The average salary in the Bahamas is3900 BSD(Bahamian dollars) per month. This corresponds to approximately3.900Dollar(USD) per month, based on exchange rateApril 2023.
This is significantly lower than other popular outsourcing destinations such asGreat Britain($88,924 per year),U.S.($94,700 per year) iSingapore($76,548 per month).
So, let us understand what factors affect this number and other aspects related to it.
In this article, we cover everything you need to know about average salaries in the Bahamas, including a detailed comparison of salaries by occupation and experience. We'll also look at factors that affect salary, and the average salary for some popular jobs.
Finally, we'll highlight the benefits of outsourcing to the Bahamas and the island nation's best outsourcing services.
Average salary in the Bahamas
double 2023Salary Explorer Salary Exploreris the national average salary for employees working in the Bahamas46 700 BSD Per year(Bahamian Dollar) – The local currency of the Bahamas.
to sum upDollar3.900 monthly based on exchange rateApril 2023.
Note, however, that this is an average and varies from person to person.
Let's look at different aspects of the average salary:
1. Average Salary Range
The average salary in the Bahamas is between990 BSD per month(Dollar990) return17,400 BSD per month(Dollar17 400) – minimum average salary is BSD 990 and maximum average salary is BSD 17,400.
notes: These are average values. The actual maximum wage may be higher and the actual minimum wage may be lower.
2. Average salary
The average median salary in the Bahamas is 3.525 BSD(Dollar3.525) per month.
What is the average salary?
The median salary corresponds to the 50th percentile, or median salary.
This means that half of Bahamian workers earn less than3.525BSD as a monthly income while the other half earn more than3.525Monthly BSD.
third salary percentile
In addition to the median, we can also include the 25th and 75th percentiles for a more detailed analysis of the salary distribution.
for25th percentileSalary survey data shows 25% of Bahamians earn less than2.550BSDMonthly ($2,550) earning over 75%2.550Monthly BSD.
if you look75th percentileData collected indicates that 75% of Bahamians receive less than5.350BSD(Dollar5.350) per month. 25% earn more than5.350Monthly BSD.
4. Minimum wage
The minimum wage is a mandatory minimum wage (based on a fixed hourly rate) that employers must pay employees for their work.
Minimum wage in the Bahamasalready proposedIncrease from $210 to $260 per week in January 2023.
5. Average annual salary increase
Average Income of an Employee in the Bahamas2%Increased by one per year. However, it is not necessary for an employee to receive a raise for a full year.
Because of this, a Bahamian worker may receive a raise of about 5% every 28 months. that's a little bithigherThis is higher than the world average growth rate of 3% every 16 months.
Let’s break down the annual salary growth rate by industry and experience:
A. Average Annual Salary Growth by Job
Below are the average wage growth rates by industry in the Bahamas:
|industry||average annual growth rate|
Those ones: salaryexplorer.com
B. Experience Average Annual Salary Growth
Below are the average annual salary ranges in the Bahamas based on experience level:
|experience level||average annual growth rate|
Those ones: salaryexplorer.com
Let's look at some average base salary comparisons based on various factors.
3 Factors That Affect Bahamas Salaries
Average salaries may depend on the following factors:
- school eligibility.
- industry type.
- work experience.
- Type of work (full-time, part-time, or telecommuting).
- job category etc.
Here we see how average salaries vary based on employee experience, education level, and location.
In general, the average salary for Bahamian workers increases with experience.
According to the 2022 Salary Explorer Survey:
- personal and2-5 years experienceget paid32%More than those with less than two years experience.
- Exceed5-10 years experienceearn one36%Salary is higher than that of employees with less than five years of work experience.
- professionals with10-15 years experiencemake21%More than those with 5-10 years of experience.
- staff with15-20 years of experiencewill get14%Salary is higher than employees with 10-15 years of work experience.
- older employeesOver 20 years of experiencedeserved9%More than someone with 15-20 years of experience.
notes: The above figures are for reference only. For a more accurate salary report, you should be looking at one job at a time.
