Bahamas - Special considerations for short-term assignments

Bahamas - Special considerations for short-term...

Taxation of international executives

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For the purposes of this publication, a short-term assignment is defined as an assignment that lasts for less than one year.

Residency rules

Are there special residency considerations for short-term assignments?

A work permit is required to take up residency.

Payroll considerations

Are there special payroll considerations for short-term assignments?

Normal payroll requirements apply except that exchange control approval is required to remit a portion of salary to the home country.

Taxable income

What income will be taxed during short-term assignments?

No income tax; however, the social security deducations are applied up to BSD32,240 of income.

Additional considerations

Are there any additional considerations that should be considered before initiating a short-term assignment in the Bahamas?

Consult prospective employer for documents required to be submitted with work permit application.

© 2016 KPMG, the Bahamas partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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