Business Establishment. Still, the permit holder must report to the Bahamian Migration Service every ten years to prove that the information on the residence application is still accurate. window.ezoSTPixelAdd(slotId, 'stat_source_id', 44); Application Approval & Issuance of Authorization Letter. Bahamas real estate investment laws offer international home buyers the opportunity to acquire permanent residency in The Bahamas when purchasing a home valued at a minimum of $750,000. container.appendChild(ins); Whether youre looking for a better place to live or a low-tax place to do business, Bahamas Guides is here to walk you through your options. Does the idea of living in the Bahamas sound attractive to you by the minute? Belmont House, Your application must accompany proof of real estate purchase and real estate tax payment. Your email address will not be published. A selection of alternative residency and citizenship investment programmes to consider. International male spouses can still become Bahamas citizens. Fees are paid to Public Treasury. You might apply for permanent residency as an investor, as discussed above. Europes Golden Visas: 5 Highly Pursued EU Residence Programs. Flag Theory is an internationalization and offshore solutions provider, and the creator of passports.io, Your privacy is important for us and we will keep your information secure. The current legislation grants citizenship being a legal permanent resident who has had the legal status for 10 years, including the 12 months immediately preceding the date of application, and who has resided in The Bahamas for a minimum of 6 years preceding the 12 months mentioned above, The Bahamas is a chain of over 700 islands and keys in the North Atlantic Ocean, southeast of the United States, and northeast of Cuba. To be eligible, one must maintain permanent residency status for a minimum of ten years. You have the option to invest in either of these options, or as a combination of both options. Bahamas Investment Funds. They dont call it a tax haven for no reason. This article will discuss establishing a temporary or permanent residency in the Bahamas, but first, lets go over some of the most significant benefits of a Bahamian residency. We offer expert consultation advice and assistance. Investment Family 4 B$500,000 Minimum annual income - Time to citizenship 120 Time to permanent residency Visa-free countries 141 Financing available No Benefits citizenship benefits Become a citizen of a Commonwealth country The government stipulates that financially independent individuals or investors who are legitimate owners of a residence in The Bahamas are eligible to apply for permanent residency. The Bahamas Citizenship by Investment There are a lot of benefits to living in The Bahamas and even more to becoming a citizen. Real estate needs to be worth at least $500 000 BS (around $500 000 USD). You can still live permanently in The Bahamas while still retaining your home countrys citizenship benefits. Uxbridge, UB8 1HE. 2. The firm continues to advise and assist countries around the world in this field. ), How Flag Theory Can Benefit You and Your Business. Perhaps you're planning for Bahamas citizenship through an investment property, or are automatically looking to naturalize after years of residency. var ffid = 2; In July 2021, a new clause in Bahamian immigration law was created to allow for permanent residency by investment. Here it is no personal income tax, corporate income tax, capital gains tax, sales tax, withholding tax, gift or inheritance tax, or other probate fees. var lo = new MutationObserver(window.ezaslEvent); Major US cities like New York and Miami are only a flight (up to 3 hours) away from the tropical haven, making it one of the most connected and accessible countries for US citizens where they can lie in a hammock, enjoy the clear blue waters, and forget their woes. if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[120,600],'bahamasguides_co-box-4','ezslot_11',108,'0','0'])};__ez_fad_position('div-gpt-ad-bahamasguides_co-box-4-0');if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[120,600],'bahamasguides_co-box-4','ezslot_12',108,'0','1'])};__ez_fad_position('div-gpt-ad-bahamasguides_co-box-4-0_1'); .box-4-multi-108{border:none !important;display:block !important;float:none !important;line-height:0px;margin-bottom:15px !important;margin-left:0px !important;margin-right:35px !important;margin-top:15px !important;max-width:100% !important;min-height:600px;padding:0;text-align:center !important;}While authorities in The Bahamas do not offer the option to gain Bahamas citizenship by investment, if you own property in the country that exceeds a specific value threshold, you can apply for permanent residency. a citizen. The application process for Bahamas citizenship by investment includes the following steps: Step 