Anybody visiting or living in the Bahamas enjoys equal access to medical care in the Bahamas. There is also a sense of pride for their culture. If you plan to live in one of these countries during retirement, your payments will be withheld and distributed to you when you move to a country where you can receive payments. Living in the Bahamas will expose you to the practice of self-expression, which is a part of every Bahamian. On this site, you’ll find guides on living, moving to, buying property and doing business in The Bahamas. Both the public and the private medical sector offer a large variety of facilities and services. There are two public hospitals in the Bahamas — the Princess Margaret Hospital in Nassau, and the Rand Memorial Hospital in Freeport, Grand Bahama. A general guide for British nationals living in the Bahamas. Living in the Bahamas is an ever-popular choice for American expats, on account of the laid back culture, the climate, the beautiful beaches, and, of course, the tax advantages. (this is really a catch 22). Other religions account for 0.6% of the population, while 1.9% of people follow no religion, leaving 2.6% unspecified. The Bahamas is known the world over as a tax haven. In addition, there is no corporate tax or business tax. Your guide to living and doing business in the Bahamas. Topics covered include meeting people, the friendly Bahamians, beautiful beaches, schools, go-with-the-flow attitude, cost of living and the lack of eldercare facilities. Calmer winds also make for calmer seas, which means it is easier to move around to the less visited Out Islands of the Bahamas. But when people buy a second home in the Bahamas, they’re actually lured by much more than even these advantages: The islands offer an escape from the daily grind of life, are rich in history, and living in the Bahamas can be lots of fun. The country of The Bahamas first gained attention in 1492 when Christopher Columbus visited the islands during his first trip to America. The government does not collect personal income tax, capital gains tax, corporate tax or inheritance tax. The cities do have problems with violent crime, as most cities around the world do, and the Bahamas are also a hub in international drug running. Be prepared to pay more for nearly everything, including groceries, utilities, clothing and entertainment. These include Abaco, Andros, Acklins and Crooked Island, Bimins, Berry Islands, Cat Island, Eleuthera, the Exumas, Inaguas, Mayaguana, and San Salvador. In fact, the Bahamas comprise nearly 700 islands and about 2,400 exposed reefs, which extend for 760 miles from northwest to southeast. The world is going to look different as this crisis plays out. The islands play host to some of the world’s great natural wonders, including coral reefs, underground caves, impressive rock formations and a variety of flora and fauna. We also have on this page a list of all the cities available in Expatistan: List of all the cities available in Expatistan. income tax, capital gains tax or estate tax, Living in The Bahamas as an Expat: Cost of Living, Safety, Pros & Cons, Bahamas Investments: Funds, Property & Alternative Opportunities, The Bahamas Offshore (Private) Banking System. In the park’s area, there is a magnificent Gold Rock Beach, famous for its soft white sand and clear blue water. Residents of the island chain enjoy generally favorable weather, scenic ocean views and exceptionally low tax rates. The island’s International Airport is set in Freeport and is capable of handling large aircraft. Government: The Bahamas operates under a Constitutional Parliamentary Democracy. About $3000 a year for electric and $3000 a year for insurance.Property tax is 0 for the first $250,000, 0.75% for $250,000 to $500,000, and 1% between $500,000 to 5 million. Moving to the Bahamas does have some big cons. While The Bahamas is technically in a high-risk zone for hurricanes, the storms rarely make landfall on the islands and typically pass west or south of the country. By Jessie Williams. Most expat residents view this more relaxed lifestyle as a benefit, but it can take some getting used to. The Out Islands, the less populated, smaller islands, offer a better chance at typical “island life” and boast nearly 2,200 miles of shoreline. Is living in The Bahamas as an American (or citizen of another country) safe? When comparing the gross national income (GNI) per capita of less than $22,000 with the one of the U.S. at … This guide sets out essential information for British nationals residing in the Bahamas including advice on health, education, benefits, residence requirements and more. Expats in the Bahamas have specific advice about where to live if you have kids and want to meet people. From appraisals to sales and property management to rentals, the Island Living Real Estate group has all of your Bahamas real estate needs covered! Located in northwestern West Indies, a stones throw from Florida, The Bahamas is an independent country known by many as a great place to vacation. See supporting British nationals in t… Besides all this, some reports show that people in the Bahamas spend most of their money on groceries and shopping. Location: Situated in the Caribbean, the Bahamas is a chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba. The 80-degree weather is absolute perfection–a refreshing change from the subzero weather in my Boston habitat. There are three public hospitals in the