What is a Permanent Residency?
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.