1. All rights reserved | SEO par Prostar SEO, No personal income tax, corporate income tax, capital gains tax, inheritance tax, estate tax, Ability to work in the Bahamas *restrictions apply. Most prominent Caribbean Citizenship by Investment programs include the Dominica Citizenship by Investment program, St. Kitts and Nevis Citizenship by Investment program, etc. Either way, the investment must be kept for at least 10 years. You might even consider Bahamas citizenship by marriage. COVID has severely affected its tourism dependent economy. The Bahamas Residence by Investment program falls under two categories, those being: Real Estate. The holding period for investments under this program is ten years.Moreover, the permanent residence permit is issued for life and does not need to be renewed. Access to education and healthcare systems, Democratic and politically stable country, Low physical presence requirements: 90 days per calendar year, Short processing time: about three months, or as little as three weeks through expedited route. considered as a legal opinion or tax advice and should not be relied upon as such. In The Bahamas, overseas persons investing in a residence valued at $750,000 and over, may apply to the Department of Immigration for Permanent Residency status. Eligibility The following categories of persons may apply for permanent residence: document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Bahamas Citizenship Guide: By Marriage, Investment, Dual Citizenship & More, on Bahamas Citizenship Guide: By Marriage, Investment, Dual Citizenship & More. Discover the Best Beaches in the Bahamas! The final remarks and the adoption of the report of this session are expected on June 02, 2023. The Bahamas is not the only country with such plans. - Privacy Policy and Cookie Policy"Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks. Moreover, the country and its people are very open to foreigners. At the minimum, the male spouse must be married and living in The Bahamas for at least five years as a permanent resident. Applicants will need to provide evidence of their self-employment or submit a letter from their employer or accredited university, as well as provide proof that they will be able to financially support themselves whilst residing in the Bahamas. When you gain citizenship in the Bahamas through investment, it gives you access to: Applicants must demonstrate sufficient assets and income to sustain themselves and their families without working in the Bahamas. Other major economic sectors include banking and international financial services. For more details or to contact an advisor please complete your details. Once the minor reaches the age of eighteen (18), the dependent child's endorsement expires, and they must apply on their behalf to keep their residency status. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Johnson said, there are benefits to living and working in The Bahamas, which he said is a reason why foreigners find it so attractive. However, The Bahamas has specific requirements for. No decisions have been made and so right now Im not able to speak directly to it. said the minister. At the minimum, the male spouse must be married and living in The Bahamas for at least five years as a permanent resident. They must also live in The Bahamas for 12 consecutive months before applying for citizenship. Yes And of course, gives you the right to participate in the national democratic process by voting. Below, well discuss three of the most popular residence permits issued by the Bahamian government that allow you to stay in the country for up to one year or more. The country also serves as a tax haven, with no corporate, income, wealth, or capital gains tax. Visa Free Travel 165 countries, Minimum $100,000 Donation Before 2021, Bahamian immigration law provided no direct path to permanent residency, and applicants had to first apply for a residence permit or homeowners ID card, and subsequently apply for permanent residency status after one year., The new program under Chapter 191 bypasses these extra steps, making it more efficient for investors to gain permanent residency immediately, and requiring no renewals. Bahamas citizenship document requirements through the female spouse avenue include: The citizenship page only specifies a direct application or citizenship through marriage if youre a woman marrying a Bahamian citizen. Visa Free Travel 157 Countries Last updated on December 22, 2022 The Bahamas Citizenship by Investment There are a lot of benefits to living in The Bahamas and even more to becoming a citizen. Then, you have one year to do one of the following: What are the different benefits for Bahamian citizens and permanent residents, Benefits for Both Permanent Residents & Bahamian Citizens. Please ensure you are registered for our monthly bulletin and