Bahamas, two of which are located in New Providence. Language: English is the official language of the Bahamas; however, Creole is spoken among Haitian immigrants. Of course, the way English is spoken varies from country to country — think of the difference between American English and certain British dialects. The murder rate in The Bahamas is 10 times what it is in New York City. Whether or not living in The Bahamas is right for you is a personal choice. Besides all this, some reports show that people in the Bahamas spend most of their money on groceries and shopping. If you’re looking to meet fellow expats in The Bahamas, you have several options: It’s important to remember, however, that the total population of The Bahamas is just under 400,000 — so even though the proportion of the community made up of expats is not insignificant, you will not find entire expat neighborhoods as you might in other major cities.eval(ez_write_tag([[336,280],'bahamasguides_co-medrectangle-4','ezslot_6',107,'0','0'])); Island life typically unfolds at a much slower pace than in many North American and European countries. Our qualified real estate appraisers are accepted by all local banks and provide an accurate and detailed report for our customers. What do Nicolas Cage, Johnny Depp, Oprah Winfrey, Sean Connery, Bill Gates, and Tiger Woods have in common? The Bahamas Government’s main source of revenue is from customs duties on all goods imported into The Bahamas. Traffic moves on the left-hand side of the road, but many cars are imported and, therefore, left-hand drive. Time Zone: UTC-5 (same time as Washington, DC during Standard Time). Because The Bahamas has minimal industry and natural resources, it relies on positive relations with other countries to import most goods. Appraisals. The Bahamas is also vulnerable to hurricanes, with the peak hurricane season occurring between August and October. Nassau, on the island of New Providence, offers the only real selection when it comes to shopping, banks and other amenities. Apart from being celebrities, they’re among the thousands of North Americans and Europeans that have owned second homes in the Bahamas. Select city in Bahamas: Cost of living in Bahamas is 17.88% higher than in United States (aggregate data for all cities, rent is not taken into account). First, there is the Lucayan National Park, the island’s most popular park considered one of the largest underwater cave systems in the world. Additionally, you cannot request a work permit while living in the bahamas. While 4 million people vacation there each year, some choose to purchase vacation properties and others decide to live there year-round. Expats in the Bahamas have specific advice about where to live if you have kids and want to meet people. On the other hand, Grand Bahama is known to provide excellent healthcare and more than affordable childcare. Renting a two-bedroom, two-bathroom home with enough space for everyone can easily top $3,500 per month. These are just some of the many historical events that make these islands so interesting, and numerous Grand Bahama galleries are there to provide further information. Driving in The Bahamas can also raise safety concerns for expats. up to $2,000 for a three-bedroom apartment in the central area), other expenses such as utilities, leisure, and entertainment are on the higher scale. A US expat is still required to file taxes with the Internal Revenue Service (IRS) each year, even while they are living abroad in the Bahamas. Thanks to a fair tax system, residents of The Bahamas pay no income tax, and a very low rate of corporate tax. Similarly, you generally can't receive Social Security payments while living abroad in Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, or Uzbekistan. The breeze gently waves the palm trees in a cheery Bahamian welcome…”. She is a native-born Bahamian, who spent 25 years living in the United States, while I am an American. Bahamians love to express themselves through art, music and dance. Living in this part of the world can be pretty costly, to say the least. Slightly smaller than Connecticut. The US State Department ranks The Bahamas at Level 2 (of 4) with regards to travel, meaning visitors to The Bahamas should exercise caution. Hurricanes, a high cost of living are serious concerns. The Commonwealth of Bahamas, once a British crown colony, is considered one of the most popular tourist countries in the Atlantic. The cost of living in The Bahamas compared to the US or Canada is significantly higher — primarily because nearly all goods must be imported. Area: 5,359 square miles (13,880 square kilometers). The cost of living in the Bahamas is 31.75 percent higher than the cost of living in the U.S. The Commonwealth of The Bahamas is made up of some 700 islands, most of which are very small and completely uninhabited. In this section, I’ll talk about a few of the high and low points associated with living in The Bahamas. Bahamas Five reasons to live in the Bahamas. This map shows only the top cities in Bahamas. What is the standard of living like? If you have further questions about Bahamian life, or making the move to The Bahamas, please feel free to contact me at any time. Living in The Bahamas will give you access to some of the most beautiful scenery in the world, the relaxed pace of island life, glorious weather and nearly unmatched tax benefits. Compare the Cost of Living in Nassau with any other city