What are the islands of the Bahamas like?
May 4th 2008, 9:36 pm
#1
Just Joined
Thread Starter
Joined: May 2008
Posts: 6
What are the islands of the Bahamas like?
hiya
has anyone moved to set up home in the Bahamas with a young family?
Does anyone know anything about setting up a business from scratch in Tha Bahamas.............how easy/difficult is it? Is cricket a favoured sport there?
thanks
has anyone moved to set up home in the Bahamas with a young family?
Does anyone know anything about setting up a business from scratch in Tha Bahamas.............how easy/difficult is it? Is cricket a favoured sport there?
thanks
May 10th 2008, 2:12 am
#2
Just Joined
Joined: Jan 2008
Posts: 5
Re: What are the islands of the Bahamas like?
Sorry for the haphazard points, I am typing as I think.
1) If you are bahamian, its easy to set up a company (obviously) otherwise you have to go into partnership with a Bahamian (who you can trust) as they have to own a minimum 51% of the company, ie you do not have control.
2) There are people there who will set up a business with you, and be a silent partner, where you pay them annually for this (10%of the profits). This can work well initially, but as your company gets more profitable, they usually want a larger cut (even though they do nothing for it).
3) If you are looking to buying a house, the process is slow. It will take approx three months to complete. be very wary of the costs though. they can be 10% to 15% on top of the figure you agreed, for legal services, fees, govt taxes, realtors fees etc. I assume you will buy, if you are looking to stay there a long period of time (may as well pay a mortgage as opposed to rent)
4) The housing market is steady, and your house will not lose value (the realtors base their fees on a percentage of the sale price, so they do not want the housing market to drop, and it is they who assess the value of houses). If you are careful though you can get good value for a house over there (not on a beach or with a sea view though).
5) If you buy a house there, speak to an insurance company before you do make an offer. Certain areas are prone to flooding, and they will charge a premium if they do give you coverage in these areas. If they don't give coverage, either design a serious pumping system with a generator to get rid of storm water, or even better don't buy it. After a hurricane there is usually no power, trees down, and you will be living in a house that has become a swimming pool....not fun
6) back to work, you cannot enter the country with a view to looking for work. if you do, and the immigation officers find out you will be sent home. So you have two options, work for a company over there that is similar to the one you want to set up, and have them get you a work permit. Then you can start talking to lawyers about setting up a company and seeing if you like the place. Or apply to the government as an investor into the country. I think its the Minstry of financial services who deal with this.
7) I would advise you going on holiday to suss the place out, before you commit, and meet up ith some expats who can give you the lowdown. There are many pros and cons. The people on the whole are friendly, but there are still "pirates" there who will take you for every dollar you have, and the courts are notoriously slow in dealing with cases, so pick yur partner carefully. The right company can do well over there. Choose your island carefully, as many have very basic infrastructure....roads maybe fine,but there will not be a suitable hospital...way off the island at night in emergencies.
8) Its not fast to set a company up either. There is a lot of paperwork to do. Lawyers can be very slow. Choose your lawyer carefully.
9)schools, there are a few good junior schools that are private. As for 12 years and over there are only a couple. Govt schools are not usually an option for an expat. You will need to have your children on a list upto 12 months before they are going to go to a private school. Otherwise you sit on a waiting list.
10) its not cheap there. It may be tax free salary wise, you pay taxes indirectly through all the goods you purchase as they have import tax on them. If your company is a manufacturing one, you cn get duty free exemptions. A good rule of thumb is add 65% for duty, stamp tax and shipping from the states.
11) cricket is played at an amateur level. It is not followed much compared to the rest of the caribbean. there is rugby and football there, but most of the sports are the usa ones..basketball etc.
hopefully this has helped you a little bit.What business are you looking to set up?
BW
1) If you are bahamian, its easy to set up a company (obviously) otherwise you have to go into partnership with a Bahamian (who you can trust) as they have to own a minimum 51% of the company, ie you do not have control.
2) There are people there who will set up a business with you, and be a silent partner, where you pay them annually for this (10%of the profits). This can work well initially, but as your company gets more profitable, they usually want a larger cut (even though they do nothing for it).
3) If you are looking to buying a house, the process is slow. It will take approx three months to complete. be very wary of the costs though. they can be 10% to 15% on top of the figure you agreed, for legal services, fees, govt taxes, realtors fees etc. I assume you will buy, if you are looking to stay there a long period of time (may as well pay a mortgage as opposed to rent)
4) The housing market is steady, and your house will not lose value (the realtors base their fees on a percentage of the sale price, so they do not want the housing market to drop, and it is they who assess the value of houses). If you are careful though you can get good value for a house over there (not on a beach or with a sea view though).
5) If you buy a house there, speak to an insurance company before you do make an offer. Certain areas are prone to flooding, and they will charge a premium if they do give you coverage in these areas. If they don't give coverage, either design a serious pumping system with a generator to get rid of storm water, or even better don't buy it. After a hurricane there is usually no power, trees down, and you will be living in a house that has become a swimming pool....not fun
6) back to work, you cannot enter the country with a view to looking for work. if you do, and the immigation officers find out you will be sent home. So you have two options, work for a company over there that is similar to the one you want to set up, and have them get you a work permit. Then you can start talking to lawyers about setting up a company and seeing if you like the place. Or apply to the government as an investor into the country. I think its the Minstry of financial services who deal with this.
7) I would advise you going on holiday to suss the place out, before you commit, and meet up ith some expats who can give you the lowdown. There are many pros and cons. The people on the whole are friendly, but there are still "pirates" there who will take you for every dollar you have, and the courts are notoriously slow in dealing with cases, so pick yur partner carefully. The right company can do well over there. Choose your island carefully, as many have very basic infrastructure....roads maybe fine,but there will not be a suitable hospital...way off the island at night in emergencies.
