Types of Permanent Residence in The Bahamas
Becoming a permanent resident of The Bahamas has significant benefits for people looking to retire in The Bahamas, work remotely from The Bahamas, or make sound real estate investments in The Bahamas. The Bahamas is an inspiring place to be a part of and, understandably, many people wish to explore how to obtain permanent residency in The Bahamas and how long that might take.
As a permanent resident of The Bahamas, you can enjoy the benefits of no inheritance, gift, corporate, income, or wealth tax. The two main types of Bahamian permanent residence applications include Permanent Residence for the Spouse of a Bahamian and Economic Permanent Residence. Other qualifications also apply to people who have been actively working in The Bahamas for a decade or more.
Through professions, it can take decades to become eligible for residency but through the Immigrant Investor Program, it can take as little as 3 to 4 weeks depending on your level of investment.
Qualifications for Residency in The Bahamas
Medical professionals, law enforcement, prison officers, teachers, nurses, and a person who held legal work for more than 20 consecutive years are eligible for a permanent residence card. Apart from working in The Bahamas for multiple years or being married to a Bahamian, another qualification for residence is Economic Permanent Residence.
Financially independent investors can be eligible for permanent residence in The Bahamas. This program is also known as The Bahamas Residency by Investment or Bahamas Golden Visa. The immigration program allows residency (for both the investor and their family) by investing in either real estate or businesses in The Bahamas.
The minimum investment required amounts to $750,000 (USD) and the process is a priority for investments of at least $1,500,000 (USD). The investment must be held for the duration of the person’s stay in The Bahamas.
Many investors are attracted to Bahamian investment because the country has one of the most tax-friendly systems in the world with both personal and corporate income tax not being applied in addition to other tax benefits. There are also a number of celebrities living in The Bahamas for many of the same reasons non-celebrities call it home. But you don’t have to be rich or famous to live here. And when you do move here, you’ll find many of the same amenities in The Bahamas as you find elsewhere. The COVID restrictions have also been lifted.
Process for Residency in The Bahamas
The process to acquire residency in The Bahamas is fairly straightforward. You can get the forms online or offices of the Bahamian Department of Immigration. Once the form has been completed in full, you will need supporting documents which include the basics such as passport photos, police certificate of character, medical certificate, marriage certificate, and financial statements among other things.
Roughly three to four weeks after submitting a complete and accurate application, you can call the immigration inquiries unit to get an update on your application. Of course, higher investment can speed the process up in the case of an Economic Permanent Residence application.
Becoming a Resident of Paradise Landing
The Residences of Paradise Landing on Paradise Island, just over the bridge from Nassau, gives you an exclusive opportunity to become a real estate owner on the prestigious Paradise Island, Bahamas. If you’re looking to become a permanent resident of The Bahamas through investment, then the Residences of Paradise Landing is ideal.
With the new deep-water Hurricane Hole Superyacht Marina at Paradise Landing together with the luxury amenities and full services available at Paradise Landing, the whole of Nassau and indeed The Bahamas is conveniently open to you.
Contact Paradise Landing today to find out more about our real estate investment opportunity at one of the premiere marinas and gated communities in The Bahamas.