Expat Living in the Bahamas
Adventure, pleasure, or simply an escape from stress and a certain lifestyle. These are only a few reasons why people decide to move to another country and start an expat's life. Whatever the reason why you are reading this article is, we are delighted to introduce you to a place with a relaxed lifestyle, low tax rates, pleasant weather, and many business opportunities: welcome to the Bahamas.
The Bahamas represent in the ideal mind of many tourists a dreamy paradise where they can enjoy and relax for a few days. Nevertheless, this does not have to be different for an ex-pat. The first thing that comes to your mind is the availability of 340 sunny days per year, but this is not the only reason why the Bahamas can offer you a bright future as an ex-pat living in the country.
First, foreigners have been attracted to the business environment in the Bahamas thanks to its tax regime; as well as opportunities for offshore banking and registration of offshore companies. This country is considered a tax haven since it does not have capital gains tax, inheritance tax, personal tax, or gift tax. In that sense, offshore companies or individuals with offshore bank accounts in the Bahamas have no tax liability for income earned outside of the jurisdiction.
Then, if you consider yourself a nature lover, Bahamian coral reefs stretching from the southeast coast of Florida to the northwest of Hispaniola will be a great asset to discover on your own as an ex-pat. There are around 2,000! Most ex-pats can take advantage of the archipelago's tropical climate. However, this comes with a bad side as well: this climate and conditions make the country sensitive to adverse weather conditions such as tropical cyclones and hurricanes.
In that sense let us add that this has not stopped individuals from a varied range of country to decide becoming part of the Bahamian ex-pat community. This includes people from different industries, occupations, and economic levels. Just to name a few, we know about bankers, teachers, doctors, business people who have settled on the island. Some live here on short-term contracts and quotas, while others settle forever.
The total population of the Bahamas is just under 400,000, specifically around 319,000. Out of 700 islands, only 29 are populated. If you are looking for options to relocate yourself and your family in the Bahamas, please note that the most popular places for expats are New Providence, Abaco and Grand Bahamas.
New Providence Island holds about 70% of the population of the Bahamas.
Due to the small population, the proportion of the community made up of ex-pats is not as big as in other countries with huge and populated cities. But it does not make it insignificant either. Between 2015 and 2020, the net Migration Rate was about 2.7 migrants/1,000 population. In that sense, around 15.3% of the population are immigrants (49.4% of them are women and 20.9% were under 15).
The biggest ex-pat community is located in New Providence and you can engage with its members through different activities. Some of the most common are running clubs, rugby leagues, sailing groups, and even, through the school of their children. If you have a family, the last one can be a major opportunity to engage with ex-pats living in the Bahamas.
Likewise, you can opt for more direct ways such as social network platforms like groups on Facebook of ex-pats living in the Bahamas. Since English is the official language in the country, you won't have the language barrier to get involved and get to know people.
If you want to become a "mostly Bahamian ex-pat", the best option would be to go to Nassau. There are abundant real estate agents that help you find a good neighborhood, excellent schools, and so on. Still, the vast majority of ex-pats ultimately opt for New Providence and Nassau due to the accessibility and quality of schools, financial centers, etc.
Activities and lifestyle
Moving to the Bahamas can be a life-changing experience, particularly if you enjoy outdoor activities. For instance, the twin cities of Freeport and Lucaya are situated on the water's edge of the island of Grand Bahama. The region around these cities has many outdoor activities to engage in, such as diving and sailing. Cricket is also popular in the country and locals gather to watch the matches from March to November, the cricket season. Hotels, casinos, and watersports facilities can be easily found in these areas as well.
In general, the culture of the locals influences African customs as well as European colonialism. Their lifestyle is often qualified as "laid back", and it can be positive for many, and not so much for other ex-pats, who might be more used to a quicker-paced environment. It depends on the kind of person you think you are.
Besides these aspects, ex-pats living in the Bahamas, mainly in Nassau and Freeport, will find that the country has a cutting-edge healthcare system with numerous well-equipped medical facilities and well-trained staff. However, the standard of an ex-pat might not be satisfied in places that are not the two major islands.
Education
In case you have children, it is normal to have questions regarding the education quality and system. According to the government's official website, as much as "24% of the National Budget is allocated to education", demonstrating the right definition of a country that is investing in its youth and its people. This proves that the country takes education very seriously.
About the education system as a whole, we can summarize it in this way: primary education lasts for six years and comprises children aged between 5 and 10 years old. Then, secondary education is divided into two equal parts of three years period (junior and senior high school). Post-secondary and tertiary institutions are operated by both the state and private sectors.
In the case of tertiary intuitions, numerous foreign-based institutions are available in the country.
Many ex-pats have mentioned that it is relatively easy for children to integrate into the local school system, thanks to the official language: English. But, if you would rather send your children to international schools, there are a number of these schools in the country, particularly in the capital city of Nassau. This is why many expat's families live in Sandyport: its proximity to schools is an important asset.
Other benefits of living as an expat in the Bahamas
The Bahamas is an archipelago known for its proximity to key markets and its investment incentive policies This is why high-net-worth individuals are interested in this Caribbean country. Now if the main interest is investing in the tourism sector, the Bahamas is a great place to start.
According to the UNWTO, the Bahamas witnessed a growth of nearly 9.7% in the volume of inbound tourism in 2019, with around 7.25 million foreign visitor arrivals. Although COVID-19 might have had affected this during 2020, it does not mean that in the future this won’t go back to normal. Three-quarters of those arrivals corresponded to same-day visitors, which include cruise passengers.
Citizenship Requirements
Obtaining Bahamian citizenship may seem challenging since the government requirements for it are quite strict. However, 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.
If you need more information about how to obtain second citizenship in the Bahamas, please check our article dedicated to it.
Cost of Living in the Bahamas
The cost of living in the Bahamas compared to the US is significantly higher — mainly because almost all goods must be imported. This is why groceries are considered quite expensive by many ex-pats. But going to the local fish and veggies markets a lot can be helpful in this aspect.
As the standard of living in The Bahamas is quite high, real estate in the country also tends to be expensive as well. Nevertheless, reasonable prices can still be found, depending on the type and location of housing you choose. Our experts and local partners can help you in this aspect.
● Electricity and other basic utilities are expensive, even by American or Canadian standards. Expats living in the Bahamas often pay around $250 a month for basic utilities such as electricity, water, and garbage disposal for a small apartment.
● Eating out will also cost more than in countries. Bahamian average prices may range from $8 for a fast-food meal to $70 for a mid-priced three-course meal for two.
● Health insurance prices will fluctuate depending on your age, health, and the type of coverage you choose, but prepare yourself to pay $50 - $250 per month.
These are only a few aspects to consider about the cost of living in the Bahamas as an ex-pat, but the complete absence of income tax, capital gains tax, or estate tax in the country can help you balance some of the extra costs when elaborating your budget.
Our Mundo experts would love to show you and your family the opportunities in the Bahamas. If you want to organize a Bahamian property or investment tour please
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