The Golden Years, Bahamas
Style
by Dr Howe Sim,
published in Caribbean Choice
As winter draws near, many
Canadians begin to yearn for warmer and more hospitable days. Younger
vacationers flock to less wallet-taxing destinations such as Mexico, the Dominican
Republic, and Cuba. The more well-heeled crowd tend to favor “British” islands
such as Barbados, Turks & Caicos, and the U.S. Virgin Islands. As my wife
and I near retirement age, we consciously consider the positives and negatives
of each island nation we visit, in
anticipation of where we might ultimately spend our golden years. An
increasingly popular location for Canadians retiring or snowbirding abroad is
The Bahamas, in particular New Providence Island, the country’s economic and
historic center.
The minimum criteria for most
retirees are the three S’s: sun, sand, and sea. In terms of climate, The
Bahamas are considered a subtropical destination. It is roughly on the same
latitude as the southern tip of Florida, so Bahamian winters tend to feel like
late spring or early summer in Canada. However it is not unusual for
temperatures to run into the high 20’s or even 30’s. Winter nights can be a bit
cool, often dropping to the mid- to high teens. Summers tend to be rather muggy, with the major worry being that
of hurricanes from June till November. Fortunately, hurricanes are actually
very infrequent here, despite its proximity to the American gulf coast.
For most visitors, the most
alluring features of The Bahamas are its clear turquoise waters and wide white
powdery beaches. Consisting of more than 700 islands and 2,000 cays (Spanish
for small islands), this Commonwealth boasts some of the best beaches in the
Caribbean, particularly New Providence Island’s public Cabbage and Cable
Beaches. Vendors on these beaches offer
banana boat rides, jet skiing, water skiing, parasailing, and snorkeling trips,
as well as boating excursions to offshore islands. Many spectacular dive sites, such as the famous Shark Wall, can
be found in the area. The waters here are also teeming with game fish, and boat
charters and fishing outfitters abound for those interested.
Vendors on Bahamian beaches offer all sorts of water-based activities
For
landlubbers who also want to keep busy, there are plenty of things to see and
do in New Providence. Most of the million and a half tourists visiting The
Bahamas each year spend some time experiencing the colonial charm of its
colorful capital city of Nassau. Much of
downtown Nassau can be explored on foot, beginning at Rawson Square, then
taking in such sights as the National Art Gallery, Fort Fincastle, Government
House, the British Colonial Hilton hotel, and the famous Straw Market. From
here you can hop the #10 jitney for US$1 to get to the small but popular zoo
Ardastra Gardens, where the main attraction is the parading flock of pink
Caribbean flamingos. Golfing buffs will
find some of the best golfing in The Bahamas at the Cable Beach and Ocean Beach Golf Courses.
Ardastra Gardens is famous for its troupe of parading Caribbean
flamingos
Perhaps
the single most popular tourist draw in The Bahamas is Paradise Island, located
just off the northern shore of New Providence Island. This can be reached from
Nassau by walking or driving across a bridge or by a 10-minute-long water taxi
ride. The centrepiece of Paradise
Island is the upscale, mega-resort Atlantis. Thousands of cruise ship
passengers flock here daily to view its stunning collection of open-air marine
habitats, as well as its marina, which is home to some of the most lavish
yachts in the world.
The megaresort
Atlantis is known for its outdoor marine habitats
Many
visitors to New Providence Island, especially cruise ship passengers, come
simply for its shopping. The range of
goods is impressive, ranging from tacky souvenirs and handmade straw work to
duty free luxury goods from such names as Bulgari, Ferragamo, and Cartier. The main shopping area in Nassau is historic
Bay Street, and the greatest concentration of shops on Paradise Island is found
at Atlantis and at the boutiques within the resort’s waterfront Marina
Village.
Many mid- and
high-end boutiques are located in the Atlantis’ Marina Village
For those
looking to retire abroad, additional key considerations have to do with the
other three S’s: safety, security, and stability. Granted self-rule by Great
Britain in 1964, The Bahamas have chosen to remain in the Commonwealth, with
the British monarchy as head of state. Unlike neighbors Jamaica and Haiti, its
transition from white minority rule to black majority rule occurred with
relative ease. It has also retained its democratic traditions (present since
1729) and a well-developed British-based political and judicial system. Here,
the gap between the ‘haves’ and ‘have-nots’ is not quite as glaring as in some
of the other larger cities in the Caribbean. Tourism accounts for half of the
country’s gross domestic product, so the government continually funds
improvements to the tourism infrastructure.
The
Bahamas also happens to be one of the Caribbean’s premiere commercial and
banking hubs. It is home to over 250 banks and trust companies, which combined
have balance sheet assets of $300 billion.
The country remains committed to a tax-neutral platform in which there
are no taxes on capital gains, inheritance, and corporate and personal income.
Unlike many of its neighbors, foreign nationals can buy real estate in The
Bahamas with relative ease.
Furthermore, purchase of a home valued at US$500,000 or more provides
speedy eligibility for permanent resident status. In view of the country’s economic stability, the country has been
assigned an A1 long-term sovereign credit rating by Standard & Poor’s, and
an A3 investment grade rating on its sovereign debt by Moody’s Investor
Services.
The British Colonial Hilton is one of several popular sights in downtown
Nassau
And for
those who enjoy the balmy Caribbean climate but prefer not to feel too out of
place in a foreign country, there are additional advantages to settling in The
Bahamas. For one thing, American
currency, on par with Bahamian currency, is accepted everywhere. Next, English is the official language, a
plus for those preferring not to have to learn Spanish as a second
language. Finally, for retirees,
another attractive feature is the country’s proximity to North America. It is a mere 30 minute flight from Miami,
and just over three hours from Toronto (with which it shares the same time
zone). For us, the best reasons to
consider moving here are the wonderful climate and the equally warm, genuine
smiles of its residents. So if you are contemplating retirement abroad,
consider New Province Island in The Bahamas as an option for middle- and
high-income families.