8) Its not fast to set a company up either. There is a lot of paperwork to do. Lawyers can be very slow. Choose your lawyer carefully.
9)schools, there are a few good junior schools that are private. As for 12 years and over there are only a couple. Govt schools are not usually an option for an expat. You will need to have your children on a list upto 12 months before they are going to go to a private school. Otherwise you sit on a waiting list.
10) its not cheap there. It may be tax free salary wise, you pay taxes indirectly through all the goods you purchase as they have import tax on them. If your company is a manufacturing one, you cn get duty free exemptions. A good rule of thumb is add 65% for duty, stamp tax and shipping from the states.
11) cricket is played at an amateur level. It is not followed much compared to the rest of the caribbean. there is rugby and football there, but most of the sports are the usa ones..basketball etc.
hopefully this has helped you a little bit.What business are you looking to set up?
BW
May 10th 2008, 10:35 am
#3
Just Joined
Thread Starter
Joined: May 2008
Posts: 6
Re: What are the islands of the Bahamas like?
Hi there.
thankyou for your response - its most helpful.
We are a British couple with a 6yr old girl, wanting to escape the British weather! We currently run a large Guest House in Snowdonia, North Wales and a Holiday Cottage too. We were thinking of doing something similar if we left the UK for The Bahamas. We would need the right property in the right area to get business but witin proximity to good school for our 6yr old girl. Also, my huisband plays amatuer cricket but at quite a high standard so would need a cricket club whcih can offer a good level of play. This is the deciding factor too!
we would like to rent to start with to get our bearings, then consider a purchase should we want to stay. But I have been told that expat kids need a preamanent reseidency visa before they are accepted into International schools, and that the visas can take a while to obtain. What would we do for her education in the interim?
where are you from and where are you now? Do you work or are you self employed? Do you have family ?
How did you find the move?
Thanks for all your help.
Lynn
thankyou for your response - its most helpful.
We are a British couple with a 6yr old girl, wanting to escape the British weather! We currently run a large Guest House in Snowdonia, North Wales and a Holiday Cottage too. We were thinking of doing something similar if we left the UK for The Bahamas. We would need the right property in the right area to get business but witin proximity to good school for our 6yr old girl. Also, my huisband plays amatuer cricket but at quite a high standard so would need a cricket club whcih can offer a good level of play. This is the deciding factor too!
we would like to rent to start with to get our bearings, then consider a purchase should we want to stay. But I have been told that expat kids need a preamanent reseidency visa before they are accepted into International schools, and that the visas can take a while to obtain. What would we do for her education in the interim?
where are you from and where are you now? Do you work or are you self employed? Do you have family ?
How did you find the move?
Thanks for all your help.
Lynn
May 16th 2008, 11:07 am
#4
Forum Regular
Joined: May 2008
Posts: 32
Re: What are the islands of the Bahamas like?
I did the same as you and spent a month looking at the Bahamas then one day I heard of a group of Islands known as the Turks & Caicos.
It's are a British Protectorate, drive on the left and speak English.. The problems you face on TCI are much less than the Bahamas, plus it doesn't get as many bugs, is out of the hurricane routes and most important we dont pay ANY tax other than the equiv of Stamp duty on house purchase and import tax like VAT, there is no local charge like council tax whereas the Bahamas charges a tax of about 1% on house value every year, this means if your house is worth $500k you get a bill for $5k each year... .. Do a search on Providenciales and see what you think....plus it has great schools and a world class beach on 'Grace Bay'. If you should want any more info let me know..
It's are a British Protectorate, drive on the left and speak English.. The problems you face on TCI are much less than the Bahamas, plus it doesn't get as many bugs, is out of the hurricane routes and most important we dont pay ANY tax other than the equiv of Stamp duty on house purchase and import tax like VAT, there is no local charge like council tax whereas the Bahamas charges a tax of about 1% on house value every year, this means if your house is worth $500k you get a bill for $5k each year... .. Do a search on Providenciales and see what you think....plus it has great schools and a world class beach on 'Grace Bay'. If you should want any more info let me know..
May 20th 2008, 7:15 pm
#5
Just Joined
Joined: Nov 2007
Posts: 15
Re: What are the islands of the Bahamas like?
Check out Grand Bahama Island in The Bahamas.
Prices for property still reasonable,drive on the left, speak English only 30 mins to Florida with cheap flights or ferry.
In Freeport a duty free zone which is the main area of GBI there are NO income,inheritance,capital gains or property tax.
The island is not crowded like Nassau and the infrastructure is in place to support a population of 250,000 people yet only 50,000 live here presently.
Certain businesses are reserved for Bahamians but it is possible for a foreigner to set up a business and import/export with NO Duty to pay.
There are a number of fee paying schools and also an International School see www.lucayainternationalschool.com which is more expensive.
If you need more info. ask away as I live here.
Prices for property still reasonable,drive on the left, speak English only 30 mins to Florida with cheap flights or ferry.
In Freeport a duty free zone which is the main area of GBI there are NO income,inheritance,capital gains or property tax.
The island is not crowded like Nassau and the infrastructure is in place to support a population of 250,000 people yet only 50,000 live here presently.
Certain businesses are reserved for Bahamians but it is possible for a foreigner to set up a business and import/export with NO Duty to pay.
There are a number of fee paying schools and also an International School see www.lucayainternationalschool.com which is more expensive.
If you need more info. ask away as I live here.
