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Remote worker tax avoidance

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friend93
11/16/2018 19:19 EST

Hi, has anyone had experience moving to the Bahamas as a remote worker for purposes of tax avoidance? I do remote software development work and give up about 1/3 of my income even though it is earned abroad. Would a move to the Bahamas make sense? Has anyone made a similar move?

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Robbai
12/17/2018 19:20 EST

This completely depends on your citizenship and the country the company you work for is located in.

For Example; As an American you will pay tax on the first portion of your income no matter where you live or where the company you work for is located. As a Canadian living in the Bahamas you would not pay income tax for work done for a company not in Canada as long as you are no longer a legal resident of Canada.

In short... talk to your accountant or a fiscalist before you make any decisions.

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dolfie
12/19/2018 22:36 EST

Apart from this: to lawfully reside in the Bahamas and to have a tax story, a work permit or permit to reside "with the right to work" is the rightful way.
Annual residence permit or home- owners permit may not be enough from the Bahamas side of the coin.

Working undocumented in the Bahamas is considered a crime

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sdamazo
12/20/2018 09:37 EST

Remote work may fall in another category and is certainly not a crime. It is the same everywhere. As for work permit, it is more strict in Bahamas if you want to work with Bahamian companies due to market restriction. It is not our cases since we work for international agencies/companies.

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dolfie
12/20/2018 14:46 EST

Is this a "category" you can refer to in the Bahamian Law or is it one to be "added"?
The argument has still the word "work" in it and the place where it is provided is still the Bahamas.
Once you apply for "residence" you will find yourself providing contradictory statements in your application forms. You might end up sitting between 2 chairs, where on one side you will need to prove that you can "provide" for yourself to get residence (apart from other restrictions) and "if" questions are asked by your original country you will need to provide an adequate answer. Check your citizenship rules very well before you take this step.

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debib
5/24/2019 09:55 EST

I am an American and the only way to avoid tax is to pass one of two tests. You won't be a "resident' here but if you stay out of the USA a total of 333 days in a calendar year, you do not have to pay income tax on the first $98K earned.

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For expats in Bahamas, choosing an expat health insurance provider is an important decision. Get a quote from our partner, Allianz Care. Their plans ensure that you have access to quality healthcare whenever you need it. Allianz Care's flexible solutions allow you to tailor your cover to meet your needs and budget.

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breija
5/24/2019 11:44 EST

Keep in mind that working "remotely" from here, is still considered "working" in the Bahamas, would legally require that you have permission, via a work permit, to earn any income from work you perform while in the Bahamas.

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