Bahamas (BS)
An English-speaking Caribbean archipelago close to Florida, known for high-end tourism, no personal income tax, strong financial services, second-home communities, turquoise water and very high island living costs.
Leaving Bahamas
How to properly exit — protecting your finances, rights and records.
📅 General Timeline
3 months before departure: serve written notice to landlord per your lease. Notify international school of withdrawal (one full term advance notice). Contact NIB to obtain your contribution statement and understand pension entitlement. 2 months before: notify employer of departure date. Close or transfer company registrations with the Registrar General's Department. Cancel private health insurance with 30-day notice. Arrange international health cover for your destination. 1 month before: cancel BPL, WSC, and internet/broadband contracts (30-day notice). Notify bank of departure and update contact details. Cancel business licence and deregister VAT if applicable. Begin selling or donating large furniture items. 2 weeks before: photograph apartment thoroughly. Settle all outstanding utility and HOA charges. Agree deposit return date and method with landlord in writing. Final week: conduct joint move-out inspection. Return all keys and access cards. Get written deposit return confirmation. Transfer remaining BSD/USD to overseas accounts via USD bank wire. After departure: monitor bank account for NIB correspondence. Property tax payments for any retained Bahamas real estate can be made online at bahamas.gov.bs.
Deregistration
The Bahamas has no formal mandatory address deregistration system. Required departure steps for foreign residents: (1) Immigration: if you hold a Work Permit, Annual/Permanent Residence Permit, or Home Owner's Residence Card, you should notify the Department of Immigration (immigration.gov.bs) of your departure. Work permit holders' employers must notify the Department of Immigration of employment termination. Permanent Residents departing permanently should formally surrender or cancel their status to avoid administrative complications on future Bahamas visits. (2) Company deregistration: if you operated a company registered with the Registrar General's Department, formally dissolve it (or transfer it to another director) before leaving — inactive registered entities have ongoing annual reporting and Business Licence obligations. Contact the Registrar General's Department (bahamas.gov.bs/registrar). (3) NIB (National Insurance Board, nib-bahamas.com): notify NIB of your employment end and request a contribution statement — needed for any future NIB benefit claims. (4) Employer documentation: obtain your final payslip, NIB contribution records, and a leaving letter confirming your employment dates. (5) Schools: notify with the required advance notice (typically one full term for private and international schools such as Lyford Cay International School, Queen's College, or Bahamas Academy).
Tax clearance
The Bahamas has no personal income tax, no capital gains tax, no inheritance tax, and no withholding tax on investment income for individuals. This is a defining feature of the jurisdiction: (1) No individual income tax return to file — there is no Bahamas Revenue Authority equivalent to a personal income tax body. (2) Business licence: if you operated a business in the Bahamas under the Business Licence Act, your licence must be formally closed or transferred. Contact the Department of Inland Revenue (bahamas.gov.bs/dir) to cancel your business licence. Any outstanding Business Licence fees (assessed on gross annual turnover) must be settled before cancellation. (3) VAT: if VAT-registered (Value Added Tax, rate 10%), file a final VAT return and deregister with the Department of Inland Revenue before leaving. Notify any outstanding VAT obligations. (4) Real Property Tax: if you own property in the Bahamas, Real Property Tax obligations continue even after departure — arrange annual payment from abroad or via a local agent (property tax is assessed on the market value of real estate). (5) Commercial and financial entities: if you hold interests in Bahamas-licensed financial entities (banks, investment funds, trusts, IBCs), consult a Bahamian attorney for the appropriate winding-down or transfer procedures.
Pension portability
NIB (National Insurance Board, nib-bahamas.com) administers social security in the Bahamas. Key rules for departing workers: (1) Contribution structure: both employee (3.9%) and employer (5.9%) contribute to NIB, providing coverage for retirement, disability, sickness, maternity, and industrial injury benefits. (2) Old-age pension eligibility: you qualify for a NIB old-age pension at age 65 with at least 150 weeks of contributions (approximately 3 years). The pension is paid as a monthly benefit and can be received internationally — notify NIB of your overseas bank account. If you have fewer than 150 qualifying weeks, you may receive a pro-rated benefit or a lump-sum pension grant depending on your contribution period. Contact NIB at their Frederick Street office (Nassau) or the Freeport NIB office for your specific entitlement. (3) Departure benefit: NIB does not provide a general cash refund of contributions on departure — accumulated rights remain in the NIB system and entitle you to a pension at retirement age. (4) No bilateral social security totalisation agreements with most Western countries. Your NIB contributions cannot generally be credited toward a home-country pension. Obtain a NIB contribution statement before leaving.
