With its stunning turquoise waters, tropical climate, and tax-free income, the Bahamas has become one of the top destinations for expats seeking a fresh start in paradise.
In this guide, we’ll walk you through everything you need to know about relocating to the Bahamas from a personal tax perspective, including tax residency, double tax treaties and tax return obligations.
TaxPilot recommend that you organize your affairs in good time to get ahead and make the most of favorable tax treatment while making sure you’re meeting your tax return obligations.
Bahamas follows a zero taxation model. You will not pay tax on personal income sources.
if you spend more than 89 days in Bahamas and you spend no more than 183 days in any country overseas during the tax year.
Tax on property and share sales
Tax on value of owned assets
Tax on assets passed to heirs
Tax to contribute to state welfare
If you receive incomes overseas while you are living in Bahamas, you may find that the source country, as a starting point, continues to tax the income.
Double taxation agreements may remove the source country’s taxing right and thus, enable you to receive incomes tax free globally.
At present, Bahamas does not have any double taxation agreements signed.
