In a press release on expanding real estate opportunities, the President's Cabinet reported a number of measures that represent significant progress in this direction, including key points such as expanding concessions for first-time homeowners.
We are pleased to present further progress in our housing initiative. “We have introduced a new rent-to-own program and more affordable apartments are on the way,” said the head of government via his account on the social network X.
In addition, support for first-time home buyers stands out, allowing access to the purchase of land and construction works as well as houses with renovation phases, providing more flexible options for aspiring owners.
Another policy provides for the reimbursement of up to $40,000 in VAT on goods, taking into account expenses for construction services and materials, provided the house is occupied within 18 months.
There are also plans to reduce VAT on real estate transfers, which aims to provide financial relief for real estate transactions and to abolish this tax for real estate transfers between co-owners.
Government initiatives respond to creating more affordable housing for The Bahamas while recognizing the ongoing commitment to the development of the country of nearly 400,000 people.
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