Be prepared to pay more for nearly everything, including groceries, utilities, clothing and entertainment. Residents of the island chain enjoy generally favorable weather, scenic ocean views and exceptionally low tax rates. Both the public and the private medical sector offer a large variety of facilities and services. Overlooking Miami and West Palm Beach, Grand Bahama takes the northern point of the Bahamas Commonwealth and the whole Lucayan Archipelago. 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%. But there is no option to go on a road trip to visit friends or family. Those drawn by the islands’ low tax will also find a rich variety of wildlife and nightlife. The Bahamas has more than 700 islands, about 30 of which are inhabited, so it's hard to generalize about safety from one place to the next. Similarly, you generally can't receive Social Security payments while living abroad in Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, or Uzbekistan. The most dangerous places in the Bahamas are Nassau—the country's biggest city, located on the island of New Providence—and Grand Bahama. Cost of Living. Yes, an American expat in the Bahamas will find that we provide the full range of expat tax services they will need. 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. On the other hand, Grand Bahama is known to provide excellent healthcare and more than affordable childcare. It should also be read in conjunction with our comprehensive Travel Advice for the Bahamas. Living in the Bahamas means dealing with a high cost of living. International schools (generally considered the best in the country) are located in Nassau and Freeport. Sign in to access your subscriptions and subscriber-only content. Are American Expats Living in the Bahamas Required to File a US Expatriate Tax Return? Map of Cost of Living in Bahamas. You are at least twice as likely to see calm conditions in May, according to the pilot charts. Here are a few rough numbers for a modest house. As an American expatriate living in the Bahamas though, what exactly do you need to know regarding filing US expat (and Bahamian) taxes? Appraisals. This guide sets out essential information for British nationals residing in the Bahamas including advice on health, education, benefits, residence requirements and more. The Commonwealth of The Bahamas is made up of some 700 islands, most of which are very small and completely uninhabited. Interestingly, the island’s capital is West End, famous for its rum-supplying role during prohibition. But life in The Bahamas also comes with a high price tag. Head of Government: Prime Minister Hubert Minnis (since 11 May 2017). Expats in the Bahamas have specific advice about where to live if you have kids and want to meet people. If you have further questions about Bahamian life, or making the move to The Bahamas, please feel free to contact me at any time. Average temperatures range between 70 and 78°F in winter and 80 and 85°F in summer. This map shows only the top cities in Bahamas. Travel from The Bahamas to any other country involves a plane (or boat) trip. 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. 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. 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. Finally, there is no shortage of all kinds of outdoor tours and adventures on the island, including swimming with dolphins and sharks, diving, snorkeling, various adrenaline-pumping tours, and gastro excursions. Calmer winds also make for calmer seas, which means it is easier to move around to the less visited Out Islands of the Bahamas. 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. Expats in the Bahamas discuss the pros and cons of living in the Bahamas. By Jessie Williams. What do Nicolas Cage, Johnny Depp, Oprah Winfrey, Sean Connery, Bill Gates, and Tiger Woods have in common? Freeport — the second-largest city, located on the island of Grand Bahama — has a population of 50,000. eval(ez_write_tag([[250,250],'bahamasguides_co-box-4','ezslot_13',108,'0','0']));Determining the best place to live in The Bahamas will depend very much on your priorities for moving here. 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. The Commonwealth of Bahamas, once a British crown colony, is considered one of the most popular tourist countries in the Atlantic. 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. 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 two big cities are the capital, Nassau, which is located on New Providence Island, and Freeport, which is on Grand Bahama. 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. It is also easier to cross he of the Bahamas that are closer to home such as the Abacos and the Berry Islands. This is followed by Roman Catholic (12%) and other Christian at 13% (including Jehovah’s Witness 1.1%). Where are the best places to live? Renting a two-bedroom, two-bathroom home with enough space for everyone can easily top $3,500 per month. 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. 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. There are many large beachfront villas in the outer islands, which can range from reasonable to extravagant. On average, the island sees at least 300 days of sunshine each year. As for me, my SO of 20 years is bahamian, I co-own a family home with him, he has several boats (ferry, fishing, conch) that I've invested in, and I come and go as often as I please. Simply enter your email address below and we’ll send you a FREE REPORT – The “Hidden”, Affordable Caribbean. 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 country does boast an impressive 24 airports, making air travel convenient. 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. Music is an integral part of Bahamian culture. 