Story: The Golden Years, Bahamas Style

As winter draws near, many Canadians begin to yearn for warmer and more hospitable days. Younger vacationers tend to flock to the likes of Mexico, the Dominican Republic, and Cuba. The older, and more well-heeled crowd often favor the ‘british’ Caribbean isles, such as Barbados, Turks & Caicos, and the U.S. Virgin Islands. As my wife and I gradually approach retirement age, we consciously consider the pros and cons of each country we visit, in anticipation of where we might ultimately retire (or at least spend our winter months). An increasingly popular location for Canadians retiring abroad is The Bahamas, in particular New Providence Island, the country’s economic and historic centre.

The minimum criteria for most retirees are the three S’s: sun, sand, and sea. In terms of climate, The Bahamas are classified as 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, typically falling into the mid to high teens. Summers tend to be rather muggy, with the major concern being that of hurricanes between the months of June and November. Fortunately, hurricanes are actually very infrequent here, despite its proximity to the U.S. 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, as well as on private beaches fronting hotels, 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, as many ships have sunk near New Providence in the past few centuries. The waters in this area are also teeming with game fish, and boat charters and fishing outfitters abound for those interested.

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 (tel: 242-328-5800; www.nagb.org.bs), Fort Fincastle/Queen’s Staircase, Government House, the British Colonial Hilton hotel (tel: 242-302-9009; www.hilton.com), and the famous Straw Market. Hour-long walking tours arranged by the Ministry of Tourism (242-395-8382) are available daily between 9AM and 2PM. From here you can hop the #10 jitney for US$1 to get to the small but popular zoo Ardastra Gardens (tel: 242-323-5806; www.ardastra.com). Here the main attraction is the parading flock of pink Caribbean flamingos which performs three times daily. Golfing buffs will find some of the best golfing in The Bahamas at the Cable Beach Golf Course (tel: 242-327-1741) and at the Ocean Club Golf Club (242-363-3000).

Perhaps the single most popular vacation destination in The Bahamas is Paradise Island, located 180 metres off the northern shore of New Providence Island. This can be reached from Nassau by walking (no charge) or driving (US$1 toll) across a bridge or by a 10-minute-long water taxi ride (US$3 one way). The centrepiece of Paradise Island is the upscale, mammoth, mega-resort Atlantis (tel: 242-363-3000; www.atlantis.com). Thousands of cruise ship passengers flock here daily to view its massive and stunning collection of open-air marine habitats, as well as its marina, which is home to some of the most spectacularly over-the-top yachts in the world.

Many visitors to New Providence Island, especially cruise ship passengers, come simply for its shopping. The range of goods is staggering, ranging from tacky souvenirs and straw work to duty free luxury goods from such names as Bulgari, Ferragamo, and Cartier. The principal shopping area in Nassau is the historic Bay Street (with its adjoining side streets), and the greatest concentration of shops on Paradise Island is found at Atlantis and at the boutiques within the resort’s waterfront Marina Village.

For those looking to retire abroad, the additional key considerations have to do with the other three S’s: safety, security, and stability. Granted internal self-rule by Great Britain in 1964, The Bahamas have chosen to remain in the Commonwealth, with the British monarchy remaining as head of state. Unlike neighbors Jamaica and Haiti, its transition from white minority rule to black majority rule took place with relative ease. It has also retained its democratic traditions (present since 1729) and well-developed British-based political and judicial system, with its commitment to group and individual property rights. 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 in the tourism infrastructure (including the addition of more police officers walking ‘the beat’ to further cut down on the relatively low crime rate).

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 and $1 trillion in assets under administration. 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 and A2 short-term sovereign credit rating by Standard & Poor’s, and an A3 investment grade rating on its sovereign debt by Moody’s Investor Services. Additional information about the Bahamian financial services sector can be found at www.bfsb-bahamas.com.

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. In fact, during our numerous shopping excursions throughout New Providence, not once did we lay hands on any Bahamian currency. Next, English is the official language, a bonus for those preferring not to have to learn any Spanish. 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, friendly 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. For more information on retirement abroad, check out the Canadian government’s website at www.canada.gc.ca.