How Much Does It Cost To Live In The Bahamas
Aspiring expats from all countries are eager to motion to The Bahama islands for its beachy weather, laid-back lifestyle, and friendly population.
But before you buy your piece of luxury real estate , yous might want to know the average cost of living in The Bahamas.
Although The Commonwealth of the bahamas tin can be expensive in some aspects, the cost of living isn't much unlike than it is in the United States.
What is the average toll of living in The Bahamas?
Cost of living database Numbeo reports the monthly boilerplate cost of living in The Bahamas (excluding rent) is:
- Family unit of 4: $4,382.29/month
- Unmarried person: $1,232.82/month
Rent for an average ane-bedroom flat in The Commonwealth of the bahamas costs $1,007.69, while rent outside cities is closer to $911.54.
Naturally, the toll goes up for a 3-chamber apartment, at $2,403.09 for city apartments, and $ii,515.38 exterior of the metropolis centre.
This would bring the states to a full cost of living average in The Bahamas:
- Family unit of 4: $6,841.525
- Single person: $2,192.87
Keep in heed that these are averages across the whole country. You might find significantly cheaper or more expensive rents depending on where you're living in The Bahamas , the called education provider for your children, and other adjustments (more than on those afterward).
Cost of Living in Nassau, Bahamas
If you have a home in Nassau , you'll have a slightly more expensive cost of living. Nassau is the majuscule of The Commonwealth of the bahamas with a population of 240,000 . Located on New Providence Isle, it's a tropical paradise that boasts some of the best beaches, luxury communities , and exquisite culture in the world.
Hither are the overall monthly figures without rent (includes groceries, electricity, transportation, etc.):
-
- Family unit of iv: $4,686.12
- Single person: $one,311.94
And these are with an approximate monthly price factored in:
-
- Family of 4: $ 7,462.02
- Unmarried person: $ ii,348.55
You'll also spend more in Nassau on entertainment and going out.
Cost of Living in Eleuthera, Bahamas
While in that location isn't much updated data available for Eleuthera's overall cost of living , we've compiled some averages for different expense categories:
- Utilities (incl. electricity, h2o, and garbage): $400/month
- Tuition for international schools: $5,000/year/child
- Daycare (preschool or kindergarten) : $100/month/child.
- Hire for a 1-bedroom apartment: $800
- Rent for a 3-bedroom flat: $1,350
1 of the almost expensive parts of life in Eleuthera is ofttimes groceries.
Cost of Living in Paradise Island, Bahamas
Paradise Island has some expensive grocery and transportation costs, especially compared to other areas of The Bahamas. Here are some figures:
- Taxi transportation: $iv.61/mile
- International schools: $8,842.50/twelvemonth/child
- Utilities: $200/month
- Rent: $1,600-$xv,000 BSD
What impacts the cost of living in The Bahamas?
The Bahamas are a series of islands, islets, and cays in the Atlantic Ocean. Since everything must be shipped by gunkhole or airplane, there are boosted costs that all parties have to brand upwardly for, from business owners to the government to consumers.
Average Rent and Existent Estate Prices
The Bahamas is the nearly expensive out of all Caribbean area countries. Why? It'southward mainly due to real estate.
While y'all can all the same observe affordable accommodations, the creme de la creme luxury existent estate The Bahamas is known for can be expensive.
Here are some average real manor prices for The Commonwealth of the bahamas :
- The Bahamas overall: $3.5 one thousand thousand
- Exuma: $1.2 1000000
- Nassau: $591,830
- Eleuthera: $992,788
- Bimini: $1.14 meg
At present, let's await at the average monthly rent in The Commonwealth of the bahamas :
- The Bahamas overall: $ii,964
- Freeport: Up to $2,308
- Exuma: Starting at $300/night
- Nassau: $1,000-$3,000, depending on size
Hire might seem expensive to some expats, but if you're coming from a big urban center like New York, San Francisco, or Toronto, your rent will feel equivalent or mid-priced, if not slightly cheaper.
Clearing Fees
Applying for permanent residency and establishing yourself in The Bahamas will cost you a few hundred or chiliad dollars. The expert news is that these aren't monthly costs — but a former set of fees to get yous started.
The application fee for permanent residency is $200, and a BSD 2,000 fee once your application is approved.
Bank check the Bahamian government website or consult a lawyer for information and fees for work permits, marriage certificates, and other administration.
