Expat Community > Bahamas

DukeofAbbey
Joined 2022
Posts: 2

Taxes Taxes Taxes

2 years ago

My wife and I love the Bahamas. We travel to the "less traveled" islands and love the slower pace and lack of crowds. We have been researching moving to the Bahamas and the biggest drawback, possibly only drawback, are the taxes. As an American my income is always going to be taxed by the US so I don't see a benefit to a country that states we have no income tax. (Maybe I should count myself lucky to not be taxed twice). Yet the Bahamas has the VAT tax, and any property I bring with me is taxed. I often wondered why all the cars we saw we're junky until I discovered my same vehicle will cost almost double in the Bahamas. Today I found out that if you buy property with a dock or build a dock - that gets taxed every year too! My question for American expats - is it worth it? Are the tax laws stable or, as it looks to me, are they growing increasingly aggressive about collecting taxes? I would have to imagine it's the latter since the current structure does not seem to be effective in supporting the government or business. As of now, we're considering other options.

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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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Expat Community > Bahamas

Taxes Taxes Taxes

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