Schiff Sovereign's Take on Bahamas
In a few words, the Bahamas is “America-lite”.
This statement is normally used when describing Canada, and rightfully so. Canada isn’t really “foreign” to Americans. It’s hard for an American to feel as if they’re traveling “abroad” in Canada… except perhaps when hockey comes up in conversation.
The Bahamas, on the other hand, is a tropical paradise that feels much more “foreign”, but is still situated extremely close to the US, with all the attendant amenities. English is the country’s official language, although it is spoken with a strong accent.
The country is very well developed, and if you really like the lifestyle you get in the United States, but still want to travel “slightly” overseas, the Bahamas could be a great choice. Think of the Bahamas as training wheels for more “serious” international living.
And it certainly doesn't hurt that the Bahamas has no personal income tax. Consequently, it is favored by many (non-American) celebrities who get to save a fortune in taxes by residing there.
(Note that US citizens won't be able to benefit from the Bahamas’ no-tax policy, seeing as they are always taxed by Uncle Sam no matter where they live. US citizens can generally only use the Foreign Earned Income Exclusion (FEIE) and Foreign Housing Deduction to lower their IRS tax bill.)
While obtaining residency in the Bahamas is possible, it is not exactly cheap. You will generally need to purchase a property there worth at least $500,000 to qualify.
One major upside of the country that appeals to retirees, in particular, is its signature Caribbean vibe. It is a very relaxed and easygoing place. This also appeals to tourists, who drive up prices on pretty much everything, and make the place uncomfortably crowded during the high season.
Thus, the Bahamas is not the best place if you are looking for cheap living. It also tends to be rather dangerous outside of the touristy areas.
This statement is normally used when describing Canada, and rightfully so. Canada isn’t really “foreign” to Americans. It’s hard for an American to feel as if they’re traveling “abroad” in Canada… except perhaps when hockey comes up in conversation.
The Bahamas, on the other hand, is a tropical paradise that feels much more “foreign”, but is still situated extremely close to the US, with all the attendant amenities. English is the country’s official language, although it is spoken with a strong accent.
The country is very well developed, and if you really like the lifestyle you get in the United States, but still want to travel “slightly” overseas, the Bahamas could be a great choice. Think of the Bahamas as training wheels for more “serious” international living.
And it certainly doesn't hurt that the Bahamas has no personal income tax. Consequently, it is favored by many (non-American) celebrities who get to save a fortune in taxes by residing there.
(Note that US citizens won't be able to benefit from the Bahamas’ no-tax policy, seeing as they are always taxed by Uncle Sam no matter where they live. US citizens can generally only use the Foreign Earned Income Exclusion (FEIE) and Foreign Housing Deduction to lower their IRS tax bill.)
While obtaining residency in the Bahamas is possible, it is not exactly cheap. You will generally need to purchase a property there worth at least $500,000 to qualify.
One major upside of the country that appeals to retirees, in particular, is its signature Caribbean vibe. It is a very relaxed and easygoing place. This also appeals to tourists, who drive up prices on pretty much everything, and make the place uncomfortably crowded during the high season.
Thus, the Bahamas is not the best place if you are looking for cheap living. It also tends to be rather dangerous outside of the touristy areas.