Nutrient Prices
Much of your grocery list will be imported, which means taxation before striking the stores. The government as well charges community to the suppliers, which means businesses might have to add together to the prices to make a turn a profit.
And if you're the blazon to regularly order products overseas, you'll face a higher cost of living in The Commonwealth of the bahamas.
Utilities
The cost of utilities in the Commonwealth of the bahamas can exist high. The average toll for basic utilities (electricity, water, garbage) in a 900sq ft flat is around $250.
Keep in mind that at that place are additional surcharges on utilities and other services, which tin can add together up. For instance, if the price of fuel is loftier, you may discover that on your nib the surcharge on fuel costs more than the utilities themselves.
The Bahamian regime is doing its best to continue surcharges low through subsidies , but it's something to be enlightened of if you're considering a move.
Transportation
Since buses don't get in oft in rural areas, you might have trouble getting to specific locations with public transit. Without a motorcar, daily taxis will increment your monthly upkeep.
If you do take a car, ownership it on the island means y'all won't have to pay import duties.
Leisure and Recreation
Similar in other countries, you lot'll have to budget for gym memberships, golf outings, and nights out.
Nonetheless, you'll experience recreation savings purely on the country's enjoyable nature landscape and beaches . Swimming and suntanning are costless, as are hikes in the country's many nature trails.
Taxes
The Bahama islands is considered a tax oasis or revenue enhancement neutral country, freeing individuals and businesses from corporate, income, inheritance, or wealth taxes.
However, it is wise to factor in budget room for import taxes (duties), social security taxes, and real property taxes .
Instruction and Schooling
The Bahamian government has long supported a robust education system for all of its citizens . Quality, accessible didactics for all has been a priority of the Government of The Bahama islands, and today, they tin avowal some excellent statistics:
- More than than 50,000 One thousand-12 students acquire beyond the 170 educational institutions in The Bahamas.
- 92% schoolhouse attendance rate
- 93% literacy rate
When information technology comes to costs, children can attend gratuitous public schools or individual or international schools . Fees can be upwards of $30,000 a semester at select private high schools, and range from $200-$500 a credit hour for colleges.
Living in The Bahama islands: Pros and Cons
The Bahamas is expensive, only the extra savings from the state's lack of income taxation will likely cover it, and then some. Here are some other pros and cons:
Advantages of Living in The Bahamas
- Weather condition: Who wouldn't prefer 340 days of sun and temperate embankment weather to the cold winters or desert heat within the continental U.Southward.? The Bahama islands is sunny all twelvemonth long, with beautiful beaches and clear water to enjoy life to its fullest.
- Incredible schools: The Bahamas has a very high literacy charge per unit – just i indicator of the land's stiff teaching system. You'll also find reputable international schools and colleges.
- Activities: Scuba diving, beach tanning, swimming, hiking, bird watching — there's no shortage of recreational activities in the Bahama islands. And that's only the nature activities. The land also boasts upscale restaurants, luxury yachting , golf clubs, casinos, and exciting nightlife.
- Diversity: The Bahamian culture has influences from African, British, and American traditions. While English is the native natural language, the country features warm, hospitable, and diverse citizens and a thriving expat community.
- Tax oasis: One of the top reasons for clearing to The Commonwealth of the bahamas is the country's generous tax neutrality status. You won't have to pay corporate, inheritance, wealth, or income revenue enhancement as a resident.
Disadvantages of Living in The Bahamas
- Higher cost of living: You'll salvage on taxes, but groceries, electricity, and meals can come at a premium.
- Hurricane flavor: Similar many Caribbean area countries, The Bahama islands experiences a hurricane flavor from late April to November. Notwithstanding, August and September are historically the most at-hazard months for a hurricane. Keep in mind that hurricanes in The Bahama islands are occasional, with only four minor hurricanes occurring annually.
- Import duties and tariffs: The Bahamas exercise have steep import fees (around 30%) that can bear upon businesses and travelers alike.
Come Live in The Bahamas!
Bottom line? The Bahamas has a relatively higher cost of living when information technology comes to groceries, utilities, and amusement costs. Just, the money you'll save on income tax should help with these adjustments.
Retrieve – your monthly cost of living will depend on your home of choice. Perhaps yous take more room in your budget and crave a luxury beachfront villa. Or, you lot're content with a pocket-size flat simply outside the city center.
Are you looking for luxury real estate in The Bahama islands ? Contact us at MCR Bahamas . We can help!
Source: https://www.bettermcrbahamas.com/blog/average-cost-of-living-the-bahamas/
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