Taxes in The Bahamas

The tax environment in The Bahamas is very straightforward. The are no sales taxes, no personal income taxes, no capital gains taxes, no inheritance taxes and no withholding taxes. On Abaco, vacation homes, in the most popular $500,000.-$1.5m range, pay an average of 1% in yearly real property tax.

Should you invest here? You can be fishing everday, enjoying duty-free luxury shopping and gathering with family and friends in a beautiful tropical atmosphere that is close to home. The Bahamas is different enough to be interesting and familiar enough to be comfortable.

What will happen after the US elecctions? Predictions are that if the Republicans get in, it will be business as usual. If the Democrats get in, there will be a flight of capital to The Bahamas and we welcome it. It is a great time to buy real estate in The Bahamas. After a run up of several years, prices have stabilized and there many motivated sellers. Some are feeling the pinch back home, others have "aged out" of Abaco and want to enjoy other options while they are still able.

By the way, I can only comment on the tax position of The Bahamas. The laws of your juridiction govern your own situation. I can say that, unless you are under indictment and the records are subpoenaed, there is no reporting to anyone outside of The Bahamas.

Bank accounts in The Bahamas are fairly easy to open although the days of numbered accounts, and large cash deposits in attache cases, are long over.

Crawfish season is off to a strong start with one seafoood business saying they have never sent out so many buyers. Our full service marinas are busier than ever. The Man O'War Cay shipyards are full of boats being built, repaired or dry stored.

What are you waiting for? Give me a call and we will get you into a cute little cottage, or deluxe home, and you can start enjoying the wonders of Great Abaco Island.