Articles Tagged "cost of living in the Bahamas"

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June
10

Island Living Misconceptions - The Bahamas - Morley

Our agents know that few experiences are more exciting and enjoyable than moving to a beautiful tropical island such as those you'll find in The Bahamas. Nassau and Paradise Island homes for sale provide buyers with all the beauty of the unspoiled tropics alongside many "mainland" amenities.

Whether you've visited The Bahamas for long periods before or simply researched it, you likely have a good idea of what to expect. Yet, some things about island living could continue to surprise you even when you've been here for quite a while.

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August
17

For international home buyers who are in the market for a piece of real estate in the Bahamas, there is a lot to consider before taking the plunge. If you're relocating for work, you'll have to ensure it's an affordable option for you and your family. We've broken down some of the major costs you will face upon moving here, and some other expenses that you'll encounter in your daily life.

Home Prices

Home prices in the Bahamas can vary drastically, depending on your individual or family needs. This includes square feet, number of bedrooms, location, amenities, and more. To give you perspective, we have homes listed for less than $200,000 and upwards of $5,000,000 on our site. 

The islands are a melting pot of culture and people from all walks of life, and the real estate in the Bahamas reflects that. There truly is something for everyone; whether you want to rent a condo on the beach or purchase an island of your own — the option is yours! 

Apartments  in the Bahamas 

On average, the monthly rent for a 900 square foot apartment or condominium in the Bahamas is $1697, but it could be higher depending on the location. 

Apartments typically come furnished, which most ex-pats find to be very convenient as it alleviates the headache of coordinating shipping furniture and other belongings ahead of a move.

Cost Of Living in the Bahamas

Utilities

Electricity and other standard utilities average around 80% higher here than in the United States. For example, one month of utilities (electricity, water ) for two people in a 900 square foot apartment is around $355.  Costs go higher when you include  cable/internet, or you are using your air conditioning 24/7. 

Tax Breaks & Advantages

The tax breaks and advantages in the Bahamas can rectify the cost of living. There is no income tax, capital gains tax, or corporate taxes. 

Fees to Buy Property

There are a few fees involved in purchasing a property here, which are all important to know  when shopping for real estate in the Bahamas. 

  • Transfer Tax (VAT) – 2.5% of the property value, for a property valued at $100,000 or less. 10% of the property value, for a property valued at more than $100,000. 
  • Legal Fees - Each party pays its respective legal fee and 12% VAT thereon. Typically, the legal fee for a party is 2.5% of the purchase price.
  • Real Estate Commission – Brokerages charge 6% of the purchase price for developed land and 10% of the purchase price for undeveloped land. 

For more information on these fees and how they work when purchasing a home, visit our FAQ page.

Cost for Residency

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 Permanent Residency, international buyers must purchase a property valued at $750,000, and then they can apply.

Transportation

If you have a car at your current location, you can ship it to the Bahamas so it arrives once you're here. You can also buy a used one on the island, or have one imported (but you will pay duty on it). 

Public transportation includes buses (or jitneys) and taxis. Many locals ride bikes. 

Food

Food costs in the Bahamas are comparable to in the United States. A few common items include:

  • A gallon of whole milk is $3.93
  • A dozen eggs are $3
  • 1 pound of chicken breast is $6
  • A hamburger meal in a fast-food setting is $12

While the cost of living may be generally higher, the real estate in the Bahamas is truly one of a kind. There aren't many places in the world that offer everything that our islands do. Bahamas real estate is a worthy investment to make, especially if your future goals include living here or vacationing here. We'd love to have you, regardless!

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