future updates on golden visa programmes. The Bahamas government website adds a note on this webpage describing this circumstance: Please note that whilst a male spouse of a Bahamian citizen may not be eligible for natural citizenship, he would be eligible for naturalized citizenship.. EU Schengen Zone & UK. We also have a trusted network of global professionals with an international approach to serving our clients. What is the Bahamas residency by investment program? This article discusses North Macedonia citizenship by descent, its procedure, eligibility Is tax applicable to non-residents in New Zealand? We are now sister brand under Yellow Network, one family of startups for CBI Industry. Countries Offering Citizenship by Investment | Golden Visas All Citizenship & Residency by Investment Programmes La Vida offers all the main, established residency and citizenship by investment programmes available across Europe, Caribbean and America. if(ffid == 2){ window.ezoSTPixelAdd(slotId, 'adsensetype', 1); While there are many ways to get a Bahamian citizenship, there is no best wayit depends on personal circumstances and the opportunities you have. However, if you want something more than permanent residency, like citizenship by investment, youll find plenty in the neighboring regions of the Bahamas. this website. var cid = '3535673063'; Minimum $150,000 Donation The application process for Bahamas citizenship by investment includes the following steps: Step 3. This program also includes spouse and dependents of the main applicant, but in this case, he/she would need to prove the ability to provide enough funds to support a family in the Bahamas. With your new passport from Bahamas you'll be able to access 141 countries visa free, Credit card payments are collected by Incorporations Payments LLC with address at 26031 72nd Av NW, Suite O167, Stanwood, WA 98292, Although we use our best efforts to keep the information of this site accurate and up-to-date, we make no An annual permit is a one-year renewable residence permit issued to foreigners who want to stay long-term in the country without working. Below, well discuss the programs investment amount and other details. , and worldwide come to The Bahamas every year. Immigration by Investment and Tax Residency, Become a citizen of a Commonwealth country, Visa-free or Visa on arrival to 141 countries, including United States, China, Schengen Area, The right to live and work in Bahamas at all times, Access to educational and healthcare benefits, Peaceful, democratic and politically stable country, Access to healthcare and education system, The right to live and work in Bahamas, without any time limit, Original or Certified copy of Marriage Certificate (if applicable), Original or Certified copy of Birth Certificate (if applicable). This grants residency to approved applicants and their families. Foreign nationals can apply to become Bahamian citizens if they are: Unfortunately, while some countries do offer a shortcut to citizenship for wealthy investors, there is no way to acquire Bahamas citizenship by investment. The surviving spouse and dependent children, on the other hand, must apply for legal status within three (3) months of the Economic Permanent Resident's death. Are you dreaming of becoming a Bahamian citizen? Bahamas citizenship requirements are extensive, but theres a reason why so many immigrants from the United States. Are there any education or work experience requirements? The many condo-hotels and mixed-use resorts around The Bahamas have been a popular choice for Economic Permanent Resident candidates. Are you a US citizen? Save my name, email, and website in this browser for the next time I comment. Although Economic Permanent Residence does not grant the applicant permission to work in The Bahamas, investors or people wishing to migrate to The Bahamas can apply for the right to work for their own business. Many people want to live in the Bahamas permanently. International visitors wont score citizenship overnightit could take multiple years in some cases. Due Diligence Process. Unlike many other Caribbean countries, foreigners can buy real estate in the Bahamas without a license or government approval unless they plan to rent it out, develop it commercially, or purchase over two acres of land. There are still some attractive alternatives available to you if you have the capital to invest in Bahamian property.if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'bahamasguides_co-medrectangle-4','ezslot_13',107,'0','0'])};__ez_fad_position('div-gpt-ad-bahamasguides_co-medrectangle-4-0'); The various Bahamas residence permits provide several legal options for non-citizens who wish to live in the country for any extended length of time. Why Get Citizenship By Investment in St Lucia? In practice, if your investment in the Bahamian residential