Business Relocation: Is the Bahamas a good option?
It sounds like every entrepreneur or business owner’s fantasy, but relocating your company to the Bahamas is, in fact, a real possibility, and one that you should give some consideration to. Long known as a haven for offshore companies and bank accounts, the Bahamas are now becoming an option for long-term and sometimes permanent moves. And we’re not just talking about retirees and boating fanatics. The Bahamas are now just as popular with business owners as they are with those in search of island life.
As you may know, the financial sector has been the bedrock of Bahamian business for almost 80 years now. And with the local government working hard to ensure that the country stays on point with international laws and regulations, the islands have become something of a leader in trust legislation and wealth management. With so much money pouring into the country, you can rest assured that the government and local authorities are on the ball when it comes to company laws and regulations. This is no fly-by-night situation. The Bahamian government encourages business owners to invest for the long haul, and so they are careful and accommodating when it comes to company setups.
A quick word on taxes. In the Bahamas, there is no corporate tax rate, which sounds and is amazing. Of course, there are other fees involved with the setup of your business, and you will need to pay a value-added tax (VAT) of 7.5 percent on specific goods and services along with a business license tax. But aside from those affordable charges, the cost of running your company in the Bahamas is limited to your daily operating costs, such as rent and power.
So, from a business perspective, the Bahamas looks like a legitimate option for relocation, but what about the standard of living? After all, you will have to live there too if this is a permanent move. Well, we’re happy to say that everything you imagined the Bahamas to be is, in fact, a reality.
The beaches are pristine, and there’s so much to do in activities while the temperate climate means that you’ll enjoy the year-round sunshine with just the odd storm or two. The Bahamas is more than incredible beaches and great weather though. As a popular holiday destination, there are lots of amazing places to eat and plenty of things going on at night. Trust us, your social life won’t be affected by living the island life in the Bahamas.
Now when it comes to the legality of moving to the Bahamas, there’s also no need to worry. The local authorities are more than willing to hand out permanent or temporary residencies to those that invest in the country by either setting up a business or buying property. The length of your visa is determined by the type of residency, but most expats and business owners have no trouble at all relocating there.
Then there’s the location of the islands. Now, for many, this is the single biggest attraction to life in the Bahamas. The fact that you and your family can live a tax-free island life in an English-speaking nation that is less than an hour away by plane from the U.S. is nothing short of ideal. Add to that the rich local culture and the incredible scenery, and you may find yourself wondering why you don’t live there already.