The average salary in the Bahamas is3.900BSD(Bahamian dollars) per month. This corresponds approximately3.898 US-Dollar(United States Dollars) per month at the March 2022 exchange rate.
This is significantly less than other popular outsourcing destinations such as the US ($7,900 per month), UK ($7,760 per month) and Singapore ($6,208 per month).
So, let's understand what factors influence this number and other related aspects.
In this article, we cover everything you need to know about the average salary in the Bahamas, including a detailed salary comparison across various aspects such as occupation and experience. We will also examine the factors that affect salaries along with average salaries for some popular jobs.
Finally, we will highlight the benefits of outsourcing to the Bahamas and the best services for outsourcing to this island nation.
- The average salary in the Bahamas
- 3 factors affecting wages in the Bahamas
- Average salaries for popular jobs
- Average monthly salary in the Bahamas compared to the world
- Benefits of outsourcing
- Core services to outsource
Let us begin.
The average salary in the Bahamas
According to the 2022 Salary Explorer survey, the national median salary for an employee working in the Bahamas is46.700BSD Per year(Bahamian Dollar) – The national currency of the Bahamas.
This matches with46.720 USDper month based on the March 2022 exchange rate.
However, keep in mind that this number is an average and may vary from person to person.
Let's look at the different aspects of the average salary:
1. Average salary range
The average salary in the Bahamas ranges from990BSDper month(US$ 989) a17.400BSDthroughmes(USD 17,389) – where BSD 990 is the lowest median salary and BSD 17,400 is the highest median salary.
monitoring: These are average values. the real maxsalarycan be larger and the real minimumsalaryit can be smaller.
2. Average Salary
The average median salary for the Bahamas is4.050 BSD(USD 4,047) per month.
what is the mediansalary?
The median salary represents the 50th percentile or the value of the median salary.
This means that half of the employees in the Bahamas earn less than BSD 4,050 as a monthly income, while the other half earn more than BSD 4,050 per month.
3. Salary Percentages
For a more detailed analysis of the salary distribution, we can also include the 25th and 75th percentile in addition to the median.
For him25th percentile, surveyed compensation data showed 25% of Bahamas earn less than2.270 BSD(USD 2,268) per month, while 75% earn more than BSD 2,270 per month.
if you look at that75th percentile, the data collected states that 75% of the Bahamas earn less than11.100 BSD($11,102) per month. And 25% earn more than BSD 11,100 per month.
4. Minimum Wage
The minimum wage is the mandatory minimum rate (based on a fixed hourly rate) that employers are required to pay their employees for work.
The minimum wage in the Bahamas was last raised on August 15, 2015.
From March 2022, the statutory hourly minimum wage will apply in the Bahamas like 2015 -5,25 BSD (5,25 US-Dollar), this corresponds to 42 BSD per day or 210 BSD per week.
5. Average annual salary increases
Employees in the Bahamas earn average2%increase every year. However, it is not necessary for an employee to earn a raise exactly after one year.
Because of this, employees in the Bahamas are likely to see an increase of about 5% every 28 months. that's a bithigherthan the global average of 3% every 16 months.
Let's take a detailed look at annual salary growth rates by industry and experience:
A. Average annual salary increase by industry
Here is the average salary increase rate in different job areas in the Bahamas:
|Industry||Average annual growth|
B. Average annual salary increase by experience
Here is the Bahamas' average annual gain range based on experience level:
|experience level||Average annual growth|
Let's dive into some average base salary comparisons by various factors.
3 factors affecting wages in the Bahamas
An average salary can depend on factors such as:
- school qualification
- industry type.
- Work experience.
- Type of job (full-time, part-time, or remote work).
- professional group and more.
Here we look at how the average salary can vary based on an employee's experience, education level, and location.
In general, the average salary of a Bahamian employee increases with experience.
According to a 2022 Salary Explorer survey:
- people with2-5years of experienceare paid32%more than those with less than two years of experience.
- employees with more than5-10years of experiencewin one36%higher salary than employees with less than five years of experience.
- professionals with10-15years of experienceI do21%more than those with 5-10 years of experience.
- an employee with15-20years of experienceyou get paid14%Salary higher than an employee with 10-15 years of experience.
- executives withmore than 20years of experienceto win9%more than people with 15-20 years of experience.
monitoring: The above figures are for guidance only. For a more accurate salary report, you should contact aloadat once.
Education level can play a key role in Bahamas salaries, especially if you are hiring a freshman.
So how much should you expect to pay a Bahamian?residentswith a college degree?
Let's see how different titles affect the average salary in the Bahamas:
- A person with a certificate or diploma earns about17%more than a person who just graduated from high school.
