Are you thinking of relocating to the Bahamas? The picturesque archipelago’s 700 magnificent islands are known for their exceptional beaches, balmy weather, and enticing tax advantages. This set of benefits is more alluring than ever, given the high levels of economic and political instability in many other regions of the world. But how exactly do you do it? It’s so overwhelming!
Your first step should include applying for your Visa before anything else. Then, once approved, you will need to save up to $5,000 as a single person or up to $20,000 before you move to the Bahamas if you have a family. Purchase travel insurance to protect your belongings and cover flight refunds when you move out of the country.
This guide will walk you through all the steps you need to take to move to the Bahamas so that it’s less stressful for you, allowing you to enjoy the process. Let’s get to it!
How To Move To The Bahamas From The U.S.
The Bahamas are perhaps most renowned for its breathtaking beaches, which feature a variety of colors from baby pink to the purest white. The scenery is just stunning when set against the breathtaking turquoise ocean seas. But this fantastic archipelago also provides a lot more.
The islands and the waters around them are some of the best locations in the world for boating, fishing, golfing, and simply lounging on the beach. This, combined with many other factors, makes the Bahamas one of the best places to live!
Below are the steps you need to take to move to this beautiful place:
Apply For Your Visa & Residence
Before you make any drastic moves, you’ll first need to apply for your Visa. Rather than going in and waiting in line, you can always apply for one at OnlineVisa. You fill out the application, and they take care of the rest!
And if you’re planning on staying in the Bahamas permanently, you should apply for permanent residence in the Bahamas. There are a few ways you can apply for permanent residency, with marriage to a citizen of the Bahamas being the most obvious. However, there are many other ways to qualify for permanent residence.
If you’re approved, then you are allowed to work and remain in the Bahamas for as long as you choose, but you are not allowed to vote unless your status as a permanent resident is for some reason withdrawn. Your application is also accompanied by a small charge of 100 BSD.
Apply For a Work Permit
A long-term work permit is required if you intend to move to the Bahamas. As is frequently the case, you should apply with a document from your prospective employer outlining your application and function in order to be considered for a work visa. Additional paperwork is needed, including passport-sized photos and evidence that no Bahamian could fill your position.
To get the most up-to-date information, visit the official website of the Bahamian Department of Information or get in touch with the embassy or consulate that is closest to you. The processing of your application could take three to four weeks.
Open a New Bank Account
When you relocate to a new nation, open a bank account to ensure that most of your income is accessible. In another country, you won’t be able to locate the same institutions or even ATMs as your bank in the USA. Start the process by getting in touch with a bank in the nation you intend to relocate to.
Find the most reliable, accessible banks in the area by doing some research. Creating an account in the bank with few locations is the last thing you want to do. Before you move, open a bank account and transfer money so you can get access to your money in case of an emergency.
This will also enable you to purchase the items you require and, if necessary, exchange money immediately. Find out whether there are any additional requirements you must meet in order to be eligible for a bank account in that nation. To open a new bank account, the majority of institutions will demand a minimum deposit.
Set Up Transportation
Despite the common misconception that moving to an island does not require the shipping of a vehicle, it is actually quite advantageous to have one, particularly if you are moving to New Providence. You can import or buy a secondhand car, but you’ll need to pay duty on both options.
You can also import your car using an international shipping company. Some companies will take care of every aspect of your trip, so you won’t have to worry about anything.
They’ll also assist you in preparing all the required paperwork so that you may transport your vehicle through customs without any issues. However, each company differs, so make sure you do your research before officially choosing one.
Apply For Jobs
Working in the Bahamas has an obvious attraction, and even the country’s name has come to represent a dreamy tropical island lifestyle. However, moving sounds more like a pipe dream to many people than a real prospect.
In actuality, though, there are frequently a variety of openings in the Bahamas, from jobs in tourism and hospitality to jobs in construction.
Transport or Purchase New Furniture
Once you’ve gotten rid of anything you don’t need, ship the furnishings you still have. Unfortunately, you will have to spend hundreds of dollars on this process. Shipment of furniture abroad by sea freight averaged $2,750.
The total price varies from person to person and is dependent on the volume of the shipment. However, a good rule of thumb is if the cost of shipping everything is more than $5,000, then you should ship only what is absolutely necessary and purchase the rest later on.
How Much Money Do You Need To Move To The Bahamas?
The cost of living in the Bahamas is about 25.37% higher than the USA. However, the cost of rent overall is nearly 16% lower, making it a bit more affordable when it comes to paying for a place to live.
Without rent included, a single person can expect to have around $1,235 in monthly costs, while a family of four will need to be prepared to pay around $4,395 per month without the cost of rent.
So it’s safe to say that a single person should have the funds to afford about $2,500 to $3,000 in total costs per month, and a family of four should have around $6,000 just to be safe.
Reasons To Move To The Bahamas
Although it might not be feasible to visit every one of the Bahamas’ more than 700 islands, each one has something unique to offer. Many individuals from different parts of the world have learned to appreciate the nation for what it is through time and recognize its inherent natural beauty.
The attractive landscape, climate, and serene beaches, in particular, appeal to retirees from the United States and other countries. You are in for a treat if you intend to reside in the Bahamas for leisure, employment, or retirement. Below are the top three reasons people choose to live in the Bahamas:
1. The Weather
Being an archipelago, the nation is fortunate to have a lovely climate with mild winters and warm summers. Due to the subtropical environment, it is also possible to occasionally experience rain, which is itself extremely lovely. In the Bahamas, you will not have to worry about the winters, something you may have always despised at home.
2. Lower Taxes
The fact that the stunning group of islands does have one of the lowest rates of taxation in the entire world is one of its best features. The standard taxes, such as payroll tax, and property tax, are the only (minimum) ones levied here.
There are no taxes that can significantly reduce your income, such as income tax, sales tax, or capital gains tax. Foreign ownership of real estate is also exempt from taxation. Keep in mind that despite paying low taxes, ex-pats must acquire international health insurance.
The settlers are somewhat relieved from the otherwise exorbitant prices for everything by lower taxes. Most of this results from the necessity of importing practically everything from other nations and preserving it for extended periods of time.
However, it’s still doable given that you get to remain in one of the most breathtaking locations on earth and only have to pay a little bit more to do so.
Freedom to Live Your Way
The freedom to live one’s own life is yet another outstanding feature of the Bahamas that makes it a haven for foreign residents and retirees.
Depending on their preferences, individuals may decide to buy a home or choose to rent one. They can also create their own daily plans and lead their own lives. The Bahamas is a quiet country, in contrast to the fast-paced lifestyles of the west, so even those who choose to take it easy occasionally can enjoy an extraordinary existence.