With its ideal climate, living conditions and tax benefits, there are many reasons why more and more Swiss are looking to the Bahamas as a viable option for efficiently managing their wealth.
The Bahamas provides a well-rounded living experience for its residents, and whether it is to Nassau or Paradise Island, here are five reasons the Swiss are relocating to The Bahamas.
#1 Tropical Climate & Lifestyle
Sunny days, crystal clear water, warm temperatures…such is Island living in The Bahamas.
Some quick facts about living in paradise:
- daytime highs average between 20°C in January and 29°C in July
- ocean water temperature ranges from 24 to 27 degrees
- readily available food and living amenities
- high quality health care at new hospitals and healthcare facilities
- access to luxurious beaches, casinos and world-renowned golf courses, as well as 3000 km of beautiful coastline on Nassau or Paradise Island
#2 Reduced Cost of Living
Relative to other regions, the Bahamas is not known for its low cost of living. However, Swiss citizens, may want to consider that compared to their home town, particularly Geneva, the cost of living in Nassau Bahamas is actually approximately 23% lower.
#3 No personal income taxes
Particularly advantageous to wealthy Swiss families, individuals and retirees is that The Bahamas does not collect personal income tax. All means of personal income including salary, investment incomes, capital gains, inheritance and pension income are all tax exempt.
#4 Permanent Residency via Real Estate Investment
Acquiring real estate with a minimum value of $750,000 USD will qualify your application for standard procedure which basically reflects the length of time it takes for an application to be addressed by the government. For accelerated applications, the investment must be at least 1.5 million USD. There are no restrictions on purchasing real estate for international buyers.
If considering relocation to the Bahamas, it is helpful to know that the application process itself is relatively simple. However, it is definitely recommended that you consult with a bank and or legal advisor when evaluating the viability your residency change and the process itself.
#5 Pro-Business Tax rates and Stable Economy
The Bahamas does not levy corporate income tax providing an ideal environment for businesses to generate profits exempt of tax. The Bahamas economy has seen stable growth since the late 90s’ which can be primarily attributed to tourism and construction, though the Bahamian government is looking to e-business, manufacturing and a handful of other industries to add to its economic foundation.
Have we missed any? Let us know in the comments below!
The information that is provided on this page with respect to the tax system and residency criteria is of general nature and should not be perceived as (tax or legal) advice, or the solicitation of tax or legal services. Although efforts are meant to keep information updated, some facts could be outdated.