Bahamas Residency Information
The Bahamas is a 13,878 kmÇ country in Atlantic Ocean, with the population of 388.000 K people. Bahamas is a coral-based archipelago, which is comprised with 700 islands and with more than 2,000 rocks and cays. Very near to Florida, Bahamas is famous for its beautiful beaches and tourism paradise. Tourism and offshore / Private Banking are major contributors to the Bahamas economy. Besides that, the Bahamas is an offshore banking center, home for offshore international business companies (IBC) and is a favorable tax jurisdiction. Because of those reasons, many investors from all over the world are willing to obtain a permanent residency card in Bahamas.
The Bahamas has an economic investment program that allows investors to obtain permanent residency in accelerated manner, in case if he/she makes a considerable amount of investment in the country. The investor must buy a real estate or condominium worth at least 500,000 BSD. The program includes the spouse and dependent children of the investor. The permanent residence is issued until the death of the investor and entitles him/her to work and live in the country, but does not entitle to vote. Family members are only entitled to receive the permanent residency, if the investor has sufﬁcient funds to support them.
Process for Bahamas Investor Residency Card:
Any person desiring to own property in the Bahamas must receive permission from the Bahamas Government. After receiving permission to purchase, and successfully completing the purchase of the property, the purchaser can apply for a home owners residency card and seek permanent residency in the Bahamas. Application is made through the Bahamas Immigration Department.
Beneﬁts of Bahamas Investor Permanent Residence:
- Favorable tax jurisdiction
- Right to live in the country, without obligation to renew the residence permit
- Right to buy and own real-property in Bahamas
- Enjoy all the privileges as a Bahamian citizen, except for the following:
- Voting rights
- Bahamas Passport, and Certain speciﬁc Businesses
- Easy travel to Commonwealth countries, members of the Caribbean Community and the members of the Organization of American States
- Opportunity to apply for Bahamian citizenship, after several years
- There are no capital gains, no income, no inheritance, no gift and no estate taxes.
- VAT Tax – 7.5% applied on all purchases
- Duty on imported goods varies per Bahamas Approved Duty Schedule
Fees Associated with Permanent Residency:
The fees associated with obtaining residency vary depending on who is chosen to assist in the process.