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.
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.
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 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 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.
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!
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.
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.
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.
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 Realty 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.