Taxes

The Bahamas has limited taxes. There is no income tax, capital gains or inheritance tax. Those who are employees or self employed will have to pay national insurance. The Bahamas has a number of tax treaties in place which allows the country to share information on those earning money there with other countries. Non-residents may find that they are liable for taxes in their home country on the money that they earn in The Bahamas, even if they are living full time in The Bahamas. The regulations for paying taxes on money earned in the Bahamas will vary from country to country and it is a good idea to find out what your tax status would be before moving here.

The majority of income generated for the country is from import duty, which currently ranges from 0%-75%, depending on the item. You can look at the list here. As of July 1st 2018, the government has implemented Value Added Tax of 12% on all goods, services and transactions.

Real Property Tax is taxed on different categories of properties. Bahamian citizens do not have to pay property tax on undeveloped land in New Providence, or on land on other islands outside of New Providence. Property tax for foreigners. There is no tax on owner-occupied properties valued up to $250,000. From $250,000-$500,000 tax is 0.75% and over $500,000 is 1% to a maximum of $35,000 per year. If the property is not owner-occupied tax is 1% up to $500,000 value and 2% over $500,000