How easy is it to live a tax-free life in the Bahamas?

Saturday, October 01, 2011

How easy is it to live a tax-free life in the Bahamas?


We talk to Barbi Badham of Hideaway Bahamas, a resort on Grand Bahama, about living tax free in paradise...


Do British people need a visa to enter Grand Bahama and for how long can they stay on the island in a single visit?

The Bahamas is a member of the British Commonwealth so you don't need a visa. The Government recently confirmed regulations for visitors, renters and homeowners: with means of support you can stay up to eight months a year, or year-round if you buy an easily obtained residents' permit for £500 (you must show a property and net worth over $500,000 – £312,390). They now also allow such residents to buy and run businesses in the Bahamas.



How easy is it for a British person to become a resident in Grand Bahama?

Residency is granted with proof of lease or home purchase documents within four months.



Do foreign property-owners get special visa/visiting rights?

No visa is required. Come in and out at will.


When we hear that you pay no tax in Grand Bahama, what does this actually mean and who does it apply to?

You can use your residency for tax relief from any (external) income made outside the Bahamas, and there's no income, capital gains or inheritance tax.


What is a 20-year Zero Tax Holiday?

It's a 20 year zero property tax agreement made by our development and the government to attract home buyers to an area in need of employment opportunities.


Who are typical British people who buy on Grand Bahama?

There's a real mix: retired medical professionals, pilots, lawyers, hoteliers, teachers. It's English-speaking and suits anyone working from home or that commutes to Europe, the US or South America. Regular 30 minute flights connect Grand Bahama to Miami for international connections.


For further information about Hideaway Bahamas you can call 001 954 727 5134

Author

A Place In The Sun