The Bahamas is an independent sovereign state, the Caribbean's most successful international financial center, with a stable parliamentary democracy based on the British system. The Commonwealth of the Bahamas has to offer different options for you and your family. For instance, besides the Permanent Residency, they offer an annual residence permit and an owner residence card.
This article comprehensively covers the differences between different categories and the requirements of common applications. Please note that Residency is not equivalent to citizenship and does not allow applicants to apply for a Bahamas passport. However, before we even get started we wanted to show you some general benefits of obtaining a Bahamian residency or citizenship:
-With your Bahamian passport, you can travel to 155 countries, including the Schengen countries, China, Japan, Hong Kong, and Singapore, without a visa. Since the Bahamas is part of the Commonwealth of Nations, citizens of the Bahamas can visit the UK 180 days a year without a visa. A US visa is not required for citizens of the Bahamas to travel to the United States through Nassau International Airport or Freeport. Bahamian citizens also receive an electronic permit instead of a visa to travel to Canada.
-Tax residents of the Bahamas are exempt from income tax, capital gains tax, and transfer tax. There is no income tax on dividends, interest, and royalties. There is no inheritance tax or inheritance tax in the Bahamas. An investor is a Bahamas tax resident if he/she lives in the Bahamas for more than 183 days a year. Long-term stays in the country allow residence permits. If the registrar is registered with the Bahamas, the registrar will automatically become a tax resident of the Bahamas.
-Permanent residents spend at least three months a year in the Bahamas. The best time to vacation on the island is from September to May. During this period, maintain a comfortable temperature of 1822 ° C and a water temperature of approximately 25 ° C.
-It is an environment suitable for investment by properly selecting financial institutions such as banks and public enterprises. Life in the Bahamas, including the service provider, is good, with a sunny and comfortable environment and friendly people.
-There are direct flights to London, Toronto, New York, and other major routes, conveniently located within a 30-minute flight from Miami.
Bahamian Residency in a nutshell
There are several pathways available to obtain the right to live in the Bahamas. Foreigners who want to move to the Bahamas can apply for a work permit, homeowner’s card, annual residency, or permanent residency. Each path has different requirements and criteria. Here you must also know that the Bahamas has begun issuing permanent residency by investment since July 2021.
First, we would like to talk about the work permit. A work permit will be issued to a foreigner if the job is promoted locally a certificate is issued by the employment office stating that qualified Bahamian citizens cannot apply for the job. Work permits are specific to a particular person and job. Work permits cost between $500 and $12,500, depending on the type of job.
Next, about the homeowner’s card, we could mention that it applies to foreigners who own real estate in the Bahamas. You can obtain an owner's card each year from the director of the Immigration Office. Homeowner’s cardholders (and spouses and dependents approved by primary cardholders) have the right to stay in the Bahamas for the duration of the card without presenting a return air ticket. The government tax on this is $250 per year.
The Annual Residence Permit allows non-Bahamians who wish to reside in the Bahamas to obtain annual residency. The possibility of applying for residence for one year is given to the spouse or dependents of the holder of the work permit. The applicant is required to submit various documents to the immigration office, including proof of financial independence. Annual housing fees range from $ 250 for a Bahamian spouse (free for dependents) living and working in the Bahamas to $ 500 per year for a villa owner's annual residence permit, not in the country.
Fees
|
Fees |
Permanent Resident |
Annual Residence |
Homeowner’s Card |
|
Government Application Fee |
$10,000.00 and $25 for each dependent |
$1,000.00 and $25 for each dependent |
$250.00 annually |
|
Processing Fee |
$100.00 |
$100.00 |
$100.00 |
|
Immigration Form |
$10.00 |
$10.00 |
$10.00 |
We understand that if you are reading this, you are probably looking for something a little more definitive than spending a year in the Bahamas, and that is why we would like to introduce you to permanent residency in the country.