- Switch to employees with a bachelor's degree, they earn around24%more than one certificate or diploma holder.
- An employee with a master's degree earns about29%more than a bachelor's degree
- Finally, a person with a Ph.D. does about23%more than professionals with championship.
monitoring: Salary variation can vary from place to place and depends on theworkedtype andjob descriptionwhat is more
Larger cities tend to offer workers more job opportunities.
Let's look at some of the dates for two of the largest cities in the Bahamas:
NassauIt is the capital of the Bahamas and is located on the island of New Providence.
Those who work in Nassau earn approx3,120 BSD ($3,112) per month🇧🇷 That's 20% less than the national average salary in the Bahamas.
In general, the average monthly salary ranges from at least790 BSDup to max13.900 BSD🇧🇷 And the average salary in Nassau is around 3300 BSD (3298$) per month.
Here is a list of average salaries for some popular jobs in Nassau:
|profession||Average salary (per month)|
|financial manager||6.100 BSD|
|Business Analyst||4.170 BSD|
|mechanical engineer||2.920 BSD|
B. Puerto Franco
Freeport is the second largest city in the Bahamas and has an average salary of3,120 BSD ($3,112) per month.
Chief Executive Officer (BSD 7.220), Finance Manager (BSD 6.140) and Lawyer (BSD 6.060) are some of the highest paying positions in Freeport.
Here are some other important stats as well:
- The average salary is 3370 BSD per month.
- Employees with 2-5 years of experience earn 32% more than freshmen or juniors.
- People with a bachelor's degree earn 24% more than graduates.
Read on to explore average monthly salaries for different jobs.
Average salaries for popular jobs
IT Manager, Dentist, Sales Manager and Business Analyst are among the highest paying positions in the Bahamas.
Let's look at the average salaries for some popular jobs in 2022:
|profession||Average monthly salary|
|Sales manager||7.130 BSD|
|personnel manager||5.800 BSD|
|Business Analyst||5.210 BSD|
|estate agents||3.380 BSD|
|high school teacher||3.370 BSD|
|sales representative||2.470 BSD|
|Administrative Assistent||2.010 BSD|
Next we compare the average monthly salaries worldwide.
Average monthly salary in the Bahamas compared to the world
Let's take a look at how the average monthly salary in the Bahamas compares to other countries:
|Land||Average monthly salary||% Difference|
|United Kingdom||7809 USD||100%|
|New Zealand||5628 USD||44%|
|Costa Rica||USD 3.618||-7%|
|South Korea||3180 USD||-18%|
|South Africa||USD 2.130||-45%|
monitoring: The numbers above areSalary EstimatesExtracted from salary reports for Bahamian employees, including expatriates. They are provided as a general guide only and may vary depending on experience, industry,cost of livingin certain places etc.
Let's see why the Bahamas is an ideal outsourcing destination and what services you can easily outsource.
Benefits of outsourcing
By outsourcing your business to the Bahamas you will enjoy some benefits such as:
- Access to a large pool of skilled workers.
- Home for English speaking talent.
- Better call center services by friendly and attentive staff.
- Favorable time difference with New York and countries in Latin America, North and South America, Africa and the Middle East.
- Highly motivated government focused on infrastructure growth and economic expansion.
Core services to outsource
These are the two main services you can outsource to the Bahamas:
You can hire an outsourced call center team in the Bahamas for services like:
- Business Process Outsourcing (BPO).
- Technical support.
- Sales Outsourcing.
- Customer service.
- Back Office Services.
B. Accounting and payroll services
With the help of a Bahamian company, you can outsource accounting and payroll services such as:
- Prepare employee payslips.
- prepare annual financial statements.
- Edit accounting records.
- Calculate various wage deductions, such as B. Insurance.
- Register with local authorities and authorities.
This way you can ensure that your company is always consistent and compliant, paying attention to the smallest details.
The average salary in the Bahamas is lower than in countries like Singapore, South Korea and Dubai, making it a popular place for outsourcing.
Additionally, when you outsource to the Bahamas, you not only reap the fantastic benefits of a talented workforce, but also a caring government.
So if you are planning to outsource your operations to the Bahamas, use this guide to understand the average salary and make the right decision for your business.
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What is the average income in the Bahamas? ›
|Characteristic||Income per capita in U.S. dollars|
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.What is the average monthly income? ›
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).What is the minimum salary in Bahamas? ›
|Per Hour||Per week|
|National Minimum Wage Minimum Wages - last checked - 1/8/19||BSD5.25||BSD210.00|
- Doctors and Surgeons: 174,000 BSD.
- Judges: 146,000 BSD.
- Lawyers: 118,000 BSD.
