Small Business and Business Software

Starting A Small Business In The Bahamas

Starting A Small Business In The Bahamas – Many people around the world dream of living on a beautiful tropical island with clear turquoise water. To make those dreams come true, we’ve put together a little guide for expats to the Bahamas to move to this paradise on earth.

Did you know that the Bahamas consists of more than 700 islands located 500 km from the Atlantic Ocean? However, only 30 of them live, and two-thirds of the total population lives on New Providence Island, Nassau. Stay tuned for more information on this piece of paradise located 300 miles off the coast of Florida.

Starting A Small Business In The Bahamas

Starting A Small Business In The Bahamas

Although hundreds of small islands are part of this archipelago, most people live only in the capital, Nassau. If you want to get lucky, your best bet is to go to Nassau. There are many real estate agents, save your time and find a good apartment, neighborhood, quality school, etc. find it. If you’re not convinced, spend some time or a few days narrowing down your choices to three or four names. Each to see what you like best. However, many expats choose New Providence and Nassau because of the affordability and quality of schools, financial centers and shopping opportunities.

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According to data provided by Numbeo, rental prices in the Bahamas are 10% lower than in the United States. You can get a one-bedroom apartment in downtown Nassau for about $900 a month, or about $1,300 in the US. Meanwhile, buying an apartment in downtown Nassau is 50% cheaper than in the states. Of course, this all depends on the size and style of property you are looking to rent or buy. According to some travelers who have moved to Nassau, you can find luxury apartments for $3,000 or more.

On the other hand, electricity and other basic utilities are expensive, even by US and Canadian standards. For a 915-square-foot apartment, you’ll pay $250 a month for basic utilities like electricity, water, refrigeration, and garbage disposal. Always make sure that the maintenance fee is included in your lease. Also, expect that most tenants will require three months of rent in advance before signing the lease. Apartments for rent are usually partially or fully furnished.

According to Numbeon, consumer prices on the islands are 16% higher than in the US, and the purchasing power of locals is 50% lower. Staple foods like eggs, milk, and white bread are a bit more expensive, but on the bright side, fruits and vegetables are often cheaper.

As mentioned earlier, the most striking difference is the cost of electricity and other services, which are 80% higher than in the US. On the other hand, education is very cheap, kindergartens, international schools, kindergartens, etc.

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One of the reasons international immigration to the Bahamas is so popular is that the Bahamas government does not tax citizens and residents to attract foreigners and capital cities. You can forget about income tax, estate tax, corporate and capital gains tax. There is a fixed monthly fee and VAT on some services and goods and that’s it.

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The Kingdom of The Bahamas is open to international visitors and residents of certain islands. You can get an annual or permanent residence permit. The upfront cost is only $100 and must be renewed annually. To become a permanent resident, you must have bought property on the island and applied for a landlord card, or you must have worked and lived legally in the country for more than 20 years. This means that unless you have family there or are married to a Bahamian, you can apply for Bahamian citizenship, otherwise it is very difficult to obtain this status.

If you are looking for a job on the island, we recommend that you start looking before you arrive. You cannot apply for a work visa on your own; Your employer must do this. Many people come here on a tourist visa and look for work during those three months. Medical professionals can expect easy employment.

Starting A Small Business In The Bahamas

While many people think that you don’t need to ship your car overseas when moving to an island, it’s very convenient, especially if you’re moving to New Providence. You can buy or import a used car, but keep in mind that you have to pay taxes.

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Today’s global movement allows us to transform our entire family. If you want to leave something behind, you can store some of your personal belongings or organize a garage sale before you move into your new home. Be sure to bring what you can – you don’t want certain things like candles and plants to be taken. In either case, make sure you have enough boxes and drivetrains to last you a lifetime. That is, if you’re going to the Bahamas permanently.

Expect your first month to be more expensive; You’ll have to buy a lot of new things, but luckily, every apartment on the island is furnished. So you don’t waste time and money on furniture, but you need some details and food. Don’t forget the three months’ rent you have to pay after you get the apartment. So make a plan. If you’re on a budget or just don’t want to spend a lot of money, calculate your expenses, write down your prices, check out local grocery markets, and more.

We consider the islands of this country to be paradise on earth. We dream of their tropical lifestyle and strive to live and work like Bahamians. But life there isn’t always a dream, and when we want to go somewhere else and forget about our daily struggles like long journeys or bad weather, we often forget that storms are there. Driving on an island with little traffic can be a real nightmare. So keep your expectations realistic and you’ll be fine.

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We hope our little Bahamas guide has been helpful and hasn’t dashed your hopes and dreams of living in these dreamy islands. If you’re ready to start your international adventure, you couldn’t have chosen a better place and country. This Caribbean country has a lot to offer. In addition to 340 sunny days in 34 years, we mean much more. So if you’re ready to invest in your bright and sunny future, The Bahamas is waiting for you.

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By listing or updating my mobile phone information, I authorize Schmidt International Relocations to send an SMS or pre-recorded message to my mobile phone number to provide automated phone call system or account information and services related to my long distance travel. . . I also authorize Schmidt International Relocation to assist me with payment reminders and monitor my access to customer service communications. If I no longer wish to receive calls or text messages, I may unsubscribe by emailing [email protected] with the subject line “Stop Marketing Calls” or by calling a customer service representative at (877) 525-7552. Receiving cell phone calls and text messages may incur charges to your service provider. The Commonwealth of The Bahamas’ tax and business-friendly laws are a boon to foreign investors. This is because Bahamian citizens and foreigners do not pay tax on their personal income, inheritance, gifts or capital gains. Instead, the government receives revenue from other forms of taxation, including value added tax (VAT), property tax, stamp duty, import duties and license fees.

The Bahamas is an international center for banking, attracting foreign financial institutions because of its reputation for stability. The Bahamas’ parliamentary democracy has ruled the island nation continuously since 1729. The Bahamas is one of the richest countries in the New World, with a GDP per capita of 28,239.4 in 2021. Their official language is English.

Starting A Small Business In The Bahamas

More than 250 banks and trust companies representing 25 countries are licensed to do business in The Bahamas. Bahamian law protects the privacy of bank customers. The country’s strict laws prohibit illegal financial activities such as money laundering. The Central Bank of the Bahamas regulates foreign financial institutions by providing a safe environment for banks engaged in private banking, mutual fund management and portfolio management.

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Financial institutions trading in the Bahamas are represented in the United States, Canada, Switzerland, the United Kingdom, Brazil and Japan. Major

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