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. Grand Bahama is also filled with all sorts of natural wonders to get excited about. On the face of it, establishing residency in the Bahamas is not only relatively straightforward for those of comparatively high net worth, but it’s also appealing on many levels. The world is going to look different as this crisis plays out. Your guide to living and doing business in the Bahamas. The cost of living is generally higher than the US, Canada and Europe. However, there are various precautions travelers should take to ensure a safe trip and avoid violent crime. What is the standard of living like? Bahamas Five reasons to live in the Bahamas. The Bahamian economy relies almost entirely on US tourism dollars and financial activities, which means the country’s fortunes are very closely tied to those of the United States. Medical Facilities English is the official language of The Bahamas, a fact which makes the transition to island life much simpler for expats than in other countries. 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. The Bahamas Government’s main source of revenue is from customs duties on all goods imported into The Bahamas. 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. 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. But this great vacation spot has so much more to offer, and it turns out to be a great place to live. 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. In fact, the Bahamas comprise nearly 700 islands and about 2,400 exposed reefs, which extend for 760 miles from northwest to southeast. 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. It really makes the day pass quickly. There are plenty of ways in which life in The Bahamas can seem appealing. The island’s International Airport is set in Freeport and is capable of handling large aircraft. I am always happy to answer your questions. It’s essential to find a location where the benefits of living there outweigh the concerns. The location and type of home you choose will impact the cost of living in the Bahamas. Time Zone: UTC-5 (same time as Washington, DC during Standard Time). To apply for citizenship, you’ll need to be: Authorities in The Bahamas do not recognize dual citizenship. The cost of living in The Bahamas compared to the US or Canada is significantly higher — primarily because nearly all goods must be imported. Yet, considering the island’s proximity to the U.S. mainland, the airport serves a limited number of mostly American airlines. 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. Area: 5,359 square miles (13,880 square kilometers). Hurricanes, a high cost of living are serious concerns. Bahamians love to express themselves through art, music and dance. The population of The Bahamas is less than 400,000 and the government debt is currently equivalent to 64% of the country’s GDP — in part due to officials’ reluctance to raise taxes. 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. Compare the Cost of Living in Nassau with any other city in the world. 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. List of prices in Nassau (Bahamas) for food, housing, transportation, going out, and more on Feb 2021. The Out Islands, the less populated, smaller islands, offer a better chance at typical “island life” and boast nearly 2,200 miles of shoreline. For one thing, you can enjoy tax-free living in the Bahamas – the country levies no capital gains taxes, personal income tax or … (this is really a catch 22). 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. But there’s more to the decision to relocate to a new country than just good weather and low taxes. 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. 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. 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. Is living in The Bahamas as an American (or citizen of another country) safe? Head of State: Queen Elizabeth II (since 6 February 1952); represented by Governor General Dame Marguerite Pindling (since 8 July 2014). The country of The Bahamas first gained attention in 1492 when Christopher Columbus visited the islands during his first trip to America. 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. 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). Because The Bahamas has minimal industry and natural resources, it relies on positive relations with other countries to import most goods. Good advice as always from Dave. 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. You’ll need to consider all the factors that affect your day-to-day life. 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. Living in The Bahamas as an Expat: Cost of Living, Safety, Pros & Cons There are plenty of ways in which life in The Bahamas can seem appealing. 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. Other attractions include Peterson Cay National Park, Taino Beach, as well as many seasonal and annual events like Grand Bahama Regatta, Sweetings Cay Heritage Festival, High Rock Seafest, and Goombay weekly festival. See supporting British nationals in t… 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. 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. Language: English is the official language of the Bahamas; however, Creole is spoken among Haitian immigrants. 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. Rent in Bahamas … She is a native-born Bahamian, who spent 25 years living in the United States, while I am an American. Residents of the island chain enjoy generally favorable weather, scenic ocean views and exceptionally low tax rates. The cost of living is high, travel within and outside of the country is limited, and the country’s resources are not exactly abundant. 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. This duty may be as low as 7 % as in the case of raw lumber or computer software. On the other hand, Grand Bahama is known to provide excellent healthcare and more than affordable childcare. Many expats choose to retire in the Bahamas because the country is a tax haven. Besides being considered both a tropical paradise and the go-to party island, Grand Bahama is also home to many celebrities. Living in this part of the world can be pretty costly, to say the least. Traffic moves on the left-hand side of the road, but many cars are imported and, therefore, left-hand drive. There are two public hospitals in the Bahamas — the Princess Margaret Hospital in Nassau, and the Rand Memorial Hospital in Freeport, Grand Bahama. On the county’s far north lays Grand Bahama, the fourth largest island,  and the second most populated. 