A permanent residency refers to the legal resident status of a particular region or country – a person with permanent residency can stay in the country or region without limitations. U.S. citizens do not need a visa to travel to The Bahamas as long as they don’t stay for longer than 90 days. Any stay longer than 90 days for U.S. travelers will require a visa or work permit.
If, however, you are a permanent residency card holder in The Bahamas, you have no restrictions on how long you can stay in the region, allowing for freedom of movement. Permanent residency is ideal for people who don’t just want to vacation in The Bahamas such as at Paradise Landing on Paradise Island but want to immigrate there for their retirement or business. And for those thinking about COVID, the Bahamian government has lifted its restrictions.
Qualifications for Bahamas Permanent Residency
As with most permanent residency applications, there is an extensive process to qualify for a permanent resident card but it can be fairly simple with investment. As of July 2021, according to the new clause under the Immigration Act of The Bahamas, a foreign person can procure permanent residence through the purchase of residential property in The Bahamas if the property is at least (USD) $750,000.
The buyer’s spouse and children may be added to the application with no additional costs added. The application also requires that the person show proof of assets and have sufficient means to financially support themselves and their family without additional work within The Bahamas.
Other channels of eligibility for permanent residency include but are not limited to:
5 years of marriage to a Bahamian citizen
Medical professionals that have been employed in The Bahamas for at least 20 years
A person born outside of The Bahamas to a Bahamian citizen under a legitimate marriage if the husband is not a citizen
Prison and police officers employed by the Bahamian government for at least 10 years
A person who has held a legal work or resident permit for more than 20 consecutive years
There are several other niche qualifications for Bahamian permanent residency but the easiest is through the Immigrant Investor Program described above.
Benefits of Becoming a Permanent Resident in The Bahamas
There are many clear benefits of obtaining a permanent resident card for The Bahamas because you don’t have the same restrictions as tourists and travelers do. You can enjoy the same benefits that Bahamian citizens enjoy with the exception of being able to vote and certain advantages that are reserved for citizens.
There are no inheritance, capital gains, and income taxes to worry about. You are not required to live full-time in the Bahamas either – just at least 90 days stay each year. It gives you the freedom to come and go as you please without the standard 90-day limit. And you’ll find the same amenities as you would on the mainland, including Sawyer’s Fresh Market at Paradise Landing.
Life at Paradise Landing Bahamas
Paradise Landing, having recently finished its new Hurricane Hole Superyacht Marina, have exclusive real estate investment opportunities that can allow you to fast-track your permanent residency in The Bahamas. The luxury marina and Paradise Landing residential community are ideally located on Paradise Island just off New Providence. The Atlantis Resort & Casino is a stone’s throw away and the on-site concierge service opens up a world of entertainment and enjoyment throughout Paradise Island, New Providence, and The Bahamas as a whole.
Call now (242-677-1900)to find out more information on the real estate opportunities at the new Residences of Paradise Landing and how the investment can help you to acquire your permanent Bahamian residency.
Frequently Asked Questions
The most common pathway for foreign nationals is permanent residency supported by a qualifying real estate investment. Applications are submitted to the Bahamas Department of Immigration with supporting documentation including proof of financial means, a police certificate, and a medical certificate. Higher investment thresholds are generally prioritised for faster processing.
The Bahamas Department of Immigration sets the qualifying investment thresholds for permanent residency, and these should be confirmed directly as they are subject to change. Applications tied to higher-value investments are generally processed on an expedited basis.
Permanent residency does not by itself confer the right to work in The Bahamas. Employment typically requires a separate work permit sponsored by a Bahamian employer. Many residents who use The Bahamas as a primary or secondary residence maintain their professional activities outside the country.
Bahamian residents benefit from a jurisdiction with no personal income tax, no capital gains tax, no inheritance tax, and no wealth tax. Value added tax and import duties apply to goods and services, but the absence of direct wealth taxation is among the most compelling financial reasons to establish residency.
A qualifying real estate purchase at Paradise Landing supports a permanent residency application while placing the buyer within a development that functions as a complete community from day one. The combination of a credible long-term developer, gated security, on-site amenities, and a desirable Paradise Island address means the investment serves both the residency application and the quality of life.
The Bahamas allows its citizens to hold dual nationality in some circumstances, but Bahamian citizenship itself is difficult to acquire through residency alone. Permanent residency is the realistic goal for most foreign nationals establishing a Bahamian address, and it provides the right to live in the country without conferring citizenship.
Permanent residency, once granted, does not expire in the way that an annual permit does. However, maintaining it in good standing typically requires continued ties to the country, and applicants should confirm the specific conditions of their grant with the Department of Immigration or a Bahamian attorney.
Visiting The Bahamas before making a residency application is strongly advisable, both to assess whether the lifestyle suits and to identify a suitable property. The application process itself requires in-country documentation and interaction with the Department of Immigration, so a visit is a practical necessity at some stage.
A Bahamian attorney manages the property title review, prepares the conveyancing documentation, guides the residency application, and ensures the buyer's interests are protected throughout the purchase process. Their role is not optional; it is a practical necessity for any foreign national acquiring property and residency in The Bahamas.
The sales team at Paradise Landing can provide guidance on the residency pathway as it relates to a qualifying property purchase within the development, and can refer buyers to appropriate legal advisors in Nassau. Enquiries are welcome at 242-677-1900 or sales@paradiselanding.com.
June 14, 2023
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