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The journey requires some financial planning. Will you find work there? Perhaps you’ll bring your existing business with you. No matter your plans, it’s always good to know:
- The average salary in The Bahamas
- If The Bahamas income tax affects your take-home pay
- What kinds of jobs fetch higher salaries in The Bahamas
We’ll answer all those questions and more with this guide on Bahamian salaries!
The Average Salary in The Bahamas
The average salary in The Bahamas is BSD 46,700, with many highs and lows that amount to this average.
Experts say median salary is a better indication of what most individuals make. The median salary is 48,600 BSD in The Bahamas.
Average Salary Range
The salary range is quite high for The Bahamas. While the average is 46,700, the range is between 11,800 BSD (11,699 USD) to 209,000 BSD (207,208 USD). Of course, you’ll always have outliers. Some luxury homeowners make millions annually – though not necessarily through Bahamian businesses.
How about in Nassau? The country’s capital has an average salary of 38,000 BSD ($37,364 USD) — slightly lower than the country’s overall average.
Average Monthly Salary in The Bahamas
Let’s calculate these averages in monthly pay:
- Monthly Salary Bahamas Average: 3,892 BSD (3,859 USD)
- Monthly Salary Nassau Average: 3,167 BSD (3,139.85 USD)
The median salary for The Bahamas is 4,050 BSD per month or 48,600 BSD per year — slightly higher than the country’s average. In USD, that’s 4,047 per month or 48,564 per year.
Salary Per Hour
The average hourly rate in the Bahamas overall is 22 BSD. Nassau’s average hourly rate is 18 USD. However, keep in mind that many hourly rates refer to part-time work, so a direct scale to full-time hours might not give you an accurate picture of someone’s take-home pay.
The minimum wage in The Bahamas is slightly lower than the United States at 5.25 BSD per hour. That translates to a minimum of:
- 42 BSD per day
- 210 BSD per week
- 840 BSD per month
Factors That Influence Salaries in The Bahamas
The Bahamas encompasses a variety of different people and cultures, from native Bahamian citizens to foreign expats and new residents.
On top of that, you have specialized industries that command higher incomes than others. For example, tourism-sector companies will hire more Bahamians than infrastructure businesses. And some Bahamian government policies affect salaries.
What other factors influence the average salary in The Bahamas?
Bahamas Income Tax
There is no Bahamas income tax. And no corporate, inheritance, or wealth taxes either.
The average Bahamian salary is worth much more than the US average. Even though the figures are comparable, salaries in the US are subject to much more income tax and corporate tax, depending on the specific state.
Experience and Time in the Role
The longer you stay in a role, the bigger your salary will grow. Bahamian employers increase wages an average of 5% every 28 months, or 2% every 12 months. Likewise, you’re more likely to score a higher-paid job if you have years of experience in your industry.
Junior or entry-level employees will experience lower salary increases than mid-level employees or executive management, for example.
Annual salary increase rates vary depending on your field. For example, travel and banking have annual increase rates of 8% and 7%, respectively. On the other hand, IT and education have lower increase rates at 3% and 4%, respectively.
Healthcare jobs have an even lower increase rate of 1%, but they start with some of the highest salaries in the country.
Highest Paying Jobs in The Bahamas
Are you interested in embarking on a high-paying career in The Bahamas? The most important of all best practices is to secure a role in a high-paying, high-demand industry.
Let’s hope you’re an experienced professional in one of these jobs:
- Doctors and Surgeons: 174,000 BSD
- Judges: 146,000 BSD
- Lawyers: 118,000 BSD
- Bank Managers: 111,000 BSD
- Chief Executive Officers: 104,000 BSD
- Chief Financial Officers: 97,400 BSD
- Orthodontists: 93,900 BSD
- College Professors: 83,500 BSD
- Pilots: 69,600 BSD
- Marketing Directors: 62,600 BSD
Remember, these are simply the highest averages overall, but other positions in niche industries can make more. For example, a Chief People Officer working in human resources makes an average of 74,000 BSD per year!
Similarly, accounting professionals can make up to 96,700 BSD annually if they work toward a management or leadership position.
Salaries for Popular Jobs
Most Bahamians work in these industries:
- Tourism (includes travel, hospitality, restaurants, and hotels)
- Banking (international)
- Telecommunication (call center)
Here are the average salaries for people working in those fields:
- Tourism: 31,200 BSD
- Banking: 50,800 BSD
Now, let’s look at the average salary for specific jobs in those fields:
- Bank clerk: 16,800 BSD
- Bank manager: 96,200 BSD
- Financial banking assistant: 26,300 BSD
- Mortgage advisor: 36,800 BSD
- Fraud detection manager: 82,200 BSD
- Assistant storekeeper: 13,400 BSD
- Bar manager: 32,500 BSD
- Chef: 29,600 BSD
- Cocktail server: 15,800 BSD
- Hotel staff (including front desk and administrative assistant): 16,800
- Tour consultant: 45,200 BSD
But maybe you don’t want to work as a tourism or banking professional. Here are some other common occupations and their salaries:
- Architect: 59,100 BSD
- Programmer: 63,600 BSD
- Bookkeeper: 23,200 BSD
- Fashion merchandiser: 32,100 BSD
- Call center sales director: 75,100 BSD
- Business operations specialist: 56,100 BSD
- Construction manager: 80,000 BSD
Come work and live in The Bahamas!
The average salary in The Bahamas is higher than in other Caribbean countries, but slightly lower than in the United States. However, employees and business owners can keep most of their income through the country’s generous omission of income and corporate tax.
Joining the workforce in a booming industry like tourism or banking is a sure way to land a secure job, but working your way up as an experienced professional will promise you a higher salary.