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Bahamas Residency by Investment
Bahamas Residency by Investment - Become a Bahamas Resident by Investing
OVERVIEW
The Bahamas offers residency by investment through its Economic Permanent Residency Program. By purchasing property valued at $750,000 or more, applicants can qualify for permanent residency. Higher investments, typically $1.5 million or above, may expedite the process. Additional requirements include background checks and financial solvency.
What is the Bahamas Residency by Investment Program?
In July 2021, a new clause in Bahamian immigration law was created to allow for permanent residency by investment. The enacting legislation is the Immigration Act, Chapter 191. Before 2021, Bahamian immigration law provided no direct path to permanent residency, and applicants had to first apply for a residence permit or homeowner’s ID card, and subsequently to submit a permanent residence application after one year.
This streamlined process allows foreign investors to gain Bahamas residency quickly, with the option to apply for citizenship after 10 years. The investment program takes approximately three months but can be expedited with a higher minimum investment. Applicants must reside in the Bahamas for at least 90 days annually to maintain their residency status.
Interested in Becoming a Bahamas Resident? J.H. Marlin is Here to Help.
Key Benefits of the Bahamas Residency Program
Business Incentives
- Tax Advantages: Enjoy a tax-free lifestyle with no personal or corporate income taxes, capital gains, inheritance, or estate taxes.
- Professional Opportunities: Eligibility for legal work permit status to conduct business in the Bahamas. Certain conditions may apply.
Family Benefits
- Inclusive Eligibility: Permanent residency can include spouses, children, and other dependent family members, regardless of age, if residing with the main applicant and financially reliant on them.
Personal Advantages
- Healthcare and Education Access: Entry to top-tier private hospitals and educational facilities.
- Stable Living: Secure permanent residence in a politically stable Caribbean setting with potential paths to citizenship and the option for dual nationality.
- Lifestyle: High quality of life with minimal stay requirements—just 90 days per year.
- Efficient Processing: Achieve residency swiftly, approximately within three months, or opt for speedy consideration with expedited service in just three weeks.
Paths to Bahamian Residency
- Investment Options: Opt between purchasing approved investment property or investing in critical sectors like tourism or technology, enhancing the islands’ development.
- Real Estate Investment: Secure a long-term residency by acquiring government-sanctioned real estate, with a mandatory ten-year holding period.
- Economic Contribution: Invest in the economy by targeting priority sectors, ensuring prolonged benefits and securing your residency status.
The Minimum Investment Requirements for Residency in the Bahamas
The minimum investment amount is determined by the Ministry of Financial Services. The investment directly influences the processing time of your application. An expedited procedure is available, requiring a minimum investment of $750,000, while $1.5 million secures accelerated consideration. Applications with investments under $500,000 are generally not accepted.
Option for Citizenship in the Bahamas
Permanent residents may apply for Bahamian citizenship by naturalization after a 10 year period of permanent residency status in order to become Bahamian citizens. A Bahamian passport offers visa-free travel to over 155 countries, though the Bahamas does not recognize dual citizenship.
Contact JH Marlin to Explore Your Ideal Residence by Investment Options
Engage with JH Marlin for Tailored Investment Residency Options Residency Application Steps
- Initial Consultation: Reach out to JH Marlin.
- Eligibility: Complete diligence checks to verify no criminal records and confirm qualifications.
- Agreement: Sign and submit the retainer agreement.
- Documentation: Assemble necessary documents.
- Invest: Make your investment, such as purchasing approved real estate.
- Submission: Apply and pay associated government fees.
- Processing: Handled by the Immigration Department, typically completed in about 3 months.
- Long-Term Outlook: After maintaining your investment and residency status for a decade, you may seek citizenship.
Essential Documentation for Bahamas Residency Application
Identification and Verification
- Authenticated copy of passport
- Police certificate to verify no criminal records
- Two personal references
- Authenticated copies of marriage certificate (if applicable) and birth certificate
Financial and Health Requirements
- Declaration of net worth
- Medical certificate from accredited healthcare facilities
Specifics for Real Estate Investors
- Documentation of property acquisition and site plans
- Identifier for the real estate land
- Receipts for real estate tax contributions
For Entrepreneurs
- Character reference
- Environmental impact statement
- Evidence of financial health
- Business strategy approved by the Bahamian government
Why Partner with JH Marlin for Your Bahamas Residency?
- Proven Success: Over recent years, we’ve supported many through citizenship by investment and residency by investment programs, gaining endorsements from independent individuals.
- Compliance Assurance: With thorough knowledge of Bahamian residency requirements, our approach ensures your process is compliant and straightforward.
- Global Support Network: Our team includes expert attorneys and advisors, ensuring an efficient and effective residency application process.
- Streamlined Procedures: Our refined methods simplify your journey to achieving permanent residence permit in the Bahamas.
Obtain the Bahamas Permanent Residency by Investment with a Qualified Lawyer
Learn More About Bahamas Residency by Investment
What is the Difference Between Bahamas Citizenship by Investment and Permanent Residency?
Permanent residency in the Bahamas allows individuals and their families to live on the islands without a major investment, offering visa-free travel and residency benefits. Citizenship requires a longer commitment and full relinquishment of previous nationalities, as the Bahamas does not allow dual nationality. Both paths involve comprehensive application procedures, adherence to legal requirements, and potential government fees.
Are there Tax Advantages to Living in the Bahamas?
Indeed, residing in the Bahamas offers substantial tax benefits, making it an attractive destination for high-net-worth individuals and real estate investors from the Caribbean region. These tax advantages include:
- Exemption from personal income tax
- No capital gains or inheritance taxes
- No wealth tax
- Favorable property tax conditions
These incentives make the Bahamas an appealing option for preserving wealth and attracting foreign investments.
Is Dual Citizenship Allowed in the Bahamas?
The Bahamas strictly prohibits dual citizenship. Those seeking citizenship must forego their former legal status and nationalities. However, the permanent residency program allows individuals to retain their original nationality and offers similar benefits, such as residency permits and extensive visa-free travel, without the need to alter their citizenship, making it an excellent alternative for many applicants.
Is obtaining a Bahamas Citizenship by Investment possible with the current available programs?
The Bahamas does not currently operate a formal “citizenship by investment” program. Instead, foreign investors can pursue permanent residency through real estate purchase or other investments, which could potentially lead to citizenship after ten years of residency. This extended stay is essential for those looking to transition from permanent residency to citizenship, often appealing to those considering long-term tax residency benefits
What are the best ways to obtain a Bahamas passport?
To obtain a Bahamas passport, the primary route is through naturalization after a minimum of ten years of permanent residency. Applicants must demonstrate a substantial and ongoing physical presence in the Bahamas, along with a commitment to becoming a Bahamian tax resident, which involves significant legal processes and a clear understanding of Bahamian citizenship requirements
How long can you stay in the Bahamas if you own property?
Property owners in the Bahamas are eligible for a Homeowner’s Residence Card, granting them an annual residency permit. This permit must be renewed yearly but allows the holder, and any dependent family members registered under the same application, the flexibility to stay in the Bahamas for the entirety of the permit’s validity each year
How strong is a Bahamian passport?
The Bahamian passport is highly regarded for its travel flexibility, offering visa-free or visa-on-arrival access to over 155 countries, including significant areas like the Schengen Zone, the UK, and Canada. This extensive access makes the Bahamian passport a valuable asset for international travel and enhances the attractiveness of holding Bahamian citizenship