Bahamas offers citizenship by investment programs. The processing time is very fast within 1-2 months.
– It is a document of legal status, which is issued to an individual for the duration of his/her life, unless revoked, and gives him/her the right to reside and/or work
– One can get this by investing in residential real estate on the islands or by Investing in the Bahamian economy, such as in priority sectors for the country – tourism, marina construction, information technology, and medicine.
– A combination of both investment options is also possible: an investor can buy housing and finance a business in the Bahamas at the same time.
– The investor also submits a declaration to the Bahamas Migration Service every 10 years. The declaration should confirm that the information on the Permanent Residence application is still up-to-date.
– If the investor’s circumstances have changed, such as his or her annual earnings or the amount of investment in the Bahamian economy, the investor will attach an affidavit to the declaration – a legal opinion of exactly what has changed and how. The affidavit also confirms that the investor still meets the legal requirements and is entitled to retain his or her residency.
– The Fees that would be levied during this process is USD 10,000 as the Government Fee and USD 100 as processing fee.
– The investor’s spouse and other relatives can receive a Permanent Residence Permit together with the investor if they permanently live together with the investor or are financially dependent on the investor.
– The period for obtaining a permanent residence by investment is not more than three months from the date of application to the Migration Service of the Bahamas.
– It is mandatory to live in the Bahamas to maintain permanent residency status. By law, Permanent Resident Card Holders must spend at least 90 days per year in the country.
– Permanent residency can be revoked if an investor violates the terms of the program, such as selling a home before the ten-year holding period has expired.
– The investor is deprived of permanent residency if he lived outside the Bahamas for more than three years or will be convicted in any country for a term of imprisonment of one year or more.
– The investor’s relatives will lose their permanent residency if they cease to be financially dependent on the principal applicant.
– Annual Permit allows a non-Bahamian wishing to reside in The Bahamas to do so on an annual basis. According to the government policy, a non-Bahamian may enter The Bahamas as a visitor for an initial period of up to two months, and during this period the visitor may apply for residency. Fees during this process would be:
– Non-Bahamians who own second homes in The Bahamas may apply for an annual homeowner’s residence card. This card is renewable annually and intended to facilitate entry into The Bahamas with minimal formalities. The holder is entitled to visit The Bahamas for a stay of up to one year. Fees during this process would be:
– After 10 years of permanent residency, 7 if married with a Bahamian citizen, one will be eligible to become a citizen, provided that the permanent resident has resided in The Bahamas for a minimum of 6 years.
There are many advantages to becoming a resident of The Bahamas.
The following categories of individuals are eligible to apply for citizenship in The Bahamas:
One must first make the investment before applying for permanent residence. If you’re planning to invest in a company, you’ll need to get your business plan approved by the appropriate authority. If you want to apply for the real estate scheme, you must first buy the property and then apply for a landholding license. The Housing Department typically takes 30 days to issue your Land Holding License.
One can submit their application for permanent residence along with the supporting documentation . Once the investment has been accepted and you have documentary proof. One can go to the Public Treasury, and pay the required fee.
The Immigration Department will process your application. It usually takes 3 to 4 weeks for a decision to be made. You can get your permanent residency permit once you’ve been accepted.
The total timeline takes between 1-2 months.
Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:
Privacy World can also help you with incorporating your company in the Bahamas, assisting in getting you settled in the country and coordinating with you so that this experience will be less of a hassle.
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No. To become a citizen of the Bahamas, you must renounce your previous nationality.
Yes. The family of the applicant (spouse and children) can also obtain the Bahamas residency status.
Applicant requires to reside in the Bahamas for a minimum of 6 years.
Yes. It is mandatory to live in the Bahamas country. Permanent Resident Card Holders must spend at least 90 days per year in the country to maintain permanent residency status.
No nationality is officially restricted.
It takes ten years of residency before an applicant can apply for citizenship.
Yes. But, you’re not allowed to sublet or sell this property during these 10 years.
No. The Bahamas does not have any inheritance tax.
No. The Bahamas does not have any net worth or wealth tax.