There are plenty of factors that make owning a residential property in The Bahamas extremely alluring. These include the wonderful weather, the breathtaking ocean and jungle views, the friendly locals, and the vibrant culture.
Before packing your bags and moving to The Bahamas, however, there are several pros and a couple of cons that you should be aware of.
What are the pros of owning residential properties in The Bahamas?
Living in The Bahamas gives you access to some of the world’s most stunning natural wonders
First, the obvious. The Bahamas is home to some of the world’s best beaches, coral reefs, and underwater rock formations. It is an archipelagic nation made up of 700 islands , as well as numerous cays and islets.
Aside from its beaches and underwater formations, The Bahamas also boasts stunning and gorgeous jungles which serve as a habitat for a wide range of fora and fauna.
Living in The Bahamas allows expats to embrace a more laid-back and unhurried lifestyle
One of the frst things that expats notice upon moving to the islands is that life in The Bahamas moves at a much more natural pace.
This relaxed lifestyle allows residents—local or otherwise—to savor and enjoy their day-to-day routines without experiencing any unnecessary stress.
The Bahamas is a tax haven
The Bahamas is widely known for being a tax haven , which means that it does not collect any taxes related to one’s income, estate, and inheritance, among others.
These tax benefts make the country extremely atractive to foreign investors, since it allows them to stretch their hard-earned dollars that much further compared to other places around the world.
What are the cons of owning residential properties in The Bahamas?
Even in paradise, foreigners have to be aware of the local situation and what to avoid.
The Bahamas has a high cost of living
The Bahamas does have a high cost of living , which is a result of the country’s imposition of high value-added taxes on groceries, furniture, appliances, and clothing. This isn’t too much of an issue if you’re planning to buy a vacation home but for those who want to buy a permanent home, it could be a factor.
To save on expenses, residents often buy their essentials in bulk, as well as purchase their groceries from the local markets.
Be aware of crime
It should be mentioned that there is an increasing crime rate in the Bahamas. That being said, it is notable that property crime is down. As when relocating to any new home, foreign residents are advised to be vigilant and aware of their surroundings, especially if they are venturing into unfamiliar neighborhoods.
Other things that prospective residents should consider include limited eldercare facilities, as well as limited transport services.
Despite these considerations, living in The Bahamas is still a very rewarding endeavor. Not only does it allow foreign residents to live that dream life, it also gives them access to impressive tax benefts. If you’re in the market for your very own island home, Viceroy Luxury Real Estate Group is here to help.
Connect with the Viceroy team now by calling 242.502.3400 or by emailing them at info(at)viceroybahamas(dotted)com.