The permanent residency includes the right to work in the Bahamas. This permit is a great thing to have since it eliminates the need for an annual work permit. In addition, permanent residents have fewer restrictions on the flow of money and investments when receiving money from abroad and in some cases are exempt from taxes. Active permanent residents can also conduct foreign currency transactions in the Bahamas, such as holding foreign currency and Bahamas currency accounts and depositing foreign securities with a local bank or designated trust company.
Please note that the current Bahamas immigration law does not provide a direct path to permanent residency. The applicant first gets an annual residence permit or homeowner’s card and then applies for permanent residency after one year.
The process can be summarized in three steps. The first one consists of filling out the appropriate form; then, you must attach the completed application forms and supporting documents. These are submitted to the Department of Immigration, along with fee payment. Once the actual request has been submitted accurately and completely, the requestor should contact the inquiries unit at 502-0550 within 3-4 weeks to get the latest information on the process.
Eligibility
To apply for permanent residence in the Bahamas, an applicant must fall into one of the following categories:
-HNWI and investors who own real estate in the Bahamas.
-A doctor or health care professional who has worked for at least 20 years.
-A person who has lived legally in The Bahamas on a work permit for more than 20 consecutive years.
-A person legally born outside the Bahamas to a married woman who is a citizen of the Bahamas.
-Bahamian husband five years after marriage, the couple must live together.
Then, the following people can have better chances to obtain it, according to the Immigration Department of the Bahamas:
-Financially independent individuals or investors who are legitimate owners of a residence in The Bahamas – please note that persons purchasing a residence for BSD 750,000.00 or more will get speedy consideration
-Police and Prison Officers employed in the Government Service for a minimum of 10 years
-Teachers employed in the Government Service or by charitable or religious institutions for a minimum of 10 years
-Nurses employed in the Government Service or with private hospitals and healthcare facilities for a minimum of 10 years
-Ministers of Religion / Priests after having been employed for a minimum of 20 years
-Doctors / Medical professionals after having been employed for a minimum of 20 years
-A person who resided in the country for at least 10 and less than 20 years and who held a work permit in any of the scales 5 to 8.
What documents do you need to get the Bahamian permanent residency?
In addition to the above, the following certified documents must be attached to the applicant's officially completed immigration application form, which has been copied and notarized with the Bahamas stamp attached to it.
-Birth certificate.
-Parents’ birth certificate from minors;
-Marriage registration certificate.
-Two color photographs of the applicant, passport size (less than 6 months). The applicant's name is printed on the back.
-Original police certificate (within 6 months before application, including 5 years of residence);
-Original medical certificate within 30 days before application;
-2 original character references written by colleagues known to the applicant for at least 5 years;
-Death certificate of widow's spouse, divorce decrees for a divorced person;
-Financial data quoting a figure range
-Letter of request addressed to the Director of Immigration
-Documents not written in English must be translated and stamped by the relevant consulate.
The Bahamas has proven to be a very attractive place to investors who want to represent residents through an investment of over $ 500,000. If your investments are over $1,500,000.00 the response from the Immigration Department is guaranteed within 21 days.
The Bahamian government has announced that the Economic Permanent Residency policy may be liberalized to allow for a greater number of routes to gain such status. However, the regulations have not yet been released.
Some additional documents to be delivered when applying for permanent residency In the Bahamas are the following application Form(s):
-Permanent Residence for Spouse of Bahamian [Form IV(A)]
-Permanent Residence (Economic) [Form IV]
-Electronic Permanent Residence Card Application Form
-Certificate of Permanent Residence Application Requirements:
-$200.00 non-refundable processing fee (payable by cash, credit/debit card, postal/money orders, or bank certified cheque)
-Duly completed application form with Bahamian $10.00 postage stamp affixed thereon (legible & notarized)
-Proof of current immigration status (Work Permit/Permit to Reside etc.)
Also, please note that for the temporary residence permits the documents are very similar. However, in cases like the annual residence permit, you might also need documents that prove an estimated time dedicated to civic organizations and charity in the Bahamas; a ticket evidencing intended departure, etc.
If you have any doubts about the documents needed or the process in general, do not hesitate to contact us. Our team of experts is more than willing to help you in this next big step of your life.
