How to Retire in The Bahamas – The Ultimate Guide
Thinking about spending your retirement in the Caribbean? Thinking about which destination might be best for you and how you can go about relocating? As the closest island to the United States, The Bahamas is a popular destination with retirees from the USA and beyond. We put together this guide for readers looking to retire in The Bahamas.
The sections below cover all aspects of retiring in this idyllic archipelago, from how you can apply for residency as a retiree to how you can find homes for sale in The Bahamas and condos for sale in The Bahamas which might be suitable for your retirement in this 700-island nation.
Discover how to retire in The Bahamas in our guide
Contents
Can I Retire in The Bahamas?
Benefits – Why Retire in The Bahamas?
How Much Does it Cost to Retire in The Bahamas?
Buying Real Estate for Your Retirement & Applying for Residency
Where are the Best Places to Retire in The Bahamas?
Find Out More About Retiring in The Bahamas
Can I Retire in The Bahamas?
The Bahamas offers a straightforward pathway to permanent residency for retirees investing in property.
To qualify for a Permanent Residency Permit, individuals must invest a minimum of $750,000 in real estate in the country or at least $1,500,000 for Accelerated Consideration for Permanent Residency which fast tracks the application process.
Find out more: Residency in The Bahamas
Benefits – Why Retire in The Bahamas?
Retiring in The Bahamas can offer numerous benefits, as follows…
Real Estate Investment Provides Pathway to Permanent Residency
Investing in real estate in The Bahamas can provide a straightforward pathway to residency and foreign buyers enjoy the same rights as Bahamian citizens, including the right to purchase beachfront property.
No Direct Taxes
Retiring in The Bahamas can offer significant financial benefits as there is no inheritance tax, no income tax and no capital gains tax in the country.
High Standard of Living
The archipelago is a cosmopolitan destination offering a wonderful lifestyle and very high standard of living.
Enjoy discovering countless world-class beaches with pristine turquoise waters perfect for sailing, fishing, diving and all kinds of water sports.
Proximity to the USA
Located just 50 miles off the coast of Florida at its closest point, The Bahamas is easy to get to via short direct flights from the USA, Canada, the UK and many other locations.
Find out more: Invest in The Bahamas
How Much Does it Cost to Retire in The Bahamas?
The Bahamas offers a very high standard of living and that can come with a cost depending on your lifestyle.
The cost of living in The Bahamas can be higher than other destinations in the Caribbean.
This is largely due to the fact that most goods are imported and imports are taxed.
As the tax system is based on consumption, prices for such things as food, clothes and meals out can seem relatively high.
However, for some retirees who choose to become resident in The Bahamas, the relatively high cost of goods and services can be more than offset by the lack of taxes on income, inheritance, gifts, and capital gains.
Buying Real Estate for Your Retirement & Applying for Residency
The Government welcomes foreign investment and there are no restrictions on foreign investors buying property in The Bahamas.
In fact, foreign buyers enjoy the same rights as Bahamian citizens, including the right to purchase waterfront and beachfront real estate in The Bahamas.
As a result, The Bahamas is one of the region’s most popular destinations for retirees looking to purchase a home in the sunshine.
A wide selection of property is available throughout the islands from attractively priced beachfront condos for sale in The Bahamas to lavish luxury real estate in The Bahamas overlooking some of the world’s most coveted pink and white sand beaches, super yacht marinas and oceanfront golf courses.
Find out more: Buying a house in The Bahamas
Where are the Best Places to Retire in The Bahamas?
Where are the best places to retire in The Bahamas? Well, that very much depends on your personal preferences.
There are so many wonderful places which you could choose to make home if you are planning on living in The Bahamas.
If you want to enjoy luxurious resort-style living with fabulous amenities such as championship golf courses, superb marinas and all kinds of entertainment practically on your doorstep, you can’t beat destinations such as Paradise Island, the Cable Beach area of New Providence near the capital Nassau and Albany.
For glamorous old world-style luxury living, take a look at prestigious residential communities on New Providence such as Lyford Cay and Old Fort Bay.
If you’re looking to truly get away from it all, explore investment options in the quieter and more secluded Out Islands of The Bahamas such as Eluethera, Harbour Island and the magnificent islands of the Exumas.
Find out more: Best places to buy property in The Bahamas
Find out More About Retiring in The Bahamas
Would you like to find out more about retiring in The Bahamas or perhaps you would you like to browse property for sale which would be suitable for your retirement?
We would be delighted to help. We can introduce you to a wide selection of property for sale throughout the beautiful islands of The Bahamas from relatively modestly priced beachfront condos to lavish waterfront estates.
You can explore the full range of Bahamas real estate on our website or contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to begin your property search and to discuss your options in more detail.