Expat Bahamas

For those looking for the ultimate place to settle down and enjoy life, the Bahamas could be it. The Bahamas has a reputation for being the center of the Caribbean with plenty of beautiful beaches, great weather and world class entertainment. For most American citizens, becoming an expat in the Bahamas is extremely easy and there are many benefits including the close proximity to the states and one of the world's best tax havens.

Climate

The climate of the Bahamas is considered to be sub tropical to tropical. This means that the weather is comfortable and absolutely gorgeous throughout the year. There is a breeze, which is brought mostly by the Gulf stream and trade winds that makes the temperatures pleasant with averages of about 75 to 85 degrees. During the late fall, there is more precipitation than usual, but the summer and winter months are usually less humid and dry. The Bahamas is prone to hurricanes, however the hurricane season is usually only prevalent a few months out of the year, usually from late summer to early fall.

The water temperature is warm year round and the sea is clear blue and usually calm. For those that enjoy water sports, the Bahamas has many wonderful facilities and is perfect for scuba diving, snorkeling and boating.

Government

The government of the Bahamas is a parliamentary democracy. It has a prime minister which is the head of the government and a bicameral legislature. The Bahamas is part of the British Commonwealth and the queen is represented by an appointed governor-general who is also the titular head of state.

For American citizens it is extremely easy to enter the Bahamas and all that is required is a passport (a visa is not required for entry). Becoming a resident in the Bahamas is usually a simple process which can be started once on the island. For more information about entering the Bahamas, visas and residency requirements, please visit The Permanent Mission of the Commonwealth of The Bahamas to the United Nations: Consular/Travel Information.

Tax System

The tax system in the Bahamas is extremely advantageous for those looking for a tax shelter or tax haven. The Bahamas has one of the lowest taxes in the world. There is no income tax, no corporate tax and no capital gains tax. In addition, the Bahamas does not have any inheritance tax or Value Added Tax. The main taxes for the government come from import tariffs levied on goods.

Medical Care

On the Bahamas, there is generally high quality medical care available. It is important to note that many Bahamian hospitals and clinics do not accept US health insurance plans. Before you arrive, check with your health care provider for alternatives.

If you are planning on living on the island for a long period of time, you want to look into purchasing a private health care plan for the Bahamas. If you have a small budget, you might want to look into purchasing travel insurance that includes a health care component.

For most expats that find themselves seriously ill or injured, evacuation to the states is generally required.

Real Estate

Purchasing real estate in the Bahamas is relatively easy and straightforward. In fact, the government of the Bahamas encourages foreign investment in real estate. All that is necessary to purchase property on the island is to simply register your property with the Investment Board and pay a registration fee. If you decide to lease or rent property on the island, you do not need to register or acquire a permit.

The cost of real estate in the Bahamas varies widely. While beach front homes are in the multi million dollar range on the main islands, other types of homes and condos that are far away from top destinations are much more affordable. If you are planning on purchasing property, you should note that there is a considerable stamp duty that is required. This stamp duty is usually 10% for homes over $250,000. It should be noted that the stamp duty is shared equally among both the seller and buyer of the property.

For those looking to rent an apartment, condo or house, prices are usually moderate to high due to the fact that most rentals cater to tourists. However, if you are truly set on residing in the Bahamas, you can find homes that are mostly inhabited by citizens or long time residents for very affordable prices. While these homes are usually located in the main city or towns, you can usually access the beach and tourist destinations with ease.

Shopping

Shopping on the Bahamas is mainly geared towards tourists; however there are plenty of markets, shops and boutique stores available for expats and residents. Necessities are usually easy to come by and many items may be more expensive than in the US or UK due to the cost of shipping them over to the island and import duties levied.

As far as entertainment goes, the Bahamas has world class entertainment which includes top quality restaurants, night clubs, bars and plenty of water activities to keep any expat occupied for the years to come.

If you are into water sports, there are many areas on the island that are perfect for sun bathing, snorkeling, boating, scuba diving, etc.

Cost of Living

The cost of living in the Bahamas is considered to be moderate to expensive. If you would like to live the good life, it will cost more than the states or the UK. Because much of the entertainment is geared towards tourists, expect high prices in many of the islands restaurants, bars and nightclubs. However if you look hard enough, you can find plenty of bargains at the numerous markets and shops.

Housing is usually above average than the US or UK. Expect to pay $300,000 or more for a beach type house or luxury condo and over $1,000 to $3000 per month for rent in a condo or apartment. However for those that seek perfect weather, beautiful beaches and a true tax haven, the Bahamas is the place to go.

Extradition from Bahamas

The Extradition treaty between the Bahamas and the United States of America was signed on March 09 1990 in Nassau.