Where should I setup a bank account in Paradise Island?

"Expats considering retiring in Paradise Island, should be aware of several factors before making the move. Firstly, they should research the cost of living, as the Bahamas can be expensive due to the high cost of imported goods and services. They should also be prepared for the island's tropical climate, which includes hot and humid weather, as well as hurricane season from June to November. Healthcare is another important consideration, as the quality of medical facilities on Paradise Island may not be up to the standards of those in their home country. Expats should ensure they have adequate health insurance coverage and may need to travel to Nassau or even the United States for certain medical treatments. When it comes to housing, expats should be prepared for the high cost of real estate on Paradise Island. Renting or purchasing property can be expensive, and it is essential to work with a reputable real estate agent to find the best options within their budget. Expats should also familiarize themselves with the local culture and customs, as well as the official language, which is English. While Bahamians are generally friendly and welcoming, it is essential to respect their traditions and way of life. In terms of residency and visas, expats should research the requirements for obtaining permanent residency or a long-term visa in the Bahamas. This may involve providing proof of financial independence, as well as undergoing a background check and medical examination. Taxes are another important consideration, as the Bahamas does not have an income tax, but there are other taxes such as property tax and value-added tax (VAT) on goods and services. Expats should consult with a tax professional to understand their tax obligations in both their home country and the Bahamas. Finally, expats should consider the availability of social and recreational activities on Paradise Island. While the island offers beautiful beaches and a range of water sports, it is essential to ensure that there are enough activities and social opportunities to maintain a fulfilling lifestyle during retirement," explained one expat living in Paradise Island, Bahamas.

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