- Can a U.S. Citizen Own Property in The Bahamas? Yes and Here’s How - April 2, 2023
- Islands in The Bahamas for Sale: How to Buy a Bahamas Island - December 19, 2022
- Bahamas Real Estate: The Ultimate Guide - November 9, 2022
It’s not unusual for people who want a better life to have their eye on the Caribbean. There are some big draws to some of the island nations, including the weather, culture, and the relaxed way of life. If you live in the US, you might consider the Bahamas as somewhere to retire, somewhere to live for part of the year, or perhaps even the right location to move to with your family. But what are the biggest draws to the Bahamas for US citizens? The beautiful country offers some wonderful benefits for anyone who is considering relocating to somewhere different. No matter where in the US you’re planning to move from, you can discover that the Bahamas can enhance your lifestyle in multiple ways.
One of the biggest draws to the Bahamas for many people from the US is the weather. Of course, many places in the United States have excellent weather for those who like a warmer climate. But if you’re thinking about moving from somewhere colder, you’ll be happy to know that it stays warm throughout the year in the Bahamas. The subtropical climate is perfect combined with the beaches and many opportunities to explore the archipelago. Average temperatures in the Bahamas fall between 77℉ and 90℉ throughout the year. It’s hottest in July and August but still a pleasant temperature during the winter months.
Of course, due to the subtropical climate, it can rain now and then too. But the rain can feel refreshing and give you a break from the sunshine. Some people might worry about hurricanes. Hurricane season is from June to November, but hurricanes don’t occur as frequently in the Bahamas compared to the east coast of the US. Miami, for example, gets more frequent hurricanes. Even if you’re not used to hurricanes, they are certainly something that you can learn to live with and be prepared for.
Lowering the cost of living is one reason that some people might want to move to a different country. One of the ways you can reduce your expenses is by lowering your tax obligation. When your taxes are lower, you get to keep more of your money to spend or save as you wish. For anyone who feels their current taxes are too high, moving to the Bahamas could help. The country has one of the lowest tax rates in the world. There are no taxes on income, and there is no capital gains tax, inheritance tax, or company tax. There is a social security tax paid by both employers and employees, as well as self-employed people. Property tax is also charged on all properties and there is also a value added tax (VAT) and import duties.
If you’re a US citizen, keep in mind that moving abroad does not mean that you no longer have to pay US taxes. You will still need to submit a US tax return each year, although you might qualify for certain exclusions or tax credits. Some citizens also choose to renounce their citizenship.
Amazing Real Estate
The real estate in the Bahamas is another excellent benefit for anyone who is considering moving to the country. While real estate in the Bahamas definitely couldn’t be described as cheap, it can be the perfect place to look for your dream home. Foreigners can buy property, with the government welcoming investment from overseas buyers. There are no restrictions for foreigners who want to buy real estate in the Bahamas, and the same rights are afforded to you as to Bahamian citizens. You don’t need a license or permit unless you’re buying over 2 acres of land, buying a property that you intend to rent out, or buying commercial property.
The process of buying real estate in the Bahamas is not too complicated, although it’s a good idea to hire a local lawyer to make sure everything is in order. Buyers need to pay a Stamp Duty on real estate purchases, as well as VAT for real estate services and legal fees. An annual property tax is also due on real estate, which is based on the value of the property, whether it’s owner-occupied, and several other factors.
Vibrant Local Culture
The vibrant culture in the Bahamas is a great reason to move to the island nation. You’ll love discovering the local culture and all that it has to offer, whether you’ve been to the country before or not. The Bahamas has many different islands too, with something to discover on each of them. You can discover a mix of cultures in the Bahamas, as it has residents with ancestry from the Caribbean, Africa, and Europe. If you’re someone who loves culture of all kinds, you’ll find plenty of things to enjoy in the Bahamas.
The mix of cultures in the Bahamas means that you can discover a mix of cuisines, art, music, and language. By observing the different lifestyles that people lead, you can see how everyone finds their own way of life on the islands. You can enjoy cultural events such as Junkanoo, a parade that takes place on Boxing Day and New Year’s Day, Bahamian cuisine and the delicious local seafood, and an array of music genres with African and Caribbean influences.
Plenty of Things to Do
You’ll never get bored if you decide to move to the Bahamas. There are so many things to do that you can always find a way to entertain yourself. If you’re someone who loves the outdoors, you’re sure to find activities that you enjoy doing. Sports and outdoor activities based around island life and the ocean are especially popular, so you should be able to find recreational activities with ease. You can try out things like scuba diving, kayaking, sailing, fishing, and snorkeling. The beaches and national parks offer a great range of things to do, and if you’re someone who likes shopping, you can find marketplaces and stores that will satisfy your desire for new things.
If you like the nightlife or you enjoy eating and drinking, you can discover bars, restaurants and other places to go. The Bahamas also has an amazing history, which you can explore by visiting places like the Heritage Museum of the Bahamas, the National Art Gallery of the Bahamas, and other museums and galleries. There are also many heritage buildings across the islands that you can visit, such as John Watling’s Distillery.
The lifestyle that you can enjoy in the Bahamas might be a bonus for you if you’re considering relocating. Although there is always something interesting to do, you don’t have to always be in a rush. The relaxed lifestyle in the Bahamas is ideal for anyone who wants to take life at a slower pace. Whether you’re a retiree or you’re still working, you have the freedom to live life the way that you want. The beaches make the perfect place to relax, or you could spend the day sitting at a restaurant or cafe, or perhaps just on your own front porch. The warm weather means that there’s no hurry to get things done.
Foreigners face few restrictions in the Bahamas, so US citizens can choose to buy property in the country or rent a home if they want to. Although crime is high in some areas, such as Nassau, you can find a peaceful life in many parts of the country, especially compared to some busy US cities. Island life can be a great change of pace if you’re used to living a very busy lifestyle.
Healthcare in the Bahamas has very high standards, with some excellent hospitals. There are state-of-the-art hospital facilities, as well as highly trained medical staff. If you ever need medical attention while living in the country, you can be sure that you’re going to be looked after. Specialist and general healthcare are both very good and there is a national healthcare system. Free primary healthcare is available for Bahamians and legal residents, who can register to receive basic primary healthcare cover. There are three public hospitals and two private hospitals on the islands, as well as more than 50 medical centers.
If you want to benefit from private healthcare, you can take out health insurance to cover your costs. However, be aware that if you travel back to the US, you might need to take out separate travel insurance in case you have any medical needs while you’re there. Private health insurance can give you access to more specialized care, so it can be an especially good idea if you have a health condition that requires specialist treatment. Health insurance can help to cover costs not included in primary healthcare. Giving birth in the Bahamas can be expensive, for example, so insurance can help to cover the costs.
There are some excellent reasons to move to the Bahamas if you’re a US citizen or resident looking for a change. It’s not too far from the US and offers an amazing lifestyle, among other benefits.