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Expat Tips for Living in the Bahamas

by Marquette Turner Luxury Homes

in Investing in Property, Lifestyle, Real Estate Radar, Travel, Variety

Are you planning on moving to the Bahamas to live permanently as an expat? Then there are things that you should expect will be different from living on the mainland, and you should consider whether these changes will be right for you. After all, you don’t want to end up moving to the Bahamas just because it’s a beautiful destination, only to be disappointed by the way of life there.

Expat Tips for Living in the Bahamas

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Continue reading for a few tips from expats who’ve lived in the Bahamas so you can make the right choice as to whether or not it’s the ideal island destination for your permanent home.

Your Ability to Find Work

Being able to find work in the Bahamas may be difficult, so before you start looking for homes throughout One Cable Beach in Nassau, you should really think about whether or not you’ll be able to find a job that will allow you to pay for your real estate and make the purchases you need every day to survive.

If you already know a business owner in the Bahamas, this could give you a good advantage over other job seekers. And if you want to get into the tourism industry, you may be able to find an opening. But many people who aren’t specialists in fields like engineering, law, medicine, or business find it very hard to find jobs easily.

The Cost of Living and Insurance

The cost of living in the Bahamas is higher than on the mainland because just about everything needs to be imported and it can be difficult to get everything that you want or need. Therefore, in addition to making sure you can find employment, make sure that you have plenty of money saved up before your move so that you’ll have what you need to survive if you aren’t able to find a job right away.

Insurance policies tend to be priced higher than on the mainland as well. However, they typically cover more, so this is an advantage, and insurance policies are not mandatory like they are in other countries. The most expensive insurance that you’ll probably experience is homeowners insurance, especially since you need to get hurricane coverage.

Getting Residency Status

If you’re planning on obtaining residency status in the Bahamas, you’ll be required to buy a home that’s valued at a minimum of $250,000. At that point, you’ll be allowed to apply for your annual residency.

If you want to apply for your permanent residency, you’ll need to invest in a property that’s worth $500,000. This means you’ll be able to live in the Bahamas without having to work too. So, as you can see, regardless of the type of residency that you want and how long you want to be living on the islands, you’ll need to make a sizeable investment.

With these expat tips for living in the Bahamas in mind, you can make the right decision as to whether or not these islands are truly the place of your dreams or if you’d prefer staying on the mainland instead.

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