in the world. Each month in International Living magazine, we share the actionable, on-the-ground guidance you need to match the retirement dream you see in your mind with a real-world spot where you could make it your reality. Like other expats who live in the Bahamas for all or part of the year, these stars often think of the Bahamas as a paradise—an upscale group of islands with some of the most beautiful beaches in the world. The US Overseas Security Advisory Council 2019 report on The Bahamas says that, although the Royal Bahamas Police Force reports an overall drop in criminal activity from 2017 to 2018, reports of incidents by US citizens increased by 32%. “I sit on my sun-drenched balcony listening to the sound of the gently rolling waves of the ocean a mere 40 yards from my front door. With its impeccable beaches and stunning scenery, this island gradually became one of the most popular destinations among travelers, as well as a hotspot for romantic getaways. Renters will need to apply for annual or permanent residence in the country.eval(ez_write_tag([[300,250],'bahamasguides_co-leader-1','ezslot_10',111,'0','0'])); The Bahamas Ministry of Tourism asserts that crime levels in Nassau are comparable to those of any other major city, but American authorities have issued some warnings for expats. Of course, the complete lack of income tax, capital gains tax or estate tax in the country does help offset some of the extra costs when balancing your budget. On average, the island sees at least 300 days of sunshine each year. Other important settlements on the island include Lucaya, the most popular town among tourists, and Eight Mile Rock, the biggest city in the whole of Bahamas. In addition, the value-added tax on goods and services is relatively low and basic necessities (like milk and bread, for example) are exempt from VAT.eval(ez_write_tag([[250,250],'bahamasguides_co-large-mobile-banner-2','ezslot_15',113,'0','0'])); The Bahamas is made up of 700 islands, cays and rocks sprinkled over 100,000 miles of some of the most pristine turquoise waters in the world. The US State Department puts the threat level for crime against visiting Americans on New Providence Island at critical. Many teachers, bankers, accountants, and doctors have made their homes in The Bahamas, many coming for … All things considered, Grand Bahama offers an eclectic mix of tranquil resorts and vibrant social life. It’s essential to find a location where the benefits of living there outweigh the concerns. As the standard of living in The Bahamas is quite high, real estate in the country also tends to be on the more expensive side of average. Bahamian Creole is a common local dialect, particularly in urban areas, but it has its roots in English.eval(ez_write_tag([[250,250],'bahamasguides_co-leader-2','ezslot_16',114,'0','0'])); As mentioned earlier, the cost of living in The Bahamas is generally quite a bit higher than in Canada or the US. Administratively, the island is divided into three separate districts, East Grand Bahama, West Grand Bahama, and the City of Freeport, which also serves as the island’s main harbor. So, if you’re planning a trip to Grand Bahama, the obvious choice would be to take a flight to Miami and then reach the island by ferry from the Fort Lauderdale Terminal. This duty may be as low as 7 % as in the case of raw lumber or computer software. Expats in the Bahamas discuss the pros and cons of living in the Bahamas. Although hurricanes approach The Bahamas, on average, once every two years, they make landfall considerably less often.eval(ez_write_tag([[250,250],'bahamasguides_co-large-mobile-banner-1','ezslot_14',112,'0','0'])); There are advantages and disadvantages to living in The Bahamas, just as there are in every other country in the world. The most dangerous places in the Bahamas are Nassau—the country's biggest city, located on the island of New Providence—and Grand Bahama. Yes, an American expat in the Bahamas will find that we provide the full range of expat tax services they will need. The country consists of more than 700 islands and Grand Bahama is by far the most accessible to U.S. citizens, since it lies just 52 miles from Florida. But there’s more to the decision to relocate to a new country than just good weather and low taxes. Nassau, for example, has a range of affordable apartments and single-family houses, but luxury homes in the capital can be quite pricey. After living in the Bahamas for two years (1984-85), I have gotten tired of a few things, but I have never tired of the sparkling beauty of blue skies, warm breeze and turquoise waters calling me when I awake. Those drawn by the islands’ low tax will also find a rich variety of wildlife and nightlife. Climate: The Bahamas has a tropical climate throughout, moderated by warm waters of Gulf Stream. It is also easier to cross he of the Bahamas that are closer to home such as the Abacos and the Berry Islands. Canadian and US authorities warn visitors that sexual assault and armed robbery are becoming more common in these regions. This is primarily due to the favourable financial sector that is tax free (from income, capital gains, inheritance, among others [6] ) and is one of the top three worldwide centres in offshore banking. Simply enter your email address below and we’ll send you a FREE REPORT – The “Hidden”, Affordable Caribbean. The two big cities are the capital, Nassau, which is located on New Providence Island, and