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Cheaper living in Freeport???

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Falcon7
7/30/2019 16:03 EST

I just read the post from Wonderer 771 and the responses to his post about "higher cost of living vs no income tax" and have to admit I was a little disappointed in the outcome. I would love to plan on retiring there in the Bahamas but based on those responses, it just seems like the cost of living there in Nassau is DEFINITELY out of the question. SO....... my question is : Is the cost of living in the Freeport area any cheaper than over there in Nassau or is it pretty much the same?? I'm 54 years old (from Oklahoma) and am trying to get everything together so I can retire at about 60 so I've still got time to do my research. Any help or comments will be greatly appreciated.

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ConchyJoe
8/1/2019 08:22 EST

I can't address the cost of living in Nassau, as I've never been, but I can compare Freeport to the States. We bought our retirement home in Freeport last year.
First thing is electric: STUPID expensive! About 3 times what you pay in the States. We usually run about $150 a week when we are being conservative with the electric. I do like my air conditioning though... we have gas appliances (stove and dryer) and propane is actually just a hair cheaper here than in the States.
Food: If you shop hard, you can find food for about the same price as US. Quality usually not as good, and some things are more expensive, so you adjust your buying habits. Steak is ridiculous, but chicken and pork not so bad.
Gasoline: Close to 5 bucks a gallon.
Real Estate: No property tax! Nice. And, housing on Grand Bahama is really low right now, but so is the economy. Waiting on the local economy to turn up a bit since the US economy has been going so well, but most of the money seems to be going to Nassau...
Taxes: All of the tax revenue here is generated by duty on imports, or a Value Added Tax, that I believe is at 12% right now... maybe 12.5%. Somewhere around there.

Hope some of this helped. We love Grand Bahama. Haven't moved there full time, as retirement is still a few months off, but we have been going since 2002, and own a house on the island now. A lot of people have left the island with the down turn of the economy, and it has a bit more of the family island feel, as it seems a bit empty any more.

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dolfie
8/1/2019 19:59 EST

Freeport has a hospital, police force, custom and immigration services, a magistrate and supreme court, education and social services.
That costs money and without income taxes they need to get it from somewhere.
Once you budget your life it is working to retire in Freeport with a modest income or retirement pay.
You best buy a house. Rent is not cheap.
I have built my house in a economic way and with good insulation and have installed solar.
A $12.000.00 investment brings your power bill down below $50.00 a month, considered you live accordingly.
Milk $6-8.00 per gallon
If you don't like laid back style life, beaches, fishing, nature and have a homey life it will be boring at the end
Otherwise you are in paradise.

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