Level of education plays a vital role in salaries in Bahamas, especially if you are hiring freshmen.
So how much should you expect to pay a Bahamas resident with a college degree?
Let's see how varying degrees affect the average salary in the Bahamas:
- Those with a certificate or diploma earn approximately17%More people than just graduated from high school.
- continue to work as employees with a bachelor's degree who earn approximately24%Holders of more than certificates or diplomas.
- Employees with a master's degree earn approximately29%Possess a bachelor's degree or above.
- The last one with a Ph.D. give approx.23%More than professionals with a master's degree.
notes: Salary changes may vary by location, depending on job type and job description.
Larger cities tend to provide more employment opportunities for workers.
Let's look at some data for the two largest cities in the Bahamas:
NassauIt is the capital of the Bahamas and is located on New Providence Island.
people who work in nassau work nearbyBSD 3120 ($3112) per month.This is 20% less than the national average wage in the Bahamas.
Usually, the average monthly salary starts from the lowest790 BSDmaximum13.900 BSD.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 (month)|
|oral medicine||7860 BSD|
|financial director||6100 BSD|
|business analyst||4170 BSD|
|Mechanical Engineers||2920 BSD|
Those ones: salaryexplorer.com
Freeport is the second largest city in the Bahamas with an average salary ofBSD 3120 ($3112) per month.
Chief executive officer (7,220 BSD), financial manager (6,140 BSD) and lawyer (6,060 BSD) are the highest paid jobs in Freeport.
Also, here are some other important stats:
- The average salary is BSD 3,370 per month.
- Employees with 2-5 years of work experience earn 32% more than freshman or junior employees.
- Those with a bachelor's degree earn 24 percent more than those with a bachelor's degree.
Read on to learn more about average monthly salaries for different jobs.
Average Salary for Popular Jobs
IT managers, dentists, sales managers and business analysts are some of the highest paying jobs in the Bahamas.
Let's take a look at the average salary for some hot jobs in 2022:
|Profession||average monthly salary|
|oral medicine||9820 BSD|
|sales Manager||7130 BSD|
|IT manager||6450 BSD|
|HR director||5800 BSD|
|business analyst||5210 BSD|
|real estate agency||3380 BSD|
|high school teacher||3370 BSD|
|Office Supervisor||3360 BSD|
|sales representative||2470 BSD|
|Administrative Assistant||2010 edition|
Those ones: salaryexplorer.com
Next, let's compare average monthly salaries around the world.
Average monthly salary in Bahamas in global comparison
Let's see how the average monthly salary in The Bahamas compares to other countries:
Those ones: salaryexplorer.com
notes: The figures above are salary estimates drawn from salary reports for Bahamian workers, including expatriates. They are provided as general guidelines only and may vary based on experience, industry, cost of living in a particular location, etc.
Let’s now take a look at why the Bahamas is an ideal outsourcing destination and what services you can easily outsource.
Benefits of outsourcing
By relocating your business to the Bahamas, you will enjoy several benefits such as:
- Get lots of skilled workers.
- Home of English talents.
- Friendly and courteous staff provide you with the best call center service.
- The time difference between New York and countries in Latin America, North and South America, Africa and the Middle East is favorable.
- A highly motivated government with a focus on infrastructure growth and economic growth.
Excellent service from external staff
Here are two of the best services you can outsource to the Bahamas:
A. Call Center Services
You can hire an outsourced Bahamas call center team to provide the following services:
B. Accounting and Payroll Services
With the help of Bahamas companies, you can outsource accounting and payroll services such as:
- Prepare employee payslips.
- Prepare annual financial report.
- Process accounting records.
- Calculate various salary deductions such as insurance.
- Register with local communities and institutions.
This ensures that your company remains consistent and consistent throughout, with attention to the smallest detail.
Average wages in the Bahamas are lower than countries like Singapore, South Korea and Dubai, making it a popular location for outsourcing.
Also, by outsourcing to the Bahamas, you not only benefit greatly from a talented workforce but also get support from the government.
So, if you're thinking of outsourcing your business to the Bahamas, use this guide to determine the average salary and make the right decision for your business.