Freeport, which is on Grand Bahama. Nature enthusiasts will fall in love with their new home for the abundance of coral reefs (there are more than 2,000) stretching from Florida’s southeast coast to the northwest of Hispaniola. Although the medical facilities in Nassau are modern and well-respected, Born outside of the country to Bahamian parents, A legal resident of the country for at least ten years, residing there for at least the past six. But life in The Bahamas also comes with a high price tag. Duties are as high as 75% in the case of luxury automobiles, 160% on raw tobacco and 210% on cigarettes. There are, however, some important factors to consider if you’re thinking of The Bahamas as a retirement destination. eval(ez_write_tag([[300,250],'bahamasguides_co-large-leaderboard-2','ezslot_12',110,'0','0']));This list of average prices should give you a rough estimate of the cost of living in The Bahamas: A significant percentage of The Bahamas’ expat population are retirees, drawn to the islands by its generally pleasant weather, relaxed lifestyle and low tax rates. There are many large beachfront villas in the outer islands, which can range from reasonable to extravagant. However, there are various precautions travelers should take to ensure a safe trip and avoid violent crime. Living in the Bahamas means dealing with a high cost of living. Are American Expats Living in the Bahamas Required to File a US Expatriate Tax Return? Here are a few rough numbers for a modest house. The school system in all of the Bahamas is … The location and type of home you choose will impact the cost of living in the Bahamas. Most violent crimes in the country take place on the major islands of New Providence and Grand Bahama. Many expats in The Bahamas choose to live in a gated community because they are concerned about their safety, wellbeing and their property. But there is no option to go on a road trip to visit friends or family. An exceptional visiting destination, it can also provide an extended respite for those with a more liberal budget. The bulk of the Bahamian expat community is made up of wealthy Americans who have chosen the country for its weather and tax benefits. You’ll need to consider all the factors that affect your day-to-day life. Head of State: Queen Elizabeth II (since 6 February 1952); represented by Governor General Dame Marguerite Pindling (since 8 July 2014). The cost of living is high, travel within and outside of the country is limited, and the country’s resources are not exactly abundant. The Governor General is appointed by the presiding monarch, and shall hold the position for however long the monarch wishes—however the period normally last five years. The Bahamas is renowned for its white sandy beaches, turquoise waters and low taxes, but the Caribbean archipelago is more than just a playground for the wealthy. It is also part of the Commonwealth of Nations. The Bahamas has one of the largest registers of celebrities who reside permanently or have legal residential status in a country not of their native birth, hometown or place of origin. Life on some of The Bahamas’ smaller islands includes endless shorelines and beach life, but you’ll have to be prepared to travel to the capital for many day-to-day needs.eval(ez_write_tag([[300,250],'bahamasguides_co-banner-1','ezslot_8',109,'0','0'])); It’s unlikely that anyone ever chose to move to The Bahamas to save money. Later on, The Bahamas were obtained by the British and for a while served as a popular pirate sanctuary. Interestingly, the island’s capital is West End, famous for its rum-supplying role during prohibition. Average temperatures range between 70 and 78°F in winter and 80 and 85°F in summer. This includes the prices of groceries, rent and restaurants. I hope that this article has helped provide you with the insights you need to make that decision. The Bahamas are friendly to newcomers, there’s no foreign language to cope with, crime is relatively low, and the islands are positioned just off the Florida coast. The Bahamian government welcomes visitors and foreign investors, but obtaining citizenship in the country can prove challenging. It has no income tax, capital gains tax, wealth tax, gift tax, inheritance tax or sales tax. To apply for citizenship, you’ll need to be: Authorities in The Bahamas do not recognize dual citizenship. The Prime Minister is appointed by the Governor General, and shall hold the position for however long the Governor General wishes—however the period normally last five years. If you do opt to retire in The Bahamas and are planning to purchase a house, you will automatically qualify to apply for a Home Owner’s resident card, which grants you the right to travel freely throughout the country. List of prices in Nassau (Bahamas) for food, housing, transportation, going out, and more on Feb 2021. Most Frequently Asked Questions The country does boast an impressive 24 airports, making air travel convenient. Not far away, at the Freeport city border is the Garden of the Groves, a perfect place to roam around exploring all kinds of tropical plants and rare animals. The Bahamas consists of over 700 islands of which approximately 34 are inhabited. Sign in to access your subscriptions and subscriber-only content. The variation in price is partly the result of the large number of islands and the unique characteristics of each one. Rent in Bahamas … In this article, I’ll examine what Bahamas