Any disadvantage in becoming a Bahamas resident ?

[OffshoreResearch]

I'm evaluating the possibility to apply for a Bahamas residence but, what're the practical disadvantages for my international business ?
Let me explain what I mean more in details;

1. Is there any limitation applied to Bahamas banks on the international market due to the fact the country is in blacklist ?
2. Will I be able to open offshore accounts by using my new Bahamas address and an European passport or I'll be still considered an European resident without a Bahamas passport ? So wherre're the advantages ?

I'm planning to live phisically there but I'm also planning a new nomad lifestyle with the plan to travel a lot around the world and I didn't check if there's a requirement of a 6month pyisical presence in order to qualify for this kind of residence, I'm just starting my investigation and I'm already planning my first visit of these islands within the end of January.

 

[GiGoGo]

1. Is there any limitation applied to Bahamas banks on the international market due to the fact the country is in blacklist ?

No serious company would do business with you as their tax office would reject any invoice. Think about setting up a company in UK to "resell" your services, pay 1% tax and move to money to Bahamas.

 

[Martin Everson]

1. Is there any limitation applied to Bahamas banks on the international market due to the fact the country is in blacklist ?

What sort of limitation do you mean?

2. Will I be able to open offshore accounts by using my new Bahamas address and an European passport or I'll be still considered an European resident without a Bahamas passport ? So wherre're the advantages ?

Yes but not everywhere. You will find you will have issues as banks and some EMI's blacklist the Bahamas i.e off head I can think of Neat in HK and crappy ones like Satchelpay blacklist Bahamas. Also a few banks are not so welcoming.

If your interested in simply and fas tax free residency then Cayman Islands is it. You can get a 5 year visa relatively simply and quickly.

https://www.caymanenterprisecity.com/

P.s It aint cheap in Cayman Islands you will need around $100k in your first year and then $60k annually to have any sort of lifestyle there under that visa program.

 

[OffshoreResearch]

Thanks for your advice, I'll start to investigate a bit more about Caymans as well.

I'm new to this forum, may someone tell me more about this, please ?
'Think about setting up a company in UK to "resell" your services, pay 1% tax and move to money to Bahamas.'

A simple link where finding more info would be fine.

 

[AlbanyJames]

Bahamas is probably the most advanced of all the carribean islands, most Americanized and it still takes a special person to be able to live here.

It's not for everyone. You need to give it a try before you start developing a tax structure. Even more true for smaller islands like caymans/bvi etc...

I've read/heard they are in the process of adding more requirements for residents to prove they are tax residents including minimum stays in country. Maybe Martin knows more....

 

[OffshoreResearch]

Ok that's fine so I'll start to visit the main islands for some days in January and to schedule a meeting with a local consultant with whom discussing my specific needs.
I'll not make a decision so quickly of course considering the involved costs and troubles but I'll start to look for other alternative places for my residence and to visit them in order to compare with Bahamas and to start seeing advantages and disadvantages.
I'm in the high 6figure yearly turnover but not a millionnaire so I need to look for the most appropriate solution to allow my business to grow without being too much penalized by taxes and other useless expenses..

 

[jscargo]

No serious company would do business with you as their tax office would reject any invoice. Think about setting up a company in UK to "resell" your services, pay 1% tax and move to money to Bahamas.

Could you enlighten this part about 1% tax with an UK company?

 

[OFC1]

No serious company would do business with you as their tax office would reject any invoice. Think about setting up a company in UK to "resell" your services, pay 1% tax and move to money to Bahamas.

I think you contradict yourself in these 2 sentences. "tax office would reject any invoice" means that "in UK to "resell" your services" will not work either.

 

[AlbanyJames]

Did you end up travelling to the Bahamas? What did you think of it? Curious on a followup here.

Ok that's fine so I'll start to visit the main islands for some days in January and to schedule a meeting with a local consultant with whom discussing my specific needs.
I'll not make a decision so quickly of course considering the involved costs and troubles but I'll start to look for other alternative places for my residence and to visit them in order to compare with Bahamas and to start seeing advantages and disadvantages.
I'm in the high 6figure yearly turnover but not a millionnaire so I need to look for the most appropriate solution to allow my business to grow without being too much penalized by taxes and other useless expenses..

 

[OffshoreResearch]

Sorry but the Bahamas tour is still queued due to multiple tasks to take care of in these weeks.
I'll start to go back to Tbilisi (for the third time) in March with the purpose to setup there my new company but not my residence.
I'll have a full month in April while I'm 99% sure to visit Bahamas in May and to hear a local consultant to see if this place can meet my expectations before making a decision on where moving my new residence.

 

[JustAnotherNomad]

Why do you want to set up your company in Georgia? As far as I know, the territorial tax only applies to individuals, not companies?

 

[OffshoreResearch]

I'm discussing with a local lawyer the advantages offered by freezones to IT companies and it's possible I'll qualify for this option. I'll try to see if it will work for me otherwise I'll close the company after 3/4 months.

 

[JustAnotherNomad]

Thanks for the clarification, that makes sense. Please keep us posted.