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Retiring in The Bahamas
WTDN Jan09
RE story
Retiring in The Bahamas
Many things to consider
Retiring to a land of sun, sea and sand is on the wish list of many who long to escape the throes of winter. However, local realtors say there are a few things to consider before trading in the snow shovel for a beach bucket and spade.
“Consider your finances and the lifestyle you would like to lead,” says John Christie of H G Christie Real Estate. “If you enjoy the tropics on holiday and really enjoy the lifestyle people lead here, that would be your first litmus test.”
There are plenty of real estate options in New Providence, including apartments, condos and homes, but realtors stress that retirees should review their retirement income and budget before deciding on where to settle, especially if on a limited or fixed income.
“You can buy an apartment (in Nassau) in the $200,000 to $300,000 bracket easily, but it depends on where you want to be,” says Larry Roberts, CEO of Bahamas Realty.
Christie adds that new developments such as Columbus Cove near Love Beach in western New Providence list units in the low- to mid-$400,000 range, but financial expectations must be realistic.
“If you have ample money, it can be a great lifestyle,” says Christie. “It’s been a great retirement place for people of means—the cost of living here is particularly high.”
However, one doesn’t necessarily have to be a millionaire to retire in The Bahamas.
“The people that I know who are semi-retired and non-Bahamian love it here,” says Roberts. “They may not be millionaires, but they learn to get by.”
The Out Islands are ideal for those seeking simplicity and affordability, and properties are plentiful on islands such as Eleuthera and Abaco.
“I know of people who have moved to the Out Islands who get by on fairly little,” says Roberts. “The entry level to have a home or apartment there is much less. The cost of living doesn’t change, but your needs are fewer.”
Semi-retirement is also an option for retirees living on limited or fixed incomes. For example, Roberts adds, there is a small artists’ community in Abaco where retired artists sell art to supplement their income. Retirees with sailboats have also been known to get government licences to operate charters.
“The simple life is a draw for retirees, especially in the Out Islands—you’re away from the hustle and bustle,” says Christie.
Despite the high cost of living, retiring in The Bahamas has its advantages, namely its tax-free status.
“Tax planning is good here,” says Christie. “If you’re a non-US citizen and you do your estate planning here, you don’t have to pay estate taxes, which is a big plus when leaving your estate to your heirs.”
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