Required Documents For Retiring In The Bahamas And The Nation S Taxation System

The Bahamas are a perfect destination for retirees who have money to invest in the islands and don’t plan on seeking employment while retired. Few documents for retiring in the Bahamas are required, and the taxation system in the country is based on imports and trades. No taxes are levied on sales, income or capital gains.

Entering the Bahamas: The Basic Requirements

If entering the Bahamas by air, U.S. citizens must present a valid passport, but don’t need a visa for short trips. If visiting the Bahamas by sea, Americans can re-enter the United States with a passport, passport card or another Western Hemisphere Travel Initiative compliant document.
The Bahamas only require proof of citizenship and identity to enter the country, but the United States requires that Americans have a valid passport to come home.
When you arrive to the Bahamas, you will be required to sign an immigration form. Part of this document must be presented back to government officials when you depart the country. An oral baggage declaration is also required.

Necessary Documents for Retiring in the Bahamas

Obtaining permanent residency in the Bahamas can be difficult if you are looking for the right to work, but the documents for retiring abroad in this island nation are minimal. Your application approval will be reviewed faster if you plan to invest over $250,000 in purchasing a residence.
If you do intend to work during your vacation, be aware that jobs often go to citizens of the Bahamas before a foreigner of the same caliber and experience level.
To gain permanent residence in the Bahamas, you must prove that you are of good character with no criminal record and that you can financially support yourself. People with values of $500,000 or more will likely get accelerated consideration on their application.

Living in the Bahamas: The Taxation System of the Islands

Residents of the Bahamas do not pay income, capital gains, inheritance or sales taxes. The commonwealth is instead supported by import duties, business license fees, stamp duties and departure taxes.
Although some trade tariffs cause problems as the country tries to reduce trade barriers, this form of revenue cannot be removed because the country refuses to consider income tax. Imports remain at the forefront of revenue for the government, meaning American ex-pats must consider entertainment opportunities in the Bahamas before importing any comforts from home.