Bahamas Residence by Investment
The Bahamas offers a few options to investors looking to relocate to the islands. The low tax environment and common law has made this old British colony one of the best Caribbean islands to relocate. Foreign investors in either business or real estate can obtain permanent residence rather easily. Naturalization takes 10 years to qualify. But the Bahamas passport is worth the wait, with visa-free to Europe, China, Canada and the USA.
Read also about the Barbados Residence by Investment programs.
Establishing a business in the Bahamas
Investors must have a minimum investment of BS$500,000 in an area that isn’t reserved for 100% Bahamian participation.
- Submit a Project Proposal, along with supporting documents to the Bahamas Investment Authority (BIA).
- The BIA will process the application and submit the same to the National Economic Council for a determination.
- Depending on the nature of the proposed business activity, the relevant government ministry or agency would be consulted for input:
- Ministry of the Environment
- Ministry of Works and Transport
- Ministry of Housing
- Respective Family Island Local Government
- Once a determination has been made, the BIA will communicate to the applicant in writing.
- Once approval is obtained, the BIA also coordinates with other government agencies and facilitates the implementation of projects.
Learn also about the Turks & Caicos Residence by Investment programs
Buying Real Estate
Buying a property in the Bahamas is not a straightforward process. You need to obtain a permit to do so. Foreigners purchasing a property in the Bahamas can obtain a temporary residence permit by purchasing a property of at least BS$500,000. Major investors buying a property of BS$1.5 million or more get easy access to permanent residence in the Bahamas.
- Complete the entire Form 3.
- Submit Form 3 to the Secretary to the Investments Board, along with the list of documents identified below.
- If applicable, the application is also reviewed by the Securities & Intelligence Branch of the Royal Bahamas Police Force and government ministries, depending on the nature of the commercial activity proposed.
- Once approved, an approval letter is prepared.
- Upon receipt of an approval letter, the applicant must pay the required fee at the Public Treasury.
- A copy of the receipt must be returned to the Investments Board. The Board then issues the Permit to Acquire Property.
For more information you can visit the official government website.