Although there is virtually no taxation in the Bahamas, the Bahamian government still needs to make money somehow.
Therefore, the Bahamian government makes money from issuing licenses, paying for company registration in the Bahamas, real estate taxes and… (here is the second fly in the ointment) from high import taxes. On average, import revenue in the Bahamas is 35%. If you are going to live in the Bahamas, then in practice this tax will greatly affect the cost of your life on the islands. Naturally, if you buy local food rather than imported, then your expenses in the Bahamas will be significantly reduced.
However, regardless of your lifestyle, living in the Bahamas is relatively expensive. Renting a three-bedroom apartment or house in the suburbs of Nassau will cost $ 5,000 per month. However, such real estate will most likely have a great view of the ocean or a pool in the yard. If a two-bedroom cottage in the suburbs near Nassau is right for you, you can rent a place for $2,500 to $3,000 per month, for example, in the gated community of Sandyport near Nassau. This community is also called the Venice of the Bahamas. About 300 houses here are built around picturesque canals. The properties have 24-hour security, communal swimming pools and tennis courts.
Not far from Sandyport is the so-called Paradise Island, where you can find two-bedroom condos with communal pools and gardens, as well as direct access to the sea, for $2,500 per month.
The Bahamas is one of the most popular tax havens in the Caribbean. The banking sector in the Bahamas is huge and the offshore banking industry in the Bahamas has acquired a good reputation.
However, after the Bahamas signed a tax information exchange agreement with the United States, some US citizens have cooled towards banks in the Bahamas.