Bahamas

The Commonwealth of the Bahamas, with its rich history, vibrant culture, and strategic geographical location, has been a center of commerce and tourism for decades. As a prominent member of the Caribbean community, the Bahamas maintains an intricate balance between preserving its natural beauty and fostering a sustainable economic ecosystem, making it a prime destination for both leisure and business. Main citiesFreeport (56,000 as of 2021) West End (13,000 as of 2021) Coopers Town

Country	Bahamas
Population	393,000 (as of 2021)
Capital	Nassau (274,400 as of 2021)
Language	English (100%)
Time in Bahamas	GMT-5
Currency	Bahamian dollar (BSD$ or B$, BSD)
Religion	Protestant Christianity (around 80% as of 2021) Roman Catholic (around 14% as of 2021)
Tax regime	0% personal income tax
VAT	12% (As of 2021)
Overage salary	Data not available as of 2021

Bahamas: Your Tropical Destination for Business and Leisure

The allure of the Bahamas goes beyond its pristine beaches and shimmering waters. This archipelago beckons individuals across the globe, promising a harmonious blend of leisure and opportunity. For professionals looking to pivot their careers or entrepreneurs yearning to carve out a niche, the Bahamas presents an array of prospects. The nation’s stable economy, combined with its strategic location, makes it an attractive hub for business. For retirees, the serene beaches and tropical climate offer a tranquil retreat. The country’s rich cultural heritage, bolstered by its warm, welcoming residents, ensures that anyone seeking to call the Bahamas home will find themselves in a supportive and enriching environment.

Living in Bahamas

Cost of living

The Bahamas, being a prominent tourist destination, carries a cost of living that’s slightly higher than some of its Caribbean neighbors. Nassau and Freeport, as the main urban centers, tend to have a steeper cost for housing and certain amenities. However, living away from these hubs can provide a more affordable experience. Many expatriates often find that while imported goods might be pricey, local products and services are relatively affordable.

Quality of education

Education in the Bahamas is influenced by its British colonial heritage. Institutions like the University of The Bahamas, based in Nassau, offer quality tertiary education that attracts both local and international students. Moreover, there are several private and international schools, catering to diverse educational needs.

Health care and insurance

The healthcare system in the Bahamas is robust, with Nassau having the most advanced facilities. Public and private hospitals provide services, and health insurance plans are available for both residents and non-residents, with international policies being popular among expatriates.

Climate

The Bahamas boasts a tropical maritime climate. The summers are warm, and winters mild, making it an all-year destination.

Fun and entertainment

The Bahamas is a hub for both sport and nightlife. Water sports are particularly popular, with snorkeling, diving, and boating at the forefront. The vibrant nightlife of Nassau, with its clubs and beach bars, promises unforgettable nights.

Best places to live in Bahamas

Nassau, being the capital, is the primary hotspot for expats. However, Freeport, with its blend of urban amenities and serene landscapes, is also gaining traction, especially among retirees.

Nassau (274,400)

Nassau, the capital and the heart of the Bahamas, combines urban sophistication with a tropical paradise. A hub for business, government, and culture, Nassau offers a balanced blend of modern amenities and Bahamian charm. The city is brimming with historical landmarks, shopping districts, and a lively arts scene. Owing to its economic significance and diverse job opportunities, many expats choose Nassau for work. Families also appreciate the city’s quality educational institutions and safety standards. Furthermore, with its sandy beaches and azure waters just minutes away from any part of the city, leisure and relaxation are always within reach.

Freeport (26,910)

Freeport, located on the island of Grand Bahama, is the country’s second-largest city and is often seen as the more laid-back counterpart to Nassau. Characterized by its free trade zone and well-established infrastructure, Freeport is a favorite among expats looking to start businesses. The city’s canals, beaches, and national parks make it a haven for nature lovers. Expats often favor Freeport for its lower living costs and serene environment, making it perfect for retirement or raising a family away from bustling city life.

