What is VAT free in the Bahamas?
What is VAT free in the Bahamas? The broad based consumption tax is applied to almost all goods and services that are imported, bought and sold for use in The Bahamas. Two rates of VAT are applied which is the standard rate of 10% and a zero rate of 0%. Goods exported to customers abroad are classified as exempt from VAT or zero rated.
Why is Bahamas tax free?
This is because citizens of the Bahamas and resident aliens pay no taxes on personal income, inheritance, gifts, or capital gains. 1 Instead, the government derives revenue from other forms of tax, including value-added tax (VAT), property taxes, stamp taxes, import duties, and license fees.
Is Gucci cheaper in the Bahamas?
Gucci is less expensive than the US because they mostly sell last seasons merchandise. I got a pait of shoes and a handbag there for $700, plus no tax (you do have to pay duty on over $800, I think. Makeup is no cheaper, but no tax, so you do save a little.
Is Bahamas tax free for US citizens?
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.
How much cash should I bring to Bahamas?
Those coming to the Bahamas should be aware that a daily budget for the islands typically runs around $100. Guests of the islands will be able to purchase everyday necessities and afford meals with this amount per day: although it might be better to budget for closer to $150-$200.
What can you not bring into The Bahamas?
Anything except fresh fruits, vegetables and dairy products can be brought into The Bahamas. All meats must be canned or frozen.