property is valued at or over $1.5 million USD or more, a response from the Immigration Department is guaranteed within twenty-one days of submission of a complete application. However. Honourable Perry G. Christie, at his Budget Communication in May 2013 and enacted by Parliament on January 22nd, 2015, permits foreign nationals and their families to become citizens of The Bahamas through investment in real estate or other approved assets. The spouse and children of the investor may be included in the application at no additional cost. citizenship in the Bahamas through investment, it gives you access to: Immigration Department official is required as part of the application, Spanish Citizenship By Investment 2022: Discover All You Need To Know, Singapore Citizenship By Investment 2022 All Important Details, Netherlands Citizenship By Investment 2022 All You Need To Know, How To Immigrate to Canada as a Truck Driver: All You Need To Know, An attractive residency option for your family with no schooling or residency requirements. Contact us for further information. Citizenship is granted automatically to people who meet these birth circumstances: Some countries recognize rights to citizenship if you have parents or grandparents that are citizens of a specific country. Rev Up Your Insurance Knowledge: Best Motorcycle Insurance Forums, Insuring Classic Cars: Find the Best Auto Insurance in the US, Best Online Stock Brokers for Beginners for 2023, Business Insurance: Definition, Types, and Importance, Best Travel Credit Cards for Seniors: Acquiring and Comparing Options, Affordable Travel Tips for Backpackers: How to Explore the World on a Budget, How Long Does It Take To Get A Visa 2022 US Visa, Visa Sponsorship Jobs in Canada for Foreigners 2022, Documents Required To Prove Funding For Student VISA, You Want To Go To Canada? After all, who wouldnt want to be a part of a tax-free country that protects their assets while also giving them a chance to explore hundreds of islands, sandy beaches, and a vibrant culture full of dancing and music? First things first: how do you go from tourist or. 3 likes, 0 comments - Akarkom International (@akarkomtr.en) on Instagram: "The Turkish passport is ranked 38th in the world Holders are allowed entry to 72 countries . One is the Bahamas residency by investment program, the latest addition to the Bahamian Immigration Act. The endorsements of the Economic Permanent Resident's wife and dependent children are not automatically disqualified when he dies. These interviews were formerly conducted in person, but because of the Covid-19 pandemic's limitations, they are now conducted through telephone and video conference. Unfortunately, yes. If you wish to remain a citizen of your home country (. The Bahamas doesnt recognize dual citizenship. The Bahamian government will automatically grant you citizenship if you meet all the requirements. Also, did you know that the Bahamas was a former British colony? Why Get Citizenship By Investment In Malta? Bahamas Residence Permits: What You Need to Know, An Alternative to Bahamas Citizenship by Investment, The Right to Purchase Additional Property, Eligibility to Apply for Bahamian Citizenship, How to Acquire Bahamian Residency by Investment, Get Started on the Path to Permanent Residence, ready to spend money on property in the country, financially independent individuals or investors who are legitimate owners of a residence in The Bahamas, Application for a Certificate of Permanent Residence. Nassau's capital city is located on New Providence Island, and 70% of the population. For starters, citizens have absolutely zero obligations for income tax, capital gains tax, wealth tax, and inheritance tax. If you plan to stay longer, permanent residency will eliminate the need for regular permit renewal. ? opportunities, or of course, the immense tax benefits. There are a lot of benefits to living in The Bahamas and even more to becoming a citizen. Citizenship & Passport Gaining Bahamian citizenship eliminates the need to worry about residency rules and requirements, time limits on how long you can stay, or your ability to work in the country. The permanent residence card is valid indefinitely. Can permanent residency status be revoked? The enacting legislation is the Immigration Act, Chapter 191. Lets see what the Bahamas permanent residency by investment program is about. The pass grants participants a 12-month residency permit to work or study remotely on any of the country's 16 main islands. If you have not purchased a residential property yet, we may offer you different options and get in touch with several developers.Once you purchased the property you will receive a homeowner card. Step 4. Every ten (10) years, the electronic card is renewed. flagtheory.com. representations or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents