People looking to build long-term roots in a destination other than their home country are often drawn to permanent residency. And what other way to get a good quality of life than getting a permanent residency in the Bahamas?
The Bahamas is an obvious choice for anyone looking to go somewhere warm and tranquil because of its outstanding natural beauty, solid economy, and tax-friendly lifestyle.
With permanent residency, you can call this stunning island chain your home and experience the ultimate island lifestyle. Let us guide you through making this island oasis your permanent haven.
Understanding Permanent Residency
Those who are not citizens of the Bahamas (foreign nationals) who wish to live and work there permanently must obtain permission from the Department of Immigration. A person with permanent residence is granted the right to live and work in The Bahamas for the remainder of their life, aside from revocation. Your Bahamas immigration is sealed once you’ve gotten permanent residency. However, they are not eligible to vote in the country.
Eligibility For Bahamas Permanent Residency
If you want to apply for permanent residency, you have to be in one of the following categories:
- Haitian citizens who can show proof of their continuous residency in The Bahamas before January 1985, except Haitian passports, which the department considers as proof under the cover of an affidavit from a notary public
- Spouse of a Bahamas national who has been together for five years and who lives together as a husband and wife
- Investors or financially independent people who are rightful owners of a home in The Bahamas kindly note that those who pay BS$ 1.5 million or more for a home will be given prompt consideration.
- Persons born properly elsewhere than The Bahamas to a married lady who is a Bahamian citizen but whose husband is not.
- Government-employed police and correctional officers with at least ten years of service
- Teachers with at least ten years of experience working for the government, nonprofit organizations, or houses of worship
- Nurses with a minimum of ten years of experience working in healthcare facilities or the government service
- Individuals who have maintained their legal status (work permit or residency permit) for over 20 years
Economic Permanent Residence
The Bahamas' government has long promoted foreign citizens' ownership of second homes and direct foreign investment in the country. The government launched the “Economic Permanent Residence” program to further encourage these chances. With this immigration status, financially independent people can apply for Economic Permanent Residence if they own a home, have made certain investments, or both.
Suppose an individual maintains a residence or investment at the minimal threshold set by the immigration minister periodically. In that case, they can become an Economic Permanent Resident and live permanently in The Bahamas. The Bahamas' government has filed legislation to codify Economic Permanent Residence and alter the Immigration Act (Immigration (Amendment) Act, 2021). This act went into effect on July 1st, 2021.
How To Qualify For Economic Permanent Residence?
A person must be at least eighteen, possess a property in The Bahamas, make a necessary investment there, or both, and meet the existing eligibility requirements to petition for Economic Permanent Residence. The investment must exceed the $750,000 threshold.
However, it should be noted that candidates who have invested more than $1.5 million or paid more than $1.5 million for their homes will be given priority.
In addition, an Economic Permanent Resident must spend a minimum of ninety (90) days annually in The Bahamas. The applicant must demonstrate that they have the money to support their lifestyle in the Bahamas without needing employment or an initial investment.
Additional supporting documentation includes character references and evidence of no unpaid real estate taxes. An application may only be submitted following the successful conclusion of the investment or house purchase since it requires a copy of the registered deed attesting to the acquisition of the property.
Application Process of the Economy Permanent Residency
The successful applicant receives an electronic travel card and a certificate of Economic Permanent Resident upon approval. The electronic card is renewed every ten (10) years.
An application for permanent residence costs $15,000. There is also a one-time fee of $100 for each endorsement.
An interview with an Immigration Department officer is necessary in the Economic Permanent Residence application procedure.
The application process takes different lengths of time; however, in compliance with the Immigration (Amendment) Act, 2021, the government is currently working on shortening the procedure to process applications three (3) months after submission.
Bahamas Permanent Residency Requirements
- $200 processing fee
- Filled application form
- Letter of request for the director of immigration
- Applicant’s police certificate
- Applicant’s medical certificate
- Applicant’s birth certificate
- Two passport photographs
- Copy of applicant’s bio-data page
- Copy of spouse’s bio-data page (if applicable)
- Applicant’s children's birth certificate (original)
- Copy of kid’s bio-data page (if applicable)
- Applicant’s spouse's birth certificate (original)
- Copy of naturalization for spouse (if applicable)
- Proof of current immigration status
- Deed poll
- Proof of payment of real property tax (where applicable)
- School letters (if applicable)
- A copy of the applicant's conveyance for the residential property(ies) in The Bahamas (where applicable)
- Proof of adoption (where applicable)
Additional Details
- Before submission, any documents issued from countries other than The Bahamas must undergo appropriate verification (such as apostille) and have the Ministry of Foreign Affairs authentication signature. Any certificate issued by a country member of The Hague Apostille Convention must have an apostille.
- Every foreign document presented must have an English-certified translation attached, along with a $10.00 Bahamian postage stamp.
- Someone fluent in the necessary foreign language must prepare the translations.
How & Where to Apply for Bahamas Permanent Residency
The application process for permanent residency in the Bahamas is simple. As soon as you’ve gathered the necessary documents and meet all requirements, you can follow these steps:
1. Fill out the permanent residency form.
2. Attach supporting documents.
3. Submit the form and necessary documents to the Bahamas Department of Immigration along with the application fee. The application processing fee is $200.
Benefits of Bahamas Permanent Residency
1. Tax Residency
Residents of the Bahamas are exempt from income tax, transfer taxes, and capital gains taxes. This is why the Bahamas remains one of the most popular countries to relocate to. Dividend, interest, and royalty income are all tax-free. There is also no estate or inