The Bahamas is the ultimate place to settle down and enjoy life. These islands have the reputation of being the center of the Caribbean. They boast many beautiful beaches, great weather, and world class entertainment. American citizens can easily become expats in the Bahamas. The many benefits offered to American expats in the Bahamas include its close proximity to the US and the fact that the Bahamas is one of the world’s best tax havens.
Climate
The Bahamas’ climate is sub-tropical/tropical. This means that the weather is comfortable and absolutely gorgeous throughout the year. There is a constant breeze emanating from the Gulf stream and trade winds. This makes the temperatures pleasant, with averages of about 75 to 85 degrees. During the late fall, there is more precipitation than usual. However, the summer and winter months are usually less rainy and humid. The Bahamas is prone to hurricanes. However, the hurricane season only lasts a few months per year, usually from late summer to early fall.
The sea water is warm throughout the year, clear blue, and usually calm. For those who enjoy water sports, the Bahamas has many wonderful facilities and is perfect for scuba diving, snorkeling, and boating.
Government
The Bahamian government is a parliamentary democracy. It has a Prime Minister who is the head of the government, and a bicameral legislature. The Bahamas is part of the British Commonwealth. Therefore, the queen is represented by an appointed governor general who is also the titular head of state.
An American citizen may enter the Bahamas quite easily as only a passport is required. Becoming a resident of the Bahamas is usually a simple process that 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 Bahamian tax system gives many advantages to those looking for a tax haven. The Bahamas has some of the lowest tax rates in the world. There is no income, corporate, capital gains, inheritance or value added tax. The government receives most of its income from import tariffs levied on goods.
Medical Care
Bahamian medical care is of a very high quality. It is important to note that many Bahamian hospitals and clinics do not accept US health insurance plans. Prospective tourists/expats should check with their health care provider for alternatives.
Anyone who is planning on living in the Bahamas for a long period of time should consider purchasing a private health care plan for the Bahamas. Someone with a small budget should consider purchasing travel insurance that includes a health care component.
Anyone who gets seriously ill or injured is generally evacuated to the US.
Real Estate
Purchasing real estate in the Bahamas is relatively easy and straightforward. In fact, the Bahamian government encourages foreign investment in real estate. In order to purchase property, simply register the property with the Investment Board and pay a registration fee. No registration or permit is necessary to lease or rent property there.
The cost of real estate in the Bahamas varies. While beach front homes on the main islands are in the multi-million dollar range, homes that are far away from top destinations are much more affordable. A considerable stamp duty is required when purchasing property. This stamp duty is usually 10% for homes over $250,000. The stamp duty is shared equally between the seller and buyer of the property.
Rental prices are usually moderate to high because most rentals cater to tourists. However, homes that are inhabited by citizens or long time residents are priced very affordably. Although these homes are not usually located in the main cities or towns, there is still easy access to the beach and tourist destinations.
Shopping
Shopping in the Bahamas is mainly geared towards tourists. However, there are many markets, shops, and boutiques available for expats and residents. Expats and residents can purchase necessities quite easily. However, many items may be more expensive in the Bahamas than they are in the US or UK due to the import duties levied.
The Bahamas has world class entertainment, which includes top quality restaurants, night clubs, bars, and a variety of water activities to keep any expat occupied for many years.
People who are interested in water sports would be pleased to know that most of the Bahamian islands are perfect for sun bathing, snorkeling, boating, scuba diving, etc.
Cost of Living
The cost of living in the Bahamas is moderate to expensive. It costs more to live ‘the good life’ in the Bahamas than it does in the US or UK. Much of the entertainment is geared towards tourists, therefore the prices in many of the islands’ restaurants, bars, and nightclubs are very high. However, it is possible to find bargains at the numerous markets and shops.
Houses in the Bahamas are usually above the average cost of those in the US or UK. It costs US$300,000 or more to purchase a beach house or luxury condo and between US$1,000 and $3000 per month to rent a condo or apartment. However, anyone who wants to experience perfect weather, beautiful beaches, and a true tax haven should definitely visit the Bahamas.
Extradition from Bahamas
The Extradition treaty between the Bahamas and the United States of America was signed on March 09 1990 in Nassau.
Map of Bahamas
