What is the average salary in the Bahamas in 2022? (2023)

FAQs

What is the average income in the Bahamas? ›

$50,611 (BSD)/yr

The average salary for jobs in Nassau, Bahamas is $50,611 (BSD) per year or an hourly rate of $24 (BSD).

How much does a Bahamas make? As of Feb 28, 2023, the average annual pay for the Bahamas jobs category in the United States is $77,996 a year. Just in case you need a simple salary calculator, that works out to be approximately $37.50 an hour.

Included in this amount are all salaries and wages, but also other unearned income on investments or capital gains. The average gross annual wage per full-time employee in the USA was $74,738 in 2021, or around $6,228 per month ($4,648/year more than in the previous year).

Non-Bahamian nationals, who are desirous of working and living in The Bahamas for a period greater than 90 days, must first be authorized to do so by way of a valid work permit issued by the Department of Immigration.

Unless your permanent residence status is for some reason revoked, you are free to work and live in the Bahamas as long as you wish, although you do not have the right to vote.

Effective December 31, 2022, the New York State minimum hourly wage rate is $14.20 in the Greater New York region. The minimum hourly rate in the Long Island and Westchester and NYC regions will remain $15.00. The minimum wage rate has been scheduled to increase each year as outlined in the chart below.

How many weekly hours do you work in the Bahamas? ›

The standard work week in The Bahamas is eight hours a day or forty hours a week. Employees who work more than the standard forty hours per week must be paid overtime pay, with the exception of supervisors and managers.

$744 (BSD)/yr

The average hotel worker gross salary in Bahamas is $34,771 or an equivalent hourly rate of $17. In addition, they earn an average bonus of $744. Salary estimates based on salary survey data collected directly from employers and anonymous employees in Bahamas.

What Is Basic Salary? Basic salary, also called base salary, is the amount of money a salaried employee regularly earns before any additions or deductions are applied to their earnings. Additions and deductions to basic salary can significantly affect the size of an employee's paycheck.

A good monthly income in California is $3,886, based on what the Bureau of Economic Analysis estimates that Californians pay for their cost of living. A good monthly income for you will depend on what your expenses are and how much you typically spend per month.

As of 2021, Hungary had the lowest average monthly salary of employees in the world in terms of Purchasing Power Parities (PPP), which takes the average cost of living in a country into account. Zimbabwe had the second lowest average wages, with Ethiopia in third.

The Bahamas has a high cost of living

This isn't too much of an issue if you're planning to buy a vacation home but for those who want to buy a permanent home, it could be a factor. To save on expenses, residents often buy their essentials in bulk, as well as purchase their groceries from the local markets.

There is no income tax in the Bahamas, whether you're a resident or non-resident living on one of the islands. However, if you're an expat, you're still responsible to pay your country's income taxes.

The Bahamas is a high-income economy heavily dependent on the tourism and financial service sector. While its GDP has risen steadily for the past three decades, the country has experienced low growth rates and mounting levels of debt since the global financial crisis.

Average salary range

The average salary in the Bahamas ranges from 990 BSD per month (USD 989) to 17,400 BSD per month (USD 17,389) — with 990 BSD being the lowest average salary and 17,400 BSD being the highest average salary.

Family of four estimated monthly costs are 4,535.6$ without rent. A single person estimated monthly costs are 1,285.1$ without rent. Cost of living in Bahamas is, on average, 26.7% higher than in United States. Rent in Bahamas is, on average, 15.2% lower than in United States.

Is the Bahamas good for retirement? ›

The Bahamas is an ideal location for retirees to relocate to for many reasons. The most obvious of reasons is the change in location to a tropical setting that offers picturesque views, access to world-renowned beaches, and rich culture within the Bahamas.

The payment of Real Property Tax is required by law in The Bahamas. The bill is due and payable once produced and must be paid in accordance to the Real Property Tax Act to avoid interest.

The government of the Bahamas supervises and administers the healthcare system in the country. Pregnant women, children, civil servants, and senior citizens over 60 years old have access to free healthcare. Regardless of one's ability to pay, access to public health care services is often free of charge.

Most people working in the Bahamas are employed in the tourism or international banking sector, and these industries are the major driving forces behind the economy. In fact, tourism (as well as construction and manufacturing related to the tourism sector) makes up about 80%of the national GDP.

Is it possible for a non-Bahamian to purchase property in The Bahamas? Yes. Overseas Investors may acquire residential properties in The Bahamas of up to five acres without prior Government approval. Such acquisitions are required to be registered in accordance with the International Persons Landholding Act.

Buying, Owning Or Selling Property In The Bahamas

There are no restrictions on foreigners buying property in the Bahamas. Property purchasers are eligible for an annual Home Owners Resident Card, and those buying a property valued at $500,000 and above are given priority in permanent residence applications.

Best Of Long Island pays an average salary of $121,397 and salaries range from a low of $105,796 to a high of $139,248. Individual salaries will, of course, vary depending on the job, department, location, as well as the individual skills and education of each employee.