If a worker works 52 weeks a year, this equates to a national annual salary of $51,168, up 5.1 per cent from the previous year. Any sum beyond that should be regarded as a good salary; however, this is not always the case.What is the average salary in the US 2023? ›
As of May 25, 2023, the average annual pay for an American in the United States is $58,563 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.16 an hour.What is the average income of the Bahamas? ›
The average salary in the Bahamas is 3,900 BSD (Bahamian Dollar) per month. This amounts to roughly 3,900 USD (United States Dollar) per month, according to the exchange rates in April 2023.How much money do you need to live in the Bahamas? ›
Summary of cost of living in Bahamas: A family of four estimated monthly costs are 4,599.0$ without rent. A single person estimated monthly costs are 1,307.1$ without rent. Cost of living in Bahamas is, on average, 23.1% higher than in United States.What is middle class income 2023? ›
Middle class households here earn between $84,673 and $252,754.What is the wage grade cost of living increase for 2023? ›
As you've likely seen in the news, federal civilian employees are getting a significant pay boost in 2023. Civilians will be getting an average 4.6 percent increase. Here are the new GS pay tables.How many times will i get paid in 2023? ›
There will be 52 Fridays in 2023, meaning you can expect 26 biweekly pay periods in the 2023 calendar year.What is the average hourly wage in the US 2023? ›
In April 2023, the average hourly earnings of all employees in the United States was at 11.01 U.S. dollars. The data have been seasonally adjusted.What is the highest minimum wage in the US 2023? ›
- Washington: $15.74. Living wage: $19.58.
- California: $15.50. Living wage: $21.24.
- Massachusetts: $15. Living wage: $21.35.
- New York: $14.20. Living wage: $21.46.
- New Jersey: $14.13. Living wage: $18.71.
- Director Bahamas. Salary range: $60,000-$109,000 per year. ...
- Night Shift Bahamas. Salary range: $36,000-$80,000 per year. ...
- From Home Bahamas. Salary range: $36,000-$79,500 per year. ...
- Work From Home Bahamas. Salary range: $35,000-$78,000 per year. ...
- Virtual Bahamas. ...
- Internship Bahamas. ...
- Full Time Bahamas.
Is Bahamas a wealthy country? The Bahamas has the second-highest per capita GDP in the English-speaking Caribbean with an economy heavily dependent on tourism and financial services. Tourism accounts for approximately 50% of GDP and directly or indirectly employs half of the archipelago's labor force.
The Bahamas is a high-income service economy heavily dependent on tourism and financial services.Do I have to pay US taxes if I live in the Bahamas? ›
In general, yes — Americans must pay U.S. taxes on foreign income. The U.S. is one of only two countries in the world where taxes are based on citizenship, not place of residency. If you're considered a U.S. citizen or U.S. permanent resident, you pay income tax regardless where the income was earned.How much would a house cost in the Bahamas? ›
Ansell's agency, the average sale price across the Bahamas in 2020 was $359,079, with 3,179 homes listed for sale. In the first six months of 2021, the average price was up to $628,887, with 2,244 homes listed, a spike that reflected the surge of pent-up demand after transactions lagged for so long.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.Is $30000 a year considered middle class? ›
The federal poverty level for a family of four is $30,000 in 2023. According to U.S. Census Bureau data, the median (middle-class) household income was $70,784 in 2021 (most recent statistics).Is $40,000 a year considered middle class? ›
Is $40,000 a year considered middle class? According to Pew Research, a middle-class family of three makes between $56,000 and $156,000. Families of that size who bring in $40,000 a year would not be considered middle class. However, an individual making $40,000 a year would likely qualify as middle class.Is $25,000 a year middle class? ›
1) Standard Definition Of Middle Class
$25,000-$100,000 a year is what most would consider as a middle class income.
Rate Changes Due to the Minimum Wage Increase – January 1, 2023. Due to the enactment of Senate Bill (SB) 3, the California minimum wage increased to $15.50 per hour, effective January 1, 2023, for all employers.How much is a $2,500 raise? ›
If an employee's current annual salary is $50,000, and he earns a $2,500 raise, then the annual salary will increase to $52,500.
The average pay raise is 3%. A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional. Depending on the reasons you cite for a pay raise and the length of time that has passed since your last raise, you could request a raise in the 10% to 20% range.What is the future of payments 2023? ›
The future of payments will involve a greater emphasis on digital and mobile payments, as well as the continued development of peer to peer technologies. Also, Contactless payments, using technologies like NFC, will become more prevalent.What are the extra pay months for 2023? ›
- June pay dates: June 2, 16 and 30.
- December pay dates: Dec. 1, 15 and 29.
These are the three-paycheck months in 2023
If your first paycheck in 2023 was Friday, Jan. 6, your three-paycheck months will be March and September. Otherwise, if your first paycheck in 2023 was Friday, Jan. 13, your three-paycheck months will be June and December.
Is 50 an Hour Good? Yes, $50 an hour is actually good pay. To put things into perspective, $50 an hour is almost seven times higher than the federal minimum wage. As of 2022, the Federal minimum wage is $7.25 per hour.Which country pays highest salary? ›
The top three countries on this list are Switzerland, Luxembourg, and Singapore, where citizens earn more than Rs. 4 lakh per month on average. Specifically, the average monthly salary in Switzerland is Rs. 4,98,567, in Luxembourg it is Rs.Is $30 an hour good? ›
The average income per individual in the US is $35,384 per year, but the median income in the US is $64,994, which is right around the 30-dollar-an-hour mark. Since 30 dollars an hour is above the average income per individual, it's a livable wage, but it depends on a few factors.What is the lowest wage in the US? ›
The federal minimum wage is $7.25 per hour. This rate applies to covered nonexempt workers. The minimum wage for employees who receive tips is $2.13 per hour.What city in the US has the highest minimum wage? ›
Despite all its challenges, San Francisco remains a national leader in worker pay. After announcing a 6% increase for 2023, SF's new $18.07 wage will rank it second among the nation's largest 25 cities when it takes effect on July 1. With a pay rate of $18.69 per hour, only Seattle guarantees its workers more than SF.What is the lowest salary in the US? ›
The federal minimum wage for covered nonexempt employees is $7.25 per hour.
McDonald's Salary FAQs
The average salary for a Cashier is BSD 5 per hour in Nassau, Bahamas, which is 6% lower than the average McDonald's salary of BSD 6 per hour for this job.
Nassau and Paradise Island: Among the absolute top places to remote work in the Bahamas are undoubtedly Nassau and Paradise Island. Nassau is the capital city of The Bahamas and the largest city in the region.What is decent work for Bahamas? ›
The DWCP for 2021-2026 establishes a firm commitment between all partners to ensure that Decent Work is at the heart of national development in The Bahamas, particularly with respect to recovery and reconstruction following the impacts of Hurricane Dorian and the COVID-19 pandemic.What is the rich island in Bahamas? ›
Musha Cay In The Bahamas
It's super gorgeous and is one of the top most expensive islands in the world, and definitely worth visiting with your partner or family, to enjoy extraordinary scenic views of nature and indulge in adventurous water sports.
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.Is Mexico richer than Bahamas? ›
Mexico has a GDP per capita of $17,900 as of 2020, while in Bahamas, the GDP per capita is $30,800 as of 2020.Is Bahamas income tax free? ›
US expats living in the Bahamas only need to file their US tax returns and do not have to worry about filing a Bahamas tax return since the country does not impose an income tax on residents or non-residents.Why is the Bahamian dollar so strong? ›
The Bahamian economy is supported mostly by the tourism and fishing industries. They are able to support the stability of their dollar through trade. Because of this, the Bahamian GNP (Gross National Product) is one of the highest in the region.What is the unemployment rate in the Bahamas? ›
Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Bahamas unemployment rate for 2021 was 13.24%, a 0.08% decline from 2020.Are there tax benefits to moving to the Bahamas? ›
The Commonwealth of the Bahamas owes its tax haven status to its tax- and business-friendly laws for foreign investors. This is because citizens of the Bahamas and resident aliens pay no taxes on personal income, inheritance, gifts, or capital gains.
