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Retiring in the sun
WELCOME BAHAMAS - NASSAU, CABLE BEACH & PARADISE ISLAND - 2006
Retiring in the sun
Things you need to know about retiring in The Bahamas
Imagine retiring in The Bahamas: year-round sunny weather, gorgeous beaches, a spectacular turquoise sea. But there's a lot more to The Bahamas for retirees than just sun, sea and sand.
For one thing, it's a stable country with democratic traditions and has been since 1729 - almost a half century before US independence.
With its historic British connection, The Bahamas has a longstanding common-law tradition and a well-developed judicial system that includes a commitment to group and individual property rights.
The Bahamas is a country with a distinctive culture but it is similar in many respects to free and open societies everywhere. English is the official language and the language of daily life. Television delivers English, US and Canadian programming as well as broadcasts from around the world.
Local newspapers cover international sports and news. Supermarkets stock popular North American and European brands.
It's a convenient place to live. Every day, dozens of flights connect Nassau and Grand Bahama with major cities in Europe, Canada and the United States. Many major cities in Canada, England and the US have direct flights. Few residents are more than one connection away from relatives and loved ones back home.
And you're welcome in The Bahamas. Foreign nationals can buy real estate with ease and full confidence that their investments will be secure.
Foreign nationals may apply for an annual residence permit. For complete information, contact the Department of Immigration or check the "procedure for obtaining an annual residence permit" section in the blue pages of the 2006 Bahamas Handbook.
Health care for everyone
A prosperous country, The Bahamas has excellent medical facilities with professionals in many specialities.
Most foreign nationals in Nassau use Doctors Hospital, an acute-care facility able to care for most advanced medical needs. The hospital accommodates retirees and foreign visitors.
Michelle Rassin, assistant vice-president for operations, says, "Doctors Hospital currently accepts as payment for service, insurance coverage provided by some overseas insurance companies in the United States of America. Holders of other insurances are required to make full payments for medical care at the time of service. This is applicable for all types of admissions and elective procedures. Financial counselling is available for persons who are not able to make full payments."
Experts on living abroad encourage foreign nationals to buy medical evacuation insurance in addition to their health care policies.
World banking centre
The Bahamas is an internationally recognized financial centre with more than 253 banks from around the world (as of Sept 2005).
Anyone moving to The Bahamas will need to open a local account, but after that, it's relatively easy for retirees to access their funds.
"Once you meet the obligations of a specific commercial bank for an account, you will be able to transfer money into the country with no problem," says a spokesman at The Central Bank of The Bahamas. "In fact the Central Bank won't need to be involved."
The US Embassy suggests that retirees considering relocating visit the Department of State's website (www.travel.state.gov) and read "Living Abroad Tips." Once Americans decide to consider retiring in The Bahamas, the embassy suggests they visit The Bahamas Investment Authority for the specific information they will need.
Although primarily geared to US citizens, the AARP site (aarp.org/intl/) offers a wealth of information for anyone considering retirement in another country.
Canadians should check their government's comprehensive website (www.canada.gc.ca) for specific information. The "Retirement Abroad? section has 24 pages of advice and information.
The UK, many European countries, Canada and the United States all levy income taxes on money earned within the home country. Retirees should remember tax obligations in their home countries as part of their financial planning.
Tropical living is an option for middle-income retirees as well as high-net-worth families. And, as an added bonus, your children and grandchildren will want to visit, especially when there is snow on the ground back home.
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