of describe the most successful naturalization cases are for those who intend to stay permanently, connect with Bahamian customs, and know the language. Gaining Bahamian citizenship eliminates the need to worry about residency rules and requirements, time limits on how long you can stay, or your ability to work in the country. What do you get when you mix a tax haven with a tropical haven? Your email address will not be published. Whatever your motive, you can pursue citizenship on this gorgeous stretch of 700 Caribbean islands through a few avenues. Why Get Citizenship By Investment in Antigua and Barbuda? The residency by investment program in the Bahamas offers two types of investment options for those applying for a residency visa. This has fuelled the countrys infrastructure. Why Get Citizenship By Investment In Grenada? Our qualified attorney in the Bahamas will handle all paperwork, and guide you through each step of the process to ensure that it is as fast, efficient and pain-free as possible.First, our lawyers will conduct a due diligence check on you to ensure that you are eligible and meet the criteria to apply for the program and that your application will be approved. Yes and Heres How, Islands in The Bahamas for Sale: How to Buy a Bahamas Island, Best Places to Live in The Bahamas: Safest Places to Live & Where to Live, Best Banks for Mortgages in The Bahamas: Scotia Bank vs Commonwealth Bank vs Central Bank of The Bahamas, The Ultimate List of Facts & Statistics about The Bahamas, What is the Unemployment Rate in The Bahamas? However, The Bahamas has specific requirements for citizenship by descent. It will also allow permanent residents to apply for citizenship through naturalization after ten years., The Bahamas residency by investment process takes an average of three months, but can take as little as three weeks through an expedited process requiring a higher investment. Or maybe youll purchase, Police officers, nurses, doctors, medical professionals, teachers, priests, and ministers employed between 10-20 years, Anyone who has held a work permit for at least 20 years in The Bahamas, Spouse of a Bahamian after residing there for five years, Anyone born outside of The Bahamas to a Bahamian, married woman (if her husband isnt Bahamian). There are no income, wealth, inheritance, or capital gains taxes. The Bahamian government strongly encourages both foreign and domestic investment and works closely with the private sector to maintain a hospitable climate for investors. Bahamas Residency By Investment Program. The official language spoken in the Bahamas is English, and the currency is the Bahamian dollar (pegged 1:1 with USD), making the transition very easy for English-speaking foreign investors, entrepreneurs, and retirees looking to live there. Can get Bahamas as second passport by donation like donation policy of Dominica and antigue. Currently citizenship investment and second passport programmes in the Caribbean are offered by St. Kitts, Dominica, Antigua & Barbuda and Grenada. The whole process may take within 4-6 months.For further information on the Bahamas immigrant investor program and detailed procedures, contact us for a free private consultation. After that, you will be ready to undergo fingerprints procedures. Dual citizenship is the ideal 'Plan B'. As of 2020, Five countries operate a CIP in the Caribbean and have vastly benefited from CBI revenues. Some countries are tropical havens, while some may be tax havens. The Bahamas government website adds a note on. And we have to get the best bang for the buck and create a symbiotic relationship where we are benefiting just as much as the people who are coming here to The Bahamas. he added. But, you can pursue Bahamian citizenship through many paths, from investment to residency to marriage to naturalizationand more. The expedited procedure for processing permanent residency applications takes about three weeks., The official website of the Bahamas Migration Service dictates that the minimum investment needed to accelerate your application is US$ 750,000, but authorities dictate that the expedited process requires a minimum of US$ 1.5 million investment. Tourism is the largest industry in the Bahamas, followed by financial services and the countrys Gross National Product (GNP) is one of the highest in the region. var pid = 'ca-pub-2281517967471083'; Access to better healthcare and education. With 700 islands, award-winning beaches, and almost no taxes, the Bahamas offers a life that is a dream come true for many. Required fields are marked *. About Us You can apply for this status each year, provided you are living in The Bahamas. Investing in the economy of the Bahamas, by financing a business that hires Bahamians in priority sectors, including tourism, marina construction, information technology, or medicine. Get latest