Date Archives: September 2021

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Buying Tips | 14 Posts
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September
28

Money hidden in the sand

If you are considering living in the Bahamas, this post is for you. Composed of 30 inhabited islands and with nearly 400,000 residents, the Bahamas can be an absolute paradise for those looking for a slower-paced life with an emphasis on nature and the beauty of the outdoors. If this sounds like the haven you are seeking, consider the Bahamas for your next move. 

While it would be wonderful to just pick up and move, unfortunately, that's not a realistic possibility for most people. Your job and monthly income is an important factor in deciding whether an international move is feasible and affordable, so let's examine some economic and financial data in the Bahamas to help you make an informed decision.

Average Salary in the Bahamas

Jobs in the Bahamas vary in salary just as they do anywhere in the world. Occupation, experience, and location can also greatly impact the salary residents earn per year. 

The average base salary in the Bahamas is $45,591.

Professionals with more than five years of experience tend to earn on average 36% more than those with five years or less of work experience.

More than half of Bahamian jobs are in tourism and financial services. These sectors help to develop and stimulate the economy most significantly. 

Because of this, the demand for workers in these two industries is higher than in others, and wages can be better. 

The standard workweek in the Bahamas is an eight-hour workday, five days a week. 

Other Factors to Consider in the Bahamas

When trying to determine if you can make a proper living while working in the Bahamas and keep your preferred lifestyle, these factors are important to consider in your calculations.

Housing

Housing in the Bahamas can be more expensive than average, depending on location and what type of housing you prefer. 

Nassau is a popular city for affordable apartments and single-family homes and offers a taste of the exciting city life many ex-pats still crave when moving to an island. 

Utilities are typically around 80% higher in the Bahamas than in other countries. Depending on your living situation and location, these may fluctuate as well.  

Food

Food does run more expensive than on the mainland because nearly everything has to be imported. Residents looking to save money on food can do so by shopping at local markets for fish, fresh fruit and vegetables, herbs, and more.

Value Added Tax (VAT)

Most domestic goods and services are taxable at the standard rate of 12 percent in the Bahamas. This tax was introduced in 2015 as part of the efforts to reform the tax system here. VAT was implemented because most goods must be imported from other places, which can get expensive for the government. 

You can find more information on the prices of the common goods in the Bahamas that we covered in this post.

While the cost of living in the Bahamas may be pricier than what you're used to, many other factors balance out the cost of living. Tax rates, for one, are a great way to save money in other areas and apply it to your lifestyle accordingly.

Be sure to visit Morley Realty as a valuable resource for all things real estate and life in the Bahamas. Our team has years of practical experience and knowledge in the various areas of the islands, and we can advise you on what will best suit you and the lifestyle you're looking for. 

We can help with the coordination of financing, inspection setup, home insurance, and more. We are here for you every step of the way! 



September
21

man working on his laptop while he is out on the beach

Looking for a great place to start your new business venture? We appreciate your entrepreneurial spirit! Many people find there are many benefits and perks to starting a business in the Bahamas. 

Stimulating the economy, boosting tourism, and creating Bahamian jobs are a few of the ways new businesses help the Bahamas. Because of this, the government has created tax benefits and other incentives for entrepreneurs to start their businesses here. We'll be exploring those in more detail in this post. 

Booming Tourism Economy

If your new business is in the tourism sector, you're already off on the right foot! When tourism booms, so does the local economy. Over time, the more tourists and travelers that visit an area create an increase in demand for jobs in the Bahamas, bringing in additional people to work in this sector. 

This means the economy in this area experiences a huge shift and nearly every niche is in demand, from transportation services, apartment buildings and hotels, maintenance and custodial services, hair stylists, grocery and other food-based services like restaurants, and much more.

Because the Bahamas is obviously a paradise in itself, many destination management companies do very well here. These include honeymoon and wedding planners as well as typical vacation planning companies. 

Recreational companies like guided tours or undersea adventures, boating and fishing companies, and many more also see massive success here.

In a tourism-heavy country like the Bahamas, starting a business that somehow touches the tourism industry, no matter how small, will generate demand and heighten your chances of success in the region.

Tax Breaks in the Bahamas

There is no personal or corporate income tax, no capital gains tax, and no inheritance tax assessed by the Bahamas Government. There is no sales tax on goods, but there is Value Added Tax (VAT) on goods and services.

These tax breaks are hugely beneficial to a business starting out or just experiencing growth. You aren't putting away large portions of your revenue to pay taxes. You can invest in your company, your inventory, your commercial property, or in hiring more employees. 

The Bahamas has other business-friendly initiatives, including no corporate taxes, no annual filing or auditing requirements. 

Many businesses seek the relief the Bahamas provides for the tax initiatives listed above. Additionally, there are no restrictions on real estate purchases made by foreign investors, meaning you can purchase a commercial property space here quite easily. 

Recommendations for Doing Business in the Bahamas

  1. Create a company that falls in a well-developed sector, like tourism 
  2. Be aware of the higher cost of labor (if you plan to hire employees) and the government's involvement in particular industries 
  3. Because it is an island, local resources can often be limited or delayed. Have backup plans for urgent business needs involving inventory and staffing requirements 

While there may be some challenges when starting a business in the Bahamas, the rewards definitely outweigh the risk! You'll be creating local jobs, stimulating the economy, and avoiding tons of corporate and personal taxes along the way. The opportunity awaits you in the Bahamas if you are bold and strategic enough to make the move! 

If you're an entrepreneur thinking about moving to the Bahamas, be sure to reach out to Morley Commercial as you explore the Bahamas real estate sector. Morley Commercial is the largest commercial sales, leasing, and property management agency in the Bahamas, and our experienced agents will get you into an ideal property that will set your business up for success. 