The average Atlantis, Paradise Island salary ranges from approximately $48,199 per year for Marketing Analyst to $100,659 per year for Vice President. Salary information comes from 63 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months.

Two states, Massachusetts and Washington, will reach a $15 hourly pay floor for the first time, joining California and much of New York.

Is Bahamas cheaper than Florida? ›

Florida's Islands Are Cheaper Than The Bahamas (& Easier)

Many people dream of an island vacation where they can enjoy the pristine beaches with clear and turquoise waters, white sands with tall palms drooping over, and breathtaking views of the sea, along with unlimited water sports and fun activities.

The average accommodation in the Bahamas is priced at $100 per night. If you are looking for a house rental, the nightly price is $890 on average. A villa The Bahamas will cost on average $992 per night.

How expensive is the Bahamas compared to the US? The higher cost of living in the Bahamas are due to the fact that most goods need to be imported, and all of these items are taxed, when they arrive and clear customs. Unlike the US, there is no income tax in the Bahamas.

Employees who are unable to work due to an illness have a right to claim sick pay. The duration of sick leave is one week per year, and it cannot be rolled over or claimed in cash if it is not used within a period of 12 months.

ILO Convention No. 138 requires member States to adopt one general minimum age for admission to work. This age should not be less than the age of completion of compulsory schooling and not less than fifteen (15) years.

A couple on a seven-day trip to the Bahamas can expect to pay around $4,300 for flights, accommodations, food, transportation, and entertainment. Meanwhile, a family vacation for four jumps to roughly $7,000.

The pay sucks. The majority of all-inclusive staff members — including those who work in the maintenance, food and beverage and laundry departments — make about the equivalent of around $300 USD a month — and these workers actually had families to support.

Resort pays an average salary of $36,713 per year or $17.65 per hour. Resort pays those in the bottom 10 percent $18,000 a year, and the top 10 percent over $71,000.

Basic salary is the amount agreed upon by an employer and employee excluding overtime or any other extra compensation. Gross salary, on the other hand, is the amount paid before tax or other deductions but includes overtime pay and bonuses.

How do you answer basic salary? ›

Consider giving a salary range, not a number

If a job post asks applicants to state their expected salary when applying for the position, then give a range — not a specific figure — you're comfortable with. Answers like “Negotiable” might work, but they can also make you look evasive.

Actual Salary means the regular basic compensation paid or payable to an employee during a calendar year by the Company or an Affiliate (including tax-deferred contributions, otherwise payable to an employee, elected by the employee under any Savings Plan and including earnings not payable by application of a salary ...

According to the US Bureau of Labor Statistics (BLS), the median annual wage across all occupations in 2021 was $58,260 [1]. For a person living in Phoenix, Arizona, where the median wage is $56,610, earning above the national average may be considered very good.

Key findings. National average income: The national average U.S. income in 2021 was $97,962. The median U.S. income in 2021 was $69,717. Highest paying jobs: Chief executives and nurse anesthetists earned over $200,000 a year on average in 2021, making them the highest paid occupations.

Pew defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the United States Census Bureau. That means American households earning as little as $47,189 and up to $141,568 are technically in the middle class.

Which is the world's poorest country? Burundi is the world's poorest country followed by Central African Republic, DR Congo, South Sudan and Somalia as the poorest. The richest countries are Luxembourg, Singapore, Ireland, Qatar and Switzerland. Soberingly, 19 of the 20 poorest countries are all located in Africa.

The states with the highest median household income are Maryland, New Jersey, and Massachusetts. The states with the lowest median household income are Mississippi, West Virginia, and Arkansas.

The economy of The Bahamas is dependent upon tourism and offshore banking. The Bahamas is the richest country in the Caribbean and is ranked 14th in North America for nominal GDP. It is a stable, developing nation in the Lucayan Archipelago, with a population of 391,232 (2016).

There is no income tax in the Bahamas, whether you're a resident or non-resident living on one of the islands. However, if you're an expat, you're still responsible to pay your country's income taxes.

Are Bahamas taxes high? ›

Is The Bahamas a Tax Haven? The Bahamas is definitely considered a tax haven first and foremost because there is no personal income tax. There is also no Capital Gains Tax, Inheritance or Gift Tax, nor are there any wealth taxes or taxes on share dividends and interest.

Living in The Bahamas will give you access to some of the most beautiful scenery in the world, the relaxed pace of island life, glorious weather and nearly unmatched tax benefits. But life in The Bahamas also comes with a high price tag.

Do I need to apply for a visa? American passport holders do not require visas to enter The Bahamas for a maximum duration stay of up to eight (8) months.

Retiring in the Bahamas offers retirees financial perks and benefits that appeal to American residents. Unlike the United States, becoming a permanent resident of the Bahamas will mean that you are not subjected to paying income taxes, capital gains taxes, or inheritance taxes.

Is it possible for a non-Bahamian to purchase property in The Bahamas? Yes. Overseas Investors may acquire residential properties in The Bahamas of up to five acres without prior Government approval. Such acquisitions are required to be registered in accordance with the International Persons Landholding Act.