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. 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 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. Most Frequently Asked Questions The bulk of the Bahamian expat community is made up of wealthy Americans who have chosen the country for its weather and tax benefits. Be prepared, city living on the islands is not the same as urban North America. Public, private and international schools all offer classes primarily in English. A general guide for British nationals living in the Bahamas. The official language is English. Most expats moving to the Bahamas find themselves relocating to New Providence Island, where roughly two-thirds of all inhabitants live. While 4 million people vacation there each year, some choose to purchase vacation properties and others decide to live there year-round. The school system in all of the Bahamas is excellent, with the literacy rate exceeding 95%. While the rent and transportation prices are similar to those in the United States (i.e. Expats in the Bahamas have specific advice about where to live if you have kids and want to meet people. 2 years ago. In this section, I’ll talk about a few of the high and low points associated with living in The Bahamas. Medical care that matches standards expats are used to are also mostly confined to the two major islands. Anybody visiting or living in the Bahamas enjoys equal access to medical care in the Bahamas. Besides all this, some reports show that people in the Bahamas spend most of their money on groceries and shopping. 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. 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. It has no income tax, capital gains tax, wealth tax, gift tax, inheritance tax or sales tax. 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. But packing up and shipping from Ireland to the Bahamas does mean living in a dreamy tropical island. For moving around the island, public transport buses will get the job done, while scooters and bicycles are also popular options. Besides all this, some reports show that people in the Bahamas spend most of their money on groceries and shopping. Island living offers sunshine and ocean views, but it can make travel slightly more challenging — and expensive. 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. 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. Both the public and the private medical sector offer a large variety of facilities and services. Many expats in The Bahamas choose to live in a gated community because they are concerned about their safety, wellbeing and their property. There is a large expatriate community living in the Bahamas, with people from all walks of life, many different professions and many different economic levels. When comparing the gross national income (GNI) per capita of less than $22,000 with the one of the U.S. at … Expats in the Bahamas discuss the pros and cons of living in the Bahamas. We are unable to provide any guidance on general lifestyle enquiries apart from the information and links listed below, local authorities provide comprehensive information on these issues on their own websites. Slightly smaller than Connecticut. “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. This includes the prices of groceries, rent and restaurants. Apart from being celebrities, they’re among the thousands of North Americans and Europeans that have owned second homes in the Bahamas. 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. The cost of living in the Bahamas is 31.75 percent higher than the cost of living in the U.S. In the park’s area, there is a magnificent Gold Rock Beach, famous for its soft white sand and clear blue water. 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. These include Abaco, Andros, Acklins and Crooked Island, Bimins, Berry Islands, Cat Island, Eleuthera, the Exumas, Inaguas, Mayaguana, and San Salvador. 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. It is also part of the Commonwealth of Nations. Later on, The Bahamas were obtained by the British and for a while served as a popular pirate sanctuary. The school system in all of the Bahamas is … 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. The murder rate in The Bahamas is 10 times what it is in New York City. Nassau has a very high cost of living of which you need to be aware of before moving to the Bahamas. Roads outside the capital are poorly maintained and subject to flooding after storms. The 80-degree weather is absolute perfection–a refreshing change from the subzero weather in my Boston habitat. On this site, you’ll find guides on living, moving to, buying property and doing business in The Bahamas. Most violent crimes in the country take place on the major islands of New Providence and Grand Bahama. There are, however, some important factors to consider if you’re thinking of The Bahamas as a retirement destination. Bahamians often refer to everywhere else in the country as the Out Islands. The variation in price is partly the result of the large number of islands and the unique characteristics of each one. 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. Most expat residents view this more relaxed lifestyle as a benefit, but it can take some getting used to. All things considered, Grand Bahama offers an eclectic mix of tranquil resorts and vibrant social life. 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. Many teachers, bankers, accountants, and doctors have made their homes in The Bahamas, many coming for … There is also a sense of pride for their culture. The Bahamas is known the world over as a tax haven. Our qualified real estate appraisers are accepted by all local banks and provide an accurate and detailed report for our customers. 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. Thanks to a fair tax system, residents of The Bahamas pay no income tax, and a very low rate of corporate tax.

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