People who want to relocate to the Bahamas can apply for ordinary residence permits or can choose the residency by investment scheme enabled by the Government. If you want to apply for a passport by investment in the Bahamas, our specialists are at your disposal with complete support in enrolling in this program. We are also at your service if you are interested in exploring other citizenship by investment countries.
| Quick Facts | |
|---|---|
| Nationalities accepted |
All |
|
Business investment option (YES/NO) |
Yes, the minimum investment value is USD500,000 |
|
Real estate investment option (YES/NO) |
Yes, the minimum investment is USD500,000 |
| Other investment options (if available) |
No |
| Living requirement in Bahamas (YES/NO) |
Yes, at least 6 years |
| Residence or direct citizenship option |
Residency |
| Direct immigration with family members (YES/NO) |
Yes |
| Family members allowed to join the program |
– spouse, – minor children, – parents |
| Residence visa/citizenship processing time (approx.) |
Approx. 2 months |
| Additional financial requirements for family members (YES/NO) |
No |
| Timeframe for obtaining citizenship/residency by investment |
6 years |
| Dual citizenship permitted (YES/NO) |
No |
| Reasons to choose Bahamas |
– quick processing time, – no personal income tax, – access to citizenship after 10 years of permanent residency |
| Personal income tax rate |
No personal income tax |
| Visa free travel to other countries (approx. number of countries) | Approx. 160 countries |
Table of Contents
The new program for residency by investment in the Bahamas
In 2021, the Bahamas Government enabled a new golden visa program under which foreign citizens can apply for Bahamas residency by investment. The scheme has 3 options investors can choose from.
In order to obtain a golden visa in the Bahamas, you need to meet a few requirements, among which the most important refers to the minimum amount to be invested. If you want a golden passport for the Bahamas, you can contact our lawyers who will offer legal assistance.
The golden passport scheme – one of the most appealing ways of moving to the Bahamas in 2023
Out of all golden visa/golden passport schemes around the world, the one created by the Bahamas Government is one of the newest and most modern, and it addresses people from all over the world who are more than 18 years old and have a clean criminal record. Obtaining a passport by investment here is also conditioned by a minimum capital injection of money in the local economy.
The options one can choose from are:
- real estate acquisition on the San Salvador Island, Cockburn Town is the seat of the local government;
- investment in key-focus industries, among which tourism, IT, maritime construction, and the medical sector;
- a combination of the two options.
If you are a foreign investor interested in applying for a golden visa in the Bahamas, you can invest in a local business while owning a property on the island.
Our local agents can help you buy a golden passport here or in another country of your choosing. For obtaining a 2023 Bahamas golden passport you should follow a legal procedure that can be explained by our lawyers.
The minimum amount to be invested under the golden visa
Because the program is new, the government did not forward a minimum investment at the beginning, however, according to data on the websites of the State Migration Service and of the Investment Agency, the following amounts were issued:
- at least 750,000 Bahamas dollars (or USD) according to the State Migration Service;
- at least 1.5 million Bahamas dollars (or USD) according to the Investment Agency;
- in practice, real estate purchases with a value of at least 500,000 Bahamas dollars (or USD) brought applicants golden visas for the Bahamas.
What is sure is that starting with a minimum of 500,000 Bahamas dollars, an expedited residence permit can be obtained.
As things are starting to settle, you can rely on our local advisors for more information on how to apply for Bahamas citizenship by investment.
You can also rely on us if you are interested in other golden visa countries in Europe or the Caribbean region. We can help you buy a passport in the Bahamas in 2023 if you observe the local rules.
Documents to prepare for obtaining a passport by investment in the Bahamas
The documents to file with the State Migration Service for obtaining a golden visa in the Bahamas are:
- a copy of the passport;
- two character references;
- clean criminal record;
- marriage certificate and birth certificates of children when moving here with the family;
- proof of financial worthiness;
- healthcare certificate.
If you want to move here and need guidance in preparing and filing your documents, our golden visa consultants can guide you.