The cons of living in Nassau include the high crime rate, limited job opportunities, and the fact that the city can be quite expensive for tourists. Additionally, the infrastructure is not as developed as other Caribbean cities, and the public transportation system is not as reliable.How many Americans are living in the Bahamas? ›
It has been estimated that there are 30,000 Americans living in the Bahamas. Living in the Bahamas is an ever-popular choice for American expats, on account of the laid back culture, the climate, the beautiful beaches, and, of course, the tax advantages.How much is monthly rent in the Bahamas? ›
What is the average rent in The Bahamas? The average rental price for a one-bedroom apartment is around $1,250/month across the entire country (though you may be able to find studios for $1,000/month). This number is skewed slightly by higher costs near the cities and popular neighborhoods of Nassau and Freeport.Can a US citizen 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.How much money do I need per day in Bahamas? ›
In general, a 3-day & 2-night Bahamas trip cost around $800 for one person. For a family of four, the average Bahamas trip cost is about $630 per day. Overall, the total budget for a week's trip should be around $5500, considering the flight, transport, food, entertainment and souvenirs🤔.How long can you stay in The Bahamas with a US passport? ›
American passport holders do not require visas to enter The Bahamas for a maximum duration stay of up to eight (8) months.Is it easy to get a job in Bahamas? ›
While the Bahamas are more or less the place to be for foreign investors, expats who dream about working in the Bahamas have a hard time finding employment. This is due to the Bahamian government protecting its citizens and attempting to decrease unemployment among its own population.Can an American get a job in The Bahamas? ›
The government in the Bahamas issues several different types of visas to foreign nationals. Anyone who wishes to travel to the Bahamas for employment purposes will need one of the following permits: Short-term work permit: This permit allows foreign nationals to work in the Bahamas for up to 90 days.What salary does the average 23 year old make? ›
|Average Salary by Age (3rd Quarter of 2022)|
|Age Group||Average Salary|
According to a Pew study released last fall, the median income of middle-class American households is $70,784, based on Census data from 2021, the latest available. (Pew defines middle class as two-thirds to twice the U.S. median household income, adjusted for household size.)
Earning more than $100,000 per year would put you well ahead of the median American household, which brings in $74,784 as of 2021. Assuming you're an individual without dependents, that salary would qualify you as upper class, according to three different definitions (Brookings, Urban Institute and Pew Research).What is US average salary? ›
National average income: The national average U.S. income in 2021 was $97,962. The median U.S. income in 2021 was $69,717.How much is $28 an hour annually? ›
Frequently Asked Questions. $28 an hour is how much a year? If you make $28 an hour, your yearly salary would be $58,240.What is a good salary in US? ›
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.Is $40 000 a year middle class? ›
Is $40,000 a year considered middle class? According to Pew Research, a middle-class family of three makes between $56,000 and $156,000. Families of that size who bring in $40,000 a year would not be considered middle class. However, an individual making $40,000 a year would likely qualify as middle class.What is low class income? ›
Based on Pew's analysis, a three-person household would be considered low-income if they're bringing in less than $52,200 a year. This group makes up a significant chunk of the U.S. population, with about 38% of households making less than $50,000 in 2021.What is the top 5 income? ›
You'll start to see dramatic shifts in the top 5%, where the EPI found the average earners significantly increased to $343,000 in 2020, up from $324,000 the year before.What is considered a rich salary? ›
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.Is $1,000 dollars a month a good salary ? ›
Even under the best circumstances, $1,000 per month is not a huge amount of money. Try to live on $12,000 a year and your quality of life will be less than stellar in the best-case scenario.How long can you live off of 100k? ›
But all the same, 100k in retirement can last up to 30 years if you stick to the general 4% thumb rule of financial planning during retirement. This rule suggests that retirees 65 and older should withdraw at most 4% of their savings during the first year of retirement.