How to Move to: Nassau
By the Caribbean Journal staff
We continue our How to Move series by heading further north to the Bahamian island of New Providence, best known by the name of its major city, Nassau. So what’s it like to move to Nassau? What are the advantages? What are the prices? To learn more, we talked to Ryan Knowles, a luxury estate agent and appraiser at HG Christie in Nassau. To learn more, you can reach Ryan at Ryan@HGChristie.com.
Why should I move to Nassau? And can I live there? What are the residency laws, etc.
Nassau is a unique destination offering an easy-going, tropical island lifestyle coupled with some of the excitement and amenities one would normally expect in a big city. You can have your morning coffee at Starbucks, spend the day lazing away on a boat or secluded beach, then cap the night off with dinner at a five-star restaurant. We are also incredibly easy to get to with daily direct flights from major hubs in the United States, Canada, Europe and South America, with Asia on the way soon.
What are the advantages of living permanently vs part time?
When you move permanently to Nassau, you are immersed in the local culture and can take advantage of all The Bahamas has to offer. We are an archipelago with over 700 islands to choose from and explore!
Part-time living also has its benefits. Many expats spend the winters here to escape the cold climates of the northeast and Europe, then return to their homes to enjoy the summer months. The best of both worlds.
How much does an average home cost in Nassau?
Like anywhere else, home prices vary based on location. An entry level condo ranges from $250,000 to $300,000, and a single family home in a nice area will run about $500,000.
How much does a beachfront condo cost?
$500,000 and up.
How much does it cost to build a home?
On average, $150 – $200 per sq. ft.
What are the real estate taxes like?
Real estate taxes vary depending on property usage. If the home is for your personal use (not a designated rental property), then the first $250,000 of the property value is exempt. After that, taxes are anywhere from 0.75% to roughly 1% per year depending on balance of the property value.
Above: a listing on Lyford Cay
What are income taxes like?
Nil!
Can I work here?
Definitely. The Bahamas Government encourages economic permanent residents. We have a large expat community working in a wide array of industries, including tourism and financial services.
What’s healthcare like?
Our healthcare is some of the best in the region. Doctor’s Hospital, a leading private facility, utilizes the latest technology and offers inpatient and outpatient care.
Can I bring kids?
Yes. Kids (and pets) are welcome! There are two schools on the island which offer the prestigious international Baccalaureate (IB) course, and dozens of others that provide a high quality education at a reasonable cost.
Can I bring my car? What’s duty?
Import duty on cars is relatively high: around 70% of the vehicle’s value. It is more advisable to purchase a car on the island (there are many dealerships from Toyota, Ford and Honda, to BMW and Mercedes-Benz) or bring in a hybrid vehicle (only 25% duty).