You should also notice that the minimum period for maintaining the investment is 10 years. Here is also an infographic on the Bahamas residency program:
We also have teams in other citizenship by investment countries, if you decide on other states.
Investment in real estate under the Bahamas Golden Visa
Real estate investors must make an investment by purchasing a property to qualify for the permanent residency program in the Bahamas. More specifically, the minimum amount recommended is 500,000 USD on the respective property. Apart from these, the investor must also show that they have the means to support themselves during their living here.
The Bahamas’ immigration laws can make it difficult for real estate investors to get permanent residency. This is where our golden visa specialists can assist with this procedure through representation with the local immigration authorities.
Once acquired, you can obtain revenue by renting out the property you bought during the time of year you are not in the country.
An important aspect to consider is that for investments made under this program, a 10-year holding period is required. Also, the permanent residence permit does not require renewal. However, in order to demonstrate that the data on the residency application is still accurate, the permit holder must submit a report to the Bahamian Migration Service every 10 years.
If you are interested in buying a property under the Bahamas residency by investment scheme, feel free to get in touch with our specialists for assistance, including for the acquisition procedure.
Bahamas residency by investment through business creation
Another option to obtain residency by investment in this Caribbean state is business registration. Investors are required to make a minimum investment of 500,000 USD in a sector that is not limited to the citizens of this county only.
For this purpose, one must:
- send a project proposal and any necessary supporting documentation to the Bahamas Investment Authority (BIA);
- the application will be processed and then sent to the National Economic Council for review.
Depending on the proposed commercial activity, one of the following authorities must also sign off on the project:
- the Ministry of Works and Transportation;
- the Ministry of the Environment
- the Family Island Local Government;
- the Ministry of Housing.
The BIA will notify the applicant in writing once a decision has been made. Please expect the procedure to be completed in a few months, no matter the immigration pathway you choose.
Among the sectors in which foreign investors can set up businesses in under the Bahamas residency by investment program, we mention the following:
- infrastructure
- agriculture;
- education;
- tourism;
- technology.
When it comes to the procedure that must be completed with the Immigration Department, the average time, it takes to make a choice is 3 to 4 weeks. Once you have been approved, you can obtain a permit for permanent residence.
Procedure to obtain a residence permit for the Bahamas
No matter the pathway one chooses to enter the program, he or she is required to set up a local bank account for the transfer of money necessary for the purchase of the residency after purchasing real estate worth at least or business investment.
The Immigration Department must receive the official application for permanent residency along with the supporting documents listed below:
- a certified copy of the passport and any other visas;
- documentation of the money transfer for the property’s acquisition.
Legal evidence, such as a deed and a payment receipt, must be presented when purchasing real estate in the Bahamas.
We are also at your disposal with support if you want to apply for citizenship by investment in other countries.
The main advantages of the Bahamas citizenship by investment scheme in 2023
There are numerous benefits to relocating to the Bahamas, including a tax-friendly climate and lack of income or capital gains taxes. The weather is also almost ideal. With about 340 days of sunshine a year, beach-ready summers, and slightly chill winters. With direct international flights from the USA, Canada, Europe, and South America, it is simple to travel to the Bahamas. You can move to the Bahamas and live there as a permanent resident, an independent economic resident, a house owner resident or a seasonal homeowner resident with a work permit sponsored by your employer. For stays longer than 3 weeks, valid passports and visas may be required.
The passport by investment scheme in the Bahamas comes with various advantages, among which is the fact that it can be obtained in less than one month. If you decide to relocate here with family members, no additional investment or fees must be paid, which is one of the most significant benefits of this program.
Based on a golden visa, a permanent resident becomes eligible for citizenship after 10 years if he or he has lived here for 6 uninterrupted years. Having a Bahamas passport also implies visa-free access to 120 countries all over the world.
If you want to move to this part of the world and decide on citizenship by investment in the Bahamas in 2023, please get in touch with our local specialists for guidance in support in preparing the application file. Buy a passport for the Bahamas with the help of our experienced lawyers.