December 4, 2023

Moving from Miami to the Bahamas: How to Prepare

A beautiful view of vast blue seas, plenty of greenery on an island in the Bahamas and a white boat moving rapidly on the water.

Moving to a new country is a significant step that can be intimidating to even the most seasoned travelers. On the other hand, the appeal of a beautiful, unique place may encourage you to take such a daunting step. There are numerous reasons you may consider moving from Miami to the Bahamas, ranging from the incredible climate to the breathtaking sights you will be able to enjoy daily. However, you must carefully prepare to have a successful move and enjoy all of the charms of the Bahamas. So, before you pack your swimwear and book a one-way trip to these beautiful islands, here’s something to consider! Read on!

Learn about its citizenship and residency options

When it comes to relocating abroad, each country has different entry requirements. Fortunately, moving to the Bahamas is relatively simple if you have the motivation and a decently filled bank account. This is particularly true for citizens of the United States, who do not require special permission to enter the Bahamas but must acquire permission from local authorities before relocating.

There are quite a few options to choose from, depending on your circumstance, that will help allow you to reap the benefits of living in the Bahamas.

  • Permanent Residency Permit – allows you to travel in and out of the Bahamas, work, start a business and take advantage of the country’s tax options. This is, however, not available to everyone, so make sure you do your due diligence before applying.
  • Annual Residency Permit – allows you to stay in the Bahamas for longer than the permitted visitation period without committing to permanent residency or homeownership.
  • A Home Owner’s Card – allows you to start your new life in the Bahamas if you own property on any of its islands.
  • Work Permits and Visas – allow you to live and work in the Bahamas for as long as you hold a position in one of its companies.

Moving from Miami to the Bahamas will require some paperwork; however, it is very well worth it.

Go in-depth about the cost of living in the Bahamas

The general cost of living is one of the most significant pieces of information you’ll need before moving from Miami to the Bahamas. According to some studies, the cost of living in the Bahamas is 27% lower than in Miami. This is fantastic news; however, keep in mind that this doesn’t mean the Bahamas is a cheap location. The average home costs roughly $592K, a one-bedroom apartment costs around $900 per month to rent, and groceries are 27% more expensive than in the United States. The Miami Movers for Less moving crew always recommends doing some research before deciding to move. This way, you could see whether the Bahamas’ paradise would be enough to warrant certain expenses.

Learn about the differences in its tax system

The Bahamas’ government imposes minimal taxes on its people and residents. There are no income taxes, capital gains taxes, corporate taxes, or inheritance taxes. Doesn’t that sound just perfect? On the other hand, there is a required payroll tax depending on your employment type. Employees pay 3.9% of their wages, employers pay an additional 5.9%, and self-employed individuals must pay the entire 9.8%. Additionally, many goods and services are also subject to a 12% value-added tax. However, this tax doesn’t apply to core grocery goods.

Explore the Bahamas before making your decision

The most enjoyable part of the preparation process for relocating from Miami to the Bahamas is visiting the country. Since the Bahamas comprises 700 beautiful and unique islands, you will not run out of places to visit! These islands cater to people of all ages or interests. You can go fishing, snorkeling, swimming with the pigs, or enjoy the incredible nightlife in its capital – Nassau. Don’t worry; once you’ve moved in, you will be able to explore the remainder of the area. We are sure you’ll fall in love with the Bahamas even more.

A small light brown pig swimming in the ocean in the Bahamas.

Choose an area and home that suits you

While exploring heavenly locations in the Bahamas, you might’ve stumbled on a patch of land or property you wish to call your own. When moving abroad, make sure to choose an area carefully! Look for telltale signs of a perfect neighborhood. These could proximity to necessary amenities and a price that fits your budget. Additionally, select a location that makes you feel comfortable and at home. Having such a place will help you adjust after moving abroad and learn how to overcome challenges even when you’re far away from everything you’ve known.

Take advantage of the various education and work opportunities

Although many people think living and working in the Bahamas is a utopian dream, getting a job in the Bahamas is highly realistic. People with sufficient skill sets can usually find a variety of career vacancies. If you do your study and develop an appealing CV, you might be able to find work before you move. Work hours are typically eight hours, five days a week, for a total of 40 hours a week. However, check all the relevant info before signing any legally binding contract.

If you take your children with you, you will need to enroll them in school, especially if your children are between the ages of 5 and 16. As is customary, you can choose between a private, public, or international school. And, since you’re relocating from Miami to the Bahamas, you’ll be relieved to know your children will be able to learn in English at any school available. However, private and international options are primarily limited to Nassau and Grand Bahama.

A woman working remotely from her laptop while at the beach.

Research any point of interest you might have before relocating from Miami to the Bahamas

If there’s anything you need to know before moving from Miami to the Bahamas, now’s the time to find out. There is a wealth of information easily available that could be vital to your move’s success. Additionally, this information will ensure that you find true happiness in the Bahamas. Examine which healthcare plan would be ideal for you, as well as which banking system you can trust and whether you require a new SIM card. Once you’re armed with knowledge, you will be able to enjoy all the benefits of living in the Bahamas.

ALL IMAGES: unsplash

Print Friendly, PDF & Email
About ieyenews

Speak Your Mind