Aspects to Consider When Applying for a Permanent Residency Permit in the Bahamas
The official website of the Bahamas Immigration Service shows a $750,000 investment to speed up permanent residency. On the website of the investment agency, the amount varies and starts from 1.5 million dollars. As a general rule, it should be noted that the office does not consider applications with an investment of less than $500,000 in the country's economy and businesses.
Similarly, note that by law an investor will be deprived of his or her permanent residency if he has lived outside the Bahamas for more than three years, or if he is sentenced to one year or more in prison in any other country. In addition, if the investor violates the terms of the program, the permanent resident card can be revoked, for example, by selling the home before the ten-year holding period.
Ultimately, the investor’s relatives will lose their permanent residence if they are no longer financially dependent on the main applicant. For a complete list of reasons for revoking permanent residency, please review Par.18 of the Immigration Act.
How to obtain citizenship status in the Bahamas?
Since we have previously mentioned the Permanent Resident Card, its holders can only obtain Bahamian citizenship by naturalization. To do so, one must maintain permanent residency status for at least 10 years. Of those, a minimum of 6 years must be lived on the islands.
Nevertheless, please note that the Bahamas does not recognize second citizenship. Therefore, to get a passport to the country, you would have to give up your other nationalities in favor of Bahamians. To apply for Bahamas citizenship, you must meet one of the following conditions:
1. Be a legal permanent resident in the Bahamas, with 10 years of legal status, including the 12 months immediately preceding the application, and who has resided in The Bahamas for a minimum of 6 years preceding the 12 months mentioned above
2. Be a female spouse of a Bahamian citizen
3. Be born in The Bahamas after 9th July 1973 to Non-Bahamian parents
4. Be a child (adopted or biological) who has at least one Bahamian parent (Naturalised or not)
5. Be a child born to non-Bahamian parents in the Bahamas
Depending on your condition or case, you will need to fill one of the following citizenship application forms:
-Application Form 1, notarized by a notary public or justice of the peace (only female spouse of a Bahamian citizen only)
-Application Form 2 (persons born in The Bahamas to foreign parents … / persons born legitimately to a Bahamian mother and foreign father outside of the Bahamas)
-Application Form 3 (children born in The Bahamas to foreign parents and make application after their 19th birthday, Commonwealth citizens, male spouse of Bahamian)
-Application Form 4 (only persons born outside of the Bahamas to a Bahamian mother and foreign father) all minor children
-Application Form 6 (persons born in The Bahamas to foreign parents from Non-commonwealth countries who missed their deadlines to apply for citizenship…)
Is there Any Option to Obtain Residency or Citizenship by Investment in the Bahamas?
If your plans include a major investment in the country, we understand that you might be wondering if an RBI or CBI is possible within the Bahamas. Even though at the moment is not possible, the Bahamian government has announced new rules in this aspect for 2021. These will allow investors to obtain permanent residency immediately if they are:
-Buying residential real estate on the islands;
-Investing in the Bahamian economy, such as in priority sectors for the country – tourism, marina construction, information technology, medicine.
A combination of both investment options is also possible: an investor can buy housing and finance a business in the Bahamas at the same time.
The minimum amount of investment is not specified in the law. It will be approved and reviewed by the head of the Ministry of Financial Services, Trade, Industry, and Migration of The Bahamas.
According to current regulations, the amount invested only affects the processing speed of the application. The fast process to get a permanent resident application takes 21 days. Also, not that the investment holding period is 10 years. Investors also file a tax return with the Bahamas Immigration Service every 10 years.
Who Are We?
In Mundo, our goal is to protect your legacy, your investments, and your family. Since 1994 we have been aiding high net worth individuals getting second passports to secure their investments, their families, and do business freely.
In these years, we have built an unmatched network of experts to provide the finest services with an unrivaled degree of know-how for our clients. Our local experts in the Bahamas have broad experience in obtaining residencies or citizenship status for our clients. They offer full transparency, which means you will not have to deal with unwanted surprises like small-letter fees you didn’t expect. For Mundo and all our experts, building trust is the most vital element and is the base on which we build every relationship.
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