NASSAU, Bahamas — The Bahamas Real Estate Association (BREA) yesterday praised government’s decision to reverse its amendment to the definition of “owner-occupied” properties, which would have increased property taxes on properties not occupied for at least six months out of the year, the Nassau Guardian reported August 9.
A letter from the Lyford Cay Property Owners Association warned that this change would cause high-net-worth property owners in the exclusive gated community to sell their properties and leave The Bahamas, leading to a shortfall in the $215 million per year gross domestic product (GDP) impact of Lyford Cay residents.
A statement from BREA said the reconsideration of the definition, which would have affected real property tax prices for many second home owners, will now “stave off a negative impact on the second home market and would reaffirm faith in The Bahamas as a stable investment option”. https://thenassauguardian.com/2018/08/09/brea-lauds-govts-real-property-tax-turnaround/