September
14

For some, island life may seem too far out of reach and is more of a lofty goal that has to wait until retirement, or at least the kids are shipped off to college. However, in reality, living on an island with kids is totally doable! 

Thanks to high-speed internet, homeschooling capabilities, and the digital nomad nature of many adapting industries, living in the Bahamas and raising a family can be a reality in your life if you want it to be. 

Raising a family doesn't have to be the cookie-cutter picture that many societies paint as the norm. We can all step out of our comfort zones and challenge ourselves to do things differently as we raise our children. It makes us better parents and helps us raise well-rounded children who are accepting of people from all walks of life.

There are many benefits children will gain while growing up in the Bahamas, and we've listed just a few of them here. 

Unmatched Culture and Experiences

Living in the Bahamas will be a cultural education in itself for children. From locals who have grown up here, residents who have seen the islands change through the decades, and ex-pats who sold it all to start over here and build a life — there are truly people from all corners of the globe, all with a story to tell. 

The islands are rich in historic culture, incredible foods, activities, and experiences that will shape your children and teach them about the world. 

Time Outdoors

Many people relocate to the islands for the change of pace, casual lifestyle, and to readjust the time they spend indoors to a nature-filled daily routine. Families will get all of this in the Bahamas. 

Many schools on the islands spend various classes outdoors studying marine life, the ocean, and weather patterns. 

With a weather forecast rarely dipping below the 60s or above the high 90s, spending time outdoors is possible nearly all year long. You can exercise, share meals, study, and work while enjoying stunning views, interacting with nature, and discovering what island life is all about. 

Schooling Options

When considering a move to the Bahamas, whether you have children or plan to start a family, research the school systems and learn what is offered in the area you are considering. 

The Bahamas offer many elite private schools on the islands. These schools are primarily located in New Providence and most are K through 12. If this is the route you want to take for your children, you have that option. 

You can also look into homeschooling, which many families find fits better into their routines and schedule. Some families find that balancing work, deadlines, homework, meals, chores, all while getting kids to school in the morning can be difficult, so some parents opt to home-school their children so they can have a more hands-on approach and be actively involved in their child's education. 

There is so much to learn and discover together on the islands, so this can be a beneficial decision for you as much as for your child.

If you are looking into real estate in the Bahamas and need a helping hand, don't hesitate to contact us at Morley. Our team of experts can assist you with finding the perfect place to put down roots with your family. 

It can be overwhelming to shop for homes for sale in the Bahamas, so trusting one of our local agents who know the market will help you get the home that suits your family's needs and will keep you happy for years to come. 

September
7

Senior couple at the beach

For those on the verge of retirement who are looking to settle down internationally, the Bahamas is a wonderful option. The islands boast white sandy beaches, sparkling blue water, welcoming residents, and enough outdoor activities to keep you entertained long-term.

Moving to the Bahamas can be quite an undertaking because there are a lot of moving parts to consider. Moving here is not just downsizing and moving to a smaller home or relocating to another city; an international move requires extensive planning, financial security, and help along the way.

But once you're here, all that planning is well worth it! You've worked hard your entire life and now is the time to kick up your feet, relax on the beach, and have a cocktail with your partner and loved ones. Here are five reasons why the Bahamas is ideal for retirement. 

1. Real estate investments

Real estate in the Bahamas is competitive in price: properties currently for sale on the islands are listed from anywhere in the range of $200,000 and upwards of $5,000,000. 

Depending on your financial situation, investing in a home in the Bahamas means you can gain residency here. Ex-pats can obtain an annual residency permit for $100 that must be renewed every year if they've purchased property valued at over $250,000. 

In order to obtain a Permanent Residency, international buyers must purchase a property valued at $750,000 before they can apply.

Just buying property in the Bahamas means you are on your way to becoming a resident and putting down roots in your new home. 

2. Accessibility & Travel 

It's very easy and efficient to travel from the Bahamas to the United States and onward. With international airports in New Providence, Grand Bahama, and Abaco, you can get almost anywhere you need to go stress-free. These airports offer direct flights to the US, Canada, and Europe. If you retire here but have family and friends in the US or other countries, traveling by plane to visit them will be a breeze. 

3. Outdoor Activity Haven 

The wide range of activities offered in the Bahamas often surprise ex-pats who retire here. You can enjoy water activities such as sailing, swimming, diving, snorkeling, fishing, kayaking, windsurfing, and kite surging. 

On land, residents love to participate in tennis, golf, bicycling, and birdwatching. Whether you love the land or sea (or both!), there is truly something for everyone here; living in the Bahamas means you will never be bored, and you will discover some new hobbies that you love! 

4. Tax Paradise

Retirees will be thrilled with the tax benefits they receive as residents of the Bahamas. These breaks include no income tax, capital gains tax, wealth tax, inheritance tax, sales tax, and corporate tax. 

While properties for sale in the Bahamas may seem pricier than in the United States, the balance you gain from tax breaks is well worth it. 

5. Full Health Insurance 

Regardless of where you live in the world, knowing your coverage when it comes to health care insurance is essential. We can't plan for everything; accidents do happen and issues come up when we don't expect them to.

There are private health care options available as well, and we recommend doing your research and making a plan before arriving on the island so you know what your coverage and options are. 

If you are thinking about the Bahamas as a potential location to put down roots and enjoy your retirement, contact the experts at Morley. Our agents have decades of experience with buying and selling property in the Bahamas, and we can make your international move a smooth and enjoyable one. 

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