West End (12,300)

As the oldest city and westernmost tip of Grand Bahama, West End boasts a rich history and unique maritime culture. It’s a haven for boating enthusiasts and offers some of the best deep-sea fishing experiences in the Bahamas. Its laid-back ambiance, combined with the luxury of oceanfront properties, makes West End an attractive destination for retirees and those seeking a more tranquil existence.

Marsh Harbour (5,314)

Situated on the island of Abaco, Marsh Harbour is the third-largest town in the Bahamas. It’s known for its deep port, which facilitates a thriving boating scene and acts as a gateway to the surrounding cays. The town presents a harmonious blend of local Bahamian life and international influences. With its assortment of restaurants, shops, and a growing expat community, Marsh Harbour offers a comfortable and engaging life to its residents.

Is Bahamas safe?

The Bahamas, in general, is a safe destination. However, like any country, it has areas that are best avoided, especially late at night. As always, exercising common sense and staying informed is recommended.

Moving to Bahamas

How to move to Bahamas as an expat

VISA

For prolonged stays or work, expatriates require a visa. Various visa categories cater to professionals, entrepreneurs, and retirees. The duration and eligibility vary based on the visa type.

Citizenship By Investment (Golden Visa)

The Bahamas does not have a Citizenship By Investment program.

Residency By Investment

The Bahamas offers an Annual or Permanent Residency program for individuals who invest in property in the country.

Real estate

The real estate market in the Bahamas has always been attractive to international investors. Prices, especially in prime areas like Nassau, have been on an upward trajectory, driven by demand from foreign investors. An apartment in Nassau’s heart might come with a higher price tag, whereas rural areas offer larger properties at more affordable rates.

Why should I move to Bahamas?

The Bahamas, with its serene landscapes and strategic geographical location, stands out as a jewel of the Caribbean. Beyond its natural allure, the nation’s stable socio-economic landscape, combined with its friendly investment policies, makes it an attractive destination for both personal and professional pursuits. The Bahamas promises a life where the hustle of city living blends seamlessly with the tranquility of beachside relaxation.

Pros	Cons
Stable political and economic environment. No personal income tax. Robust healthcare facilities. English is the official language, facilitating communication and business transactions. Close proximity to major global markets, especially the USA.	Higher cost of living compared to other Caribbean nations. Imported goods can be expensive. Some remote islands have limited amenities. Peak tourist seasons can get crowded.

Doing business in Bahamas

Economy

The economy of the Bahamas is predominantly driven by tourism, which accounts for more than half of the nation’s GDP. The archipelago’s pristine beaches, luxury resorts, and unique culture attract millions of visitors annually. Additionally, the financial services sector is another significant contributor, making the Bahamas one of the foremost offshore financial centers. Agriculture and fisheries, while smaller in comparison, also play essential roles in the nation’s economic fabric.

Tax in Bahamas

The Bahamas is known for its tax-friendly environment, a feature that has attracted numerous international businesses and investors. The country does not levy personal income tax. Instead, the government earns its revenue through a Value Added Tax (VAT) system, import duties, and property taxes. As of 2021, the standard VAT rate stands at 12%. The absence of capital gains tax and inheritance tax further adds to the Bahamas’ appeal as a business-friendly destination.

Startups

The Bahamas has been keen on promoting innovation and entrepreneurship in recent years. While the startup ecosystem is still budding, there are initiatives and accelerator programs designed to nurture young businesses. The government, in collaboration with private entities, organizes workshops, training sessions, and funding opportunities to help startups scale and achieve their potential. Nassau, being the capital, is the epicenter of this entrepreneurial movement.

Company formation in Bahamas

Establishing a company in the Bahamas is a straightforward process, especially given the country’s pro-business stance. The Bahamas offers various incorporation solutions, including International Business Companies (IBC), which are particularly popular due to their flexible structure and tax benefits. An IBC in the Bahamas enjoys confidentiality, can be entirely foreign-owned, and is exempt from local taxes on its global income. This makes the Bahamas a favorable destination for expatriates looking to establish an offshore company.