expat life is like and the pros and cons you should consider when thinking about moving there.eval(ez_write_tag([[300,250],'bahamasguides_co-medrectangle-3','ezslot_0',106,'0','0'])); The Bahamas has a thriving community of foreign residents, a fact which can be confirmed by the numerous Bahamas expat forums active online. The cost of living is generally higher than the US, Canada and Europe. Nassau has a very high cost of living of which you need to be aware of before moving to the Bahamas. For one thing, you can enjoy tax-free living in the Bahamas – the country levies no capital gains taxes, personal income tax or … If you need to travel between islands — for work, leisure, education or medical reasons — you’ll be reliant on the Bahamas Ferries, which offer transportation between all of the country’s populated islands, or inter-island flights by Bahamas Air or a private airline.eval(ez_write_tag([[250,250],'bahamasguides_co-leader-3','ezslot_18',116,'0','0'])); The answer to that question depends very much on your particular perspective, needs and resources. Island living offers sunshine and ocean views, but it can make travel slightly more challenging — and expensive. But we’ll be there to keep you current and show you the best-value escapes—the safe, warm, welcoming, low-cost havens where you can live large for less than it would cost you to stay home. Expats in the Bahamas discuss the pros and cons of living in the Bahamas. On the county’s far north lays Grand Bahama, the fourth largest island,  and the second most populated. It really makes the day pass quickly. While the rent and transportation prices are similar to those in the United States (i.e. The cost of living in Nassau (or the rest of The Bahamas) is higher than many other popular retirement destinations, including much of the Caribbean. International schools (generally considered the best in the country) are located in Nassau and Freeport. Living in The Bahamas gives you unlimited access to: If sunshine is what you’re after, The Bahamas might just be the place for you. Should you wish to apply for citizenship and all the benefits that entails, you’ll need to renounce the citizenship of your home country first.eval(ez_write_tag([[336,280],'bahamasguides_co-leader-4','ezslot_19',115,'0','0'])); If you’re considering living in The Bahamas, especially if you’re from a larger country like the US or Canada, you should consider what it means to live in a small country. Where are the best places to live? To experience the relaxed pace of life and magnificent views associated with living in The Bahamas, you’ll want to check out one of the outer islands. Topics covered include meeting people, the friendly Bahamians, beautiful beaches, schools, go-with-the-flow attitude, cost of living and the lack of eldercare facilities. Even though Nassau is the capital city of The Bahamas, its relatively small size and population mean that, while shopping and entertainment options exceed those on smaller islands, they do not match those of large cities in other countries. Learn more about The Caribbean and other countries in our daily postcard e-letter. Whether you’re looking for a better place to live or a low-tax place to do business, Bahamas Guides is here to walk you through your options. Anybody visiting or living in the Bahamas enjoys equal access to medical care. Map of Cost of Living in Bahamas. There are plenty of ways in which life in The Bahamas can seem appealing. I wrote this E-Book to assist people who might desire to move to the Commonwealth of the Bahamas and to better understand the people and lifestyle. Head of Government: Prime Minister Hubert Minnis (since 11 May 2017). Subscribe to the Magazine Today and Save 65%, IL Magazine: Discover the World's Best Retirement Haven for 2021 + 24 more, about subscribing to International Living Magazine. The Bahamas are a group of 700 islands and 400 cays known as a tourist paradise, with warm temperatures and favorable climate all year long. 2 years ago. Yet, considering the island’s proximity to the U.S. mainland, the airport serves a limited number of mostly American airlines. Religion: The majority of the population (69.9%) identify as some form of Protestant (this is broken down into Baptist 34.9%, Anglican 13.7%, Pentecostal 8.9% Seventh Day Adventist 4.4%, Methodist 3.6%, Church of God 1.9%, and Brethren 1.6%). Bahamians often refer to everywhere else in the country as the Out Islands. Overlooking Miami and West Palm Beach, Grand Bahama takes the northern point of the Bahamas Commonwealth and the whole Lucayan Archipelago. As an American expatriate living in the Bahamas though, what exactly do you need to know regarding filing US expat (and Bahamian) taxes? You are at least twice as likely to see calm conditions in May, according to the pilot charts. For moving around the island, public transport buses will get the job done, while scooters and bicycles are also popular options. The color of each marker corresponds with the cost of living in the city red markers show more expensive cities green ones show cheaper cities If you don’t want to be far away from the amenities of city living, you’ll likely want to seek out a home in the capital city of Nassau or Freemont. Travel from The Bahamas to any other country involves a plane (or boat) trip. The school system in all of the Bahamas is excellent, with the literacy rate exceeding 95%.
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