACATION PLAN AND TIME SHARING ACT
Provides duty-free concessions for building supplies for the construction of timeshare facilities.
THE FREE TRADE ZONES ACT
Designates areas within The Bahamas as free industrial and commercial zones.
THE HAWKSBILL CREEK AGREEMENT ACT
Allows the Port Area that is the free trade zone of Freeport, Grand Bahama, freedom from all taxes until 2015 and from excise taxes, stamp duties and most customs duties until 2054.
THE TARIFF ACT
Allows for customs duty exemption on specified raw materials, supplies and equipment for Agriculture, Floriculture, Horticulture, Fisheries, Forestry, Cottage and Light Industries, and Commercial Printing.
THE EXPORT MANUFACTURING INDUSTRIES, ENCOURAGEMENT ACT, THE AGRICULTURAL MANUFACTORIES ACT, THE SPIRITS AND BEER MANUFACTURE ACT
Investment incentives under these acts include exemption from the payment of customs duties on building materials, equipment and approved raw materials and real property taxes for periods up to 20 years.
THE CITY OF NASSAU REVITALIZATION ACT
Provides incentives and duty concessions in connection with the restoration, repair and upgrade of buildings, commercial and residential, in the City of Nassau.
THE FAMILY ISLAND DEVELOPMENT ENCOURAGEMENT ACT
Provides duty concessions on the importation of building materials, equipment and supplies for commercial and/or residential developments on specified Family Islands.
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