Tax Professionals' Guide to relocating to Bahamas
The Bahamas consists of more than 700 islands, cays and islets in the Atlantic Ocean, north of Cuba and south east of Florida. The capital is Nassau on the island of New Providence.
After tourism the most important sector is banking and international financial services, accounting for around 15% of GDP.
The Big 4 are represented in the Bahamas, and all have offices in the capital, Nassau. PwC, Deloitte and KPMG also have an office in Freeport, Grand Bahama. The tax jobs available are generally for US tax professionals (or more specifically tax professionals with US tax experience). The preference is for individuals who have had financial services clients during their career.
To view current tax jobs in the Bahamas please follow this link: https://www.etaxjobs.com/browse-jobs/caribbean-tax-jobs/bahamas-tax-jobs/
Working as a tax professional in the Bahamas
Non-Bahamian nationals who wish to live and work in The Bahamas for a period greater than 90 days, must first be authorized to do so by way of a valid work permit / visa issued by the Department of Immigration. This will be organised by your new employer and there is generally a 3-4 wait after submission.
Work permits tend to be limited to between 1 and 3 years but can be renewed thereafter.
The Bahamas does not levy any tax on personal income. However there are other taxes that residents are obligated to pay, the key one being national insurance. This funds the benefits system which is only available to residents of the Bahamas.
At the time of writing (Nov 2017) the deduction from salary for national insurance is 3.9% for the employee. This is capped at BSD 33,804. The employer is required to pay 5.9% towards national insurance.
There is no capital gains tax or inheritance tax.
The main airports on the islands are Lynden Pindling International Airport on New Providence and Grand Bahama International Airport on Grand Bahama Island. There are 62 airports in total.
Rental cars, scooters, buses and taxis are the most common means of public transportation. More info can be found here: https://www.bahamas.com/islands/nassau/getting-around
There are 2,700 km of road and as a former British colony the law requires that you drive on the left hand side. Boat travel is an easy way to navigate between the islands.
The Bahamas has several hospitals to choose from. In Nassau there is:
The Doctors' Hospital
Lyford Cay Hospital
Princess Margaret Hospital
Western Medical Plaza
Here is a link to one of the estate agents that operates in Nassau (and New Providence): http://www.dupuchrealestate.com/bahamas-nassau-residential-rentals.php
A 1 bed apartment can be obtained for prices from $1,450 per month. A reasonable 2 bed apartment is around $1,700 per month.
1 Bahamian Dollar = 1 US Dollar.
The Bahamas has both public and privately owned schools which tend to follow the British educational system. More information can be found here: https://www.ministryofeducationbahamas.com/
Fees per year vary significantly from pre school ($4,500 per year) to 12th grade ($16,000 to $22,000 per year). Some of the schools you may wish to consider near Nassau are:
St Andrew's School
Nassau Christian Academy
Lyford Cay International School