- Bank Managers: 111,000 BSD.
- Chief Executive Officers: 104,000 BSD.
- Chief Financial Officers: 97,400 BSD.
- Orthodontists: 93,900 BSD.
- College Professors: 83,500 BSD.
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.Can a US citizen live full time in the Bahamas? ›
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.What is minimum wage in Nassau? ›
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 much is rent in Bahamas? ›
|Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area||B$2,744|
|Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area||B$1,697|
|Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat||B$355|
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.How much do resort workers make in the Bahamas? ›
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.What is a very good monthly salary? ›
A good monthly income in California is $3,886, based on what the Bureau of Economic Analysis estimates that Californians pay for their cost of living. A good monthly income for you will depend on what your expenses are and how much you typically spend per month.What country has the lowest average income? ›
As of 2021, Hungary had the lowest average monthly salary of employees in the world in terms of Purchasing Power Parities (PPP), which takes the average cost of living in a country into account. Zimbabwe had the second lowest average wages, with Ethiopia in third.Are the Bahamas affordable to live? ›
The Bahamas has a high cost of living
This isn't too much of an issue if you're planning to buy a vacation home but for those who want to buy a permanent home, it could be a factor. To save on expenses, residents often buy their essentials in bulk, as well as purchase their groceries from the local markets.
There is no income tax in the Bahamas, whether you're a resident or non-resident living on one of the islands. However, if you're an expat, you're still responsible to pay your country's income taxes.Is Bahamas high income? ›
The Bahamas is a high-income economy heavily dependent on the tourism and financial service sector. While its GDP has risen steadily for the past three decades, the country has experienced low growth rates and mounting levels of debt since the global financial crisis.What is a good salary in Bahamas? ›
Average salary range
The average salary in the Bahamas ranges from 990 BSD per month (USD 989) to 17,400 BSD per month (USD 17,389) — with 990 BSD being the lowest average salary and 17,400 BSD being the highest average salary.
Family of four estimated monthly costs are 4,535.6$ 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.Do you pay property taxes in 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.Does the Bahamas have free healthcare? ›
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.What are the most common jobs in the Bahamas? ›
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.What is the best Bahama island to live on? ›
- New Providence Island. Best Place to Live for Expats. ...
- Grand Bahama Island. Best Place to Live for Groups. ...
- San Salvador Island. Best Place to Live for History Buffs. ...
- Paradise Island. Best Place to Live for Families. ...
- The Exumas. ...
- Eleuthera. ...
- Harbour Island. ...
- The Abacos.
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.Can US citizens buy property in Bahamas? ›
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.How much do you get paid at Atlantis Bahamas? ›
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.What states have a $15 an hour minimum wage? ›
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.Is Bahamas cheaper than USA? ›
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.How many paid sick days 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.What is the working age in the Bahamas? ›
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.How much would it cost to stay in the Bahamas for a week? ›
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.Do all-inclusive resort workers get paid well? ›
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.Do people who work at resorts make good money? ›
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.How can I make fast money in the Bahamas? ›
- Tutor. As a mathematics tutor, of course I am going to start here! ...
- Teach. ...
- Host a Workshop or Class. ...
- Make or Grow Something. ...
- Trade ForEx. ...
- Manage Social Media Pages. ...
- Start a Dropshipping Business. ...
- Become An Influencer.
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 ...What is a good salary in the USA? ›
According to the US Bureau of Labor Statistics (BLS), the median annual wage across all occupations in 2021 was $58,260 . For a person living in Phoenix, Arizona, where the median wage is $56,610, earning above the national average may be considered very good.What is the average American salary? ›
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.What salary is middle class? ›
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.What is the poorest country of all time? ›
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.Which country is best for good income? ›
- Norway. #1 in Income equality. #13 in Best Countries Overall. ...
- Denmark. #2 in Income equality. #10 in Best Countries Overall. ...
- Finland. #3 in Income equality. ...
- Sweden. #4 in Income equality. ...
- Switzerland. #5 in Income equality. ...
- Canada. #6 in Income equality. ...
- New Zealand. #7 in Income equality. ...
- Belgium. #8 in Income equality.
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.Is Bahamas a rich or poor country? ›
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).Do Americans pay taxes in the Bahamas? ›
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.What is the living standard in Bahamas? ›
Cost of Living in Bahamas.
|Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment||267.16$|
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.What is the unemployment rate in the Bahamas? ›
Bahamas Unemployment Rate 1991-2023.
|Bahamas Unemployment Rate - Historical Data|
|Year||Unemployment Rate (%)||Annual Change|
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.Can a US citizen retire in the Bahamas? ›
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.Can an American buy a house in the Bahamas? ›
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.