It might be easier to live an exotic, tax-free life next to a beach than you first thought, since the Bahamas made it easier for foreigners to become resident and own businesses there.

 

As part of an initiative to attract foreign residents, regulations in the Bahamas now allow visitors, renters or homeowners to stay in the Bahamas for up to eight months a year. Being a member of the British Commonwealth means British people don’t need a visa. To stay year-round you need to purchase a residents’ permit (£500), as well as show proof of property purchase or lease and have a net worth of over $500,000.

Residents of the Bahamas can use their residency for tax relief from any (external) income made outside of the Bahamas, where there’s no income, capital gains or inheritance tax.

If this sounds right up your street, one development appealing to British people is Hideaway Bahamas on Grand Bahama. It’s a semi-gated beachfront community where properties include apartments, villas and beachfront homes, with prices ranging from $170,000 to $950,000. For more properties in the Bahamas and Caribbean, see the listings on Rightmove Overseas.

To understand the full step-by-step process to buying a property in Caribbean, collect The Overseas Guides Company’s ‘Caribbean Property Buying Guide’