news and updates from CBI and RBI industry of investment immigration. The applicant must pay a one-time price of $15,000 for permanent residence and $100 for each endorsement. There are no age restrictions on family members, so long as they live permanently with the investor, and are financially dependent on the investor. Bahamas Citizenship By Investment 2022: All You Need To Know. You can read more on the benefits of dual citizenship here. In 2020, the Bahamas introduced a short-term residency visa aimed at remote workers, known as The Bahamas Extended Access Travel Stay (BEATS) programme. You might even consider Bahamas citizenship by marriage. Contact us at MCR Bahamas, we can help! Bahamas Citizenship By Investment 2022: All You Need To Know. After this, you will be eligible to apply for the permanent residency.We will send you the application forms and provide assistance to complete the questionnaires, translate and authenticate documents. The Bahamas is a true tax haven. With 16 major islands, The Bahamas is an unmatched destination, a heart . Visit:https://www.citizenshipquickly.comBahamas is now talking about the idea of having their own citizenship by investment program. To be eligible for Economic Permanent Residence, an individual must be 18 years of age or older and own a residence or make an investment in The Bahamas, or a combination of the two, that surpasses the current $750,000 barrier. Apply For Canadian Express Entry, Different Canada VISA Categories / Types You Can Enter Canada With, Canada Visa Application: 100% Working Guide, Canada Government Jobs Available Apply Now. Bahamas does not have a citizenship by investment program at the moment. Your permanent residence may be revoked if you fail to hold the residential property for ten years, live outside the Bahamas for three or more years, or become imprisoned in another country for a year or more. Most tourists visiting the Bahamas each year are Americans. CareersPartner With UsBecome A VendorBook Us For SpeakingRequest An InterviewSocial Responsibility, ABOUT CONTACT +1 (979) 966-6623. Which country is best for residence by investment? Performance & security by Cloudflare. Visa Free Travel 160 Countries The benefits of dual citizenship in 2023 include: Security and stability. Starting from July 2021, a new clause in the Bahamian Immigration Act allows foreigners to apply for permanent residency by investment in the Bahamas . In fact, tourism is the Bahamas largest economic sector and accounts for more than half the local workforce. After becoming a permanent resident through any of the above avenues, youll have to reside in The Bahamas for ten years before being eligible for. Bahamas Citizenship By Investment The Commonwealth of The Bahamas has long been a favourite holiday destination for tourists worldwide. According to the Nomad Passport Index, Bahamian citizens can enjoy visa-free travel to 142 countries, including China, Japan, Singapore, etc. You can find more videos, talks, and other content related to Global Citizen & Second Passport on our YouTube channel. It is possible to get permanent residency (golden visa) under speedy consideration in Bahamas by investing USD 750,000 in properties. The Bahamas doesnt recognize dual citizenship. Bottom line? Andrew Henderson wrote the #1 best-selling book that redefines life as a diversified, To learn more about the Bahamas corporation legal framework and taxation, visit incorporations.io/bahamasThis should not be construed as tax advice. If you obtained Bahamian citizenship by birth while a citizen of another country, you may temporarily have dual citizenship until you are 21. Citizenship by Investment Journal - Copyright (c) 2023 All Rights Reserved, E-2 Visas gets harder with Citizenship by Investment, Extra scrutiny for non-resident US visa applications. EU Schengen Zone & UK, Minimum $100,000 Donation The Bahamian government earns revenue through indirect taxes like VAT, stamp duty, real estate tax, customs duty, and excise duty. With about 340 days of sunshine a year, beach-ready summers, and slightly chill winters. In order to better serve you, we ask that you please fill out the following form as accurately as you can and provide as many details as possible. grant you citizenship if you meet all the requirements. Spouses, children, or other relatives can also be included on the permanent residency application with the main applicant. Documents to obtain Bahamian citizenship include proof of net worth, birth certificate, marriage certificate, etc. Your email address will not be published. Your email address will not be published. With perks like these, on top of a tax-free regime, its no wonder why many people want to obtain Bahamian citizenship. ins.style.minWidth = container.attributes.ezaw.value + 'px'; Additionally, relatives of the investor can lose their permanent