Health insurance
The Bahamas does not have universal national health insurance. Healthcare is provided through a mix of public hospitals and private insurance: (1) Employer group health plan: ends on your last working day or at month end per your employer's policy — confirm the exact date with HR. (2) Private international health insurance (Colina Insurance, Family Guardian, Sagicor, international providers): cancel with the notice period in your policy (typically 30 days). Request a certificate of coverage and a pro-rated premium refund for unused coverage. (3) Arrange international or home-country health insurance before your Bahamas cover lapses. (4) Public Healthcare: Princess Margaret Hospital (Nassau) and Rand Memorial Hospital (Freeport) are public — non-residents are charged at higher rates. (5) Medical records: request copies from your Bahamian GP or Doctor's Hospital, Doctors Hospital (Nassau). Allow 5–10 working days. (6) Prescription medications: collect a sufficient supply for the transition period — some Bahamian pharmacy brands and generics may not be available in your destination country.
Bank account
Major Bahamian banks include Commonwealth Bank, Royal Bank of Canada (RBC), Scotiabank, Citibank Nassau, and CIBC FirstCaribbean. The Bahamas uses the Bahamian Dollar (BSD, pegged 1:1 to USD) alongside USD interchangeably: (1) Keep accounts open for 2–3 months after departure to receive: NIB correspondence, final salary, rental deposit return, and proceeds from any property sale or investment. (2) USD accounts: given the 1:1 peg, BSD and USD accounts are functionally equivalent for transfers. Use USD accounts for international transfers — most Bahamian banks offer USD denominated accounts and can wire USD directly at no FX cost. (3) Wise and other services: effective for converting BSD/USD to other currencies. (4) Financial reporting: if you are a US citizen or US-resident non-citizen, Bahamas bank accounts are subject to FBAR and FATCA reporting requirements — ensure your accounts are properly reported. (5) Close accounts you will not maintain by visiting a branch in person with your passport and proof of departure — most Caribbean banks require in-person or power-of-attorney closure.
Utilities
Bahamian utility providers: (1) Electricity — BPL (Bahamas Power and Light, bplonline.com) in Nassau and most islands; Grand Bahama Power Company in Grand Bahama. Call BPL to schedule a final meter reading and account closure. Security deposits (typically 2–3 months of estimated usage) are refunded after final bill settlement — allow 30–60 days. (2) Water — Water and Sewerage Corporation (wsc.com.bs): contact WSC to cancel your account and request a final meter reading. (3) Internet/telecommunications — BTC (Bahamas Telecommunications Company), FLOW (C&W), Digicel: check your contract for notice periods (30 days is standard). Return rented routers. Request a written cancellation confirmation. (4) Mobile phone: cancel postpaid plans in store; prepaid can lapse. Retain one SIM for OTPs after departure if needed. (5) HOA / marina fees: if you live in a gated community, condo complex, or marina, notify the property management or HOA of your departure date and settle all outstanding fees before handover. Hurricane shutter storage and dockage agreements may have separate notice requirements. (6) LPG gas: return cylinders to your dealer and recover any cylinder deposit.
Rental contract
The Bahamas rental market is governed primarily by contract terms — the Landlord and Tenant Act is limited in scope. Practical departure rules: (1) Notice period: determined by your lease agreement. Most residential leases for expats in Nassau (Lyford Cay, Old Fort Bay, Cable Beach, Eastern Road) and Freeport specify 1–3 months written notice. Month-to-month arrangements require 1 month notice. (2) Written notice: send in writing (email with read confirmation, letter delivered in person). Keep a copy with the delivery date. (3) Move-out inspection: conduct jointly with the landlord or property manager. Photograph and video every room, appliance, and exterior area — including hurricane shutters, screens, and any water damage from storms. Bahamian landlords often include hurricane-preparedness maintenance as a tenant responsibility; confirm compliance before departure. (4) Deposit return: typically 1–2 months rent in BSD/USD. No statutory return deadline exists — negotiate the return date and method explicitly before handing over keys. International bank transfers of deposits should be confirmed in writing. (5) Outstanding utility bills: settle all BPL, WSC, and internet accounts before handover — landlords routinely condition deposit return on confirmed utility clearance.
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