Relocation Advice - Bahamas
AP Executive has experienced consultants dedicated to recruiting for jobs in Bahamas, please contact us for further information.
Overview:
The islands of the Bahamas, all 700 of them, stretch over more than 600 miles in a southeasterly direction, starting only some 70 miles from the south Florida coast. The Bahamas is a sub-tropical paradise with excellent communication facilities and frequent flights to many American and European cities.
Why Choose The Bahamas:
The Bahamas has a sophisticated banking, professional and financial infrastructure with over 400 licensed banks and trust companies. The Bahamas is a well regulated financial centre with strictly enforced and defined confidentiality and money-laundering laws. The Bahamas has no taxation. Furthermore, exchange controls do not apply to non-residents. The Bahamas has a history of over 250 years of stable parliamentary democracy, with a government committed to maintaining the status of The Bahamas as a premier international financial centre. The Bahamas has a legal system based on British common law and equity, with extensive modern legislation.
The Bahamas has absolutely no personal income tax, no corporate income tax, no capital gains tax, and no inheritance tax. Presently there is no direct taxation, i.e. on capital gains, corporate earnings, personal income, sales, inheritance or dividends. However, their now is a stamp tax of 7% on goods imported for business use. The absence of income, corporate, and inheritance taxes means that import duties are the main source of Bahamas government revenue.[1]
As a result, tariff rates are very high; the Bahamas raises some 65 percent of its revenues from import tariffs. The general rate of duty charges on imports is 32 percent; though there are numerous exemptions (for example the duty rate on computer equipment is 0%). In 1998, the government eliminated duties on computer software, discs, and some medical goods. In 2000 it eliminated duties on all computer hardware - this duty can be considered a tax.
Relocating to the Bahamas:
In order for a non-Bahamian to work on the islands, they must obtain a work permit, and each work permit is valid only for that specific person and position.
This process is accelerated for senior personnel and those with special skills not available locally, but other non-Bahamian individuals seeking employment must undergo a rigorous and laborious process. In order for them to obtain the work permit, the Immigration board must first consider whether they believe that the person will be an asset to the islands.[2]
Career Opportunities in the Bahamas:
· Asset management
· Wealth management
· Trusts
· Legal positions
· Accounting/credit
· IT
· Private Banking
· Commercial positions
· Insurance/Reinsurance
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