resident status if they are no longer financially dependent on the applicant., The Bahamas is an independent nation in the Caribbean with its own system of government. Can the applicant work legally in the Bahamas? The only notable exception is the right to vote. } Your IP: [2022], What are the best schools in the Bahamas? It explores the benefits as well as the costs of plastic across environment . The visa allows participants an annual residence permit to work or study remotely across any of its 16 major islands, for 12 months only. We create and implement bespoke, holistic strategies for successful investors and entrepreneurs to legally reduce their tax bills, diversify and protect their assets, become global citizens and maximize their freedom. While the issue of citizenship through investment in the Bahamas remains under a cloud, the option of obtaining permanent residency through investment remains a functional and viable option with the Minister clarifying that there are no plans to review the minimum $500,000 requirement of investing in residential real estate. Permanent residents applying for citizenship must: The Bahamas does not have an income tax, capital gains tax, capital transfer tax or estate tax. What about an international man marrying a Bahamian citizen? Permanent residents become Bahamian citizens after 6-9 years. Permanent residents of The Bahamas can apply for citizenship after residing there for at least ten years. The official language of the Bahamas is English. is ready to help you achieve your Bahamas real estate dreams. We are experienced and efficient. Certified copy of marriage certificate (if applicable), Copy of real estate land acquisition and purchase site plan, Business plan (approved by relevant authority). In some countries, tax residency comes with a hefty bill and has to be avoided at all costs, but in the Bahamas, thanks to the countrys tax-free regime, you dont have to fret about it. If approved, a residency permit will be issued after around 3 months. var container = document.getElementById(slotId); Sign up for our Weekly Rundown of news for global citizens, breaking news alerts, and exclusive invites to Town Halls and events. The main allure of the Bahamas lies in its tax-free regime. However, male spouses cant obtain citizenship as quickly as female spouses. All you need is a team to helps you select the best one for you. Global business opportunities. The Best Bahamas Shopping Venues to Hit Up on Your Vacation. Introduction Background Lucayan Indians inhabited the islands when Christopher COLUMBUS first set foot in the New World on San Salvador in 1492. The Bahamas is a tropical tax haven offering all the serenity and beauty of a tropical paradise and the safety and incentives of a tax haven. Business plan must be approved by proper authority, or real estate purchase agreement and landholding license must be obtained. The enacting legislation is the Immigration Act, Chapter 191. The spouse and children of the investor may be included in the application at no additional cost. If you're looking for a lifestyle change, consider investing in the Bahamas! Since an annual permit holder cannot work in the country, this permit option is popular among the family members (spouses and dependants) of foreigners with work obligations in the Bahamas. The Bahamas automatically recognizes international people as citizens if Bahamian parents adopt them. You might apply for permanent residency as an investor, as discussed above. Permanent residents become Bahamian citizens after 6-9 years. Copyright 2012-2023, Nomad Capitalist Limited. You can email the site owner to let them know you were blocked. var ins = document.createElement('ins'); ins.dataset.adChannel = cid; Citizenship by investment, however, doesn't work that way. There are no direct taxes such as personal income tax, corporate income tax or net worth tax.The Bahamas levy a real property tax up to 2% for land and building owners, although several exemptions may apply.There is also a stamp duty on the transfer of certain assets and financial instruments.In addition, in the Bahamas it is possible to incorporate an International Business Company, where besides being tax exempt, benefits from privacy, confidentiality and low accounting requirements. As a result, it is attractive as a secondary home to many wealthy expats and tis government has created a program allowing foreign investors to apply for residency in exchange for an investment into the Bahamian economy. Step 3. It can be challenging to become a citizen of The Bahamas. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. In reality, the home might be used to generate cash by being rented out or leased privately by the owner. The permanent resident has lived in The Bahamas for at least six years. Citizenship by Investment Bahamas At this point in time the Bahamas does not have a citizenship by investment programme leading to a second passport, either through investors purchasing real estate or through government contribution. This annual permit is available to anyone who owns a home in The Bahamas and facilitates easy travel into and within the country for you and your immediate family. The Bahamas permanent residency by investment program is an excellent option for foreigners looking to enjoy the countrys beauty and tax-free regime. to people who meet these birth circumstances: Born to at least one married Bahamian parent (in The Bahamas), Born to an unmarried Bahamian female (in or out of The Bahamas), Born outside of The Bahamas to a married Bahamian male who was born, Some countries recognize rights to citizenship if you have parents or grandparents that are citizens of a specific country. ins.id = slotId + '-asloaded'; The minimum amount of the required investment is not specified under Bahamian legislation. How else can you score Bahamian citizenship? If youre a financially independent individual or investor that owns a Bahamian residence, you can apply for permanent residency in The Bahamas. Dual citizenship is not recognized in the Bahamas, so applicants must forego their previous citizenship. We have improved and streamlined our process to make it a simpler process for clients. Hurricane Dorian caused about $3.4 billion in damages, which is equal to one-quarter of The Bahamas GDP. Tips To Successfully Relocate Your Family - Sippy Cup Mom. The main advantages of the Bahamas citizenship by investment scheme in 2023. They must also live in The Bahamas for 12 consecutive months before applying for citizenship. However, the official site states that a residential property valuing BSD 750,000 or more will get your application a speedy consideration. Note, prospective residents that purchase a home worth 750,000 Bahamian dollars or more will receive expedited consideration for permanent residency. Issuance of Certificate of Naturalization & Passport. The Bahamas became a British crown colony in 1718, when the British clamped down on piracy, later gained governmental independence in 1973. We shall in no event be held liable for any loss or other damages, including but not limited to special, incidental, Far Horizon Capital Inc., and any Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. If youre a financially independent individual or investor that owns a Bahamian residence, you can apply for permanent residency in The Bahamas. 1. The Bahamian Department of Immigration processes and issues the annual permits. Real Estate Option You must submit a $200 non-refundable processing fee to apply for the Homeowners permit. Over the past five years we have helped hundreds of clients with different citizenship by investment programs, residency by investment programs, and offshore plans. Bahamas Citizenship By Investment Application Process. Be a legal permanent resident in the Bahamas, with 10 years of legal status, including the 12 months immediately preceding the application, and who has resided in The Bahamas for a minimum of 6 years preceding the 12 months mentioned above. The Bahamas automatically recognizes international people as citizens if Bahamian parents adopt them. Are you dreaming of becoming a Bahamian citizen? How long is the residence card valid for? According to the official site of the Bahamian Department of Immigration, the certificate of permanent residence will be issued to foreigners for a lifetime unless revoked. It is possible to get permanent residency (golden visa) under speedy consideration in Bahamas by investing USD 750,000 in properties. Cloudflare Ray ID: 7d2521f49f1a43c1 If you obtained Bahamian citizenship by birth while a citizen of another country, you may temporarily have. Founded in 2017. Citizenship & Passport The average application is processed in approximately three to four weeks, but, as noted above, if youre purchasing a higher-value property, you may be eligible for accelerated consideration from the Bahamian government. Heres what you need to do to obtain permanent residency through investment, also known as economic policy residency. You must submit a $200 non-refundable processing fee to apply for the permit. Despite the fact that you cant obtain Bahamas citizenship by investment, I think its pretty clear that permanent residency offers an attractive alternative for those looking to make the move. We have a proven track record with great reviews from well known clients. It is something that we are looking at. We handle your data according to our Privacy Policy. This could happen if they sell their home or business before the ten-year required holding period has expired. To obtain Bahamian citizenship a tax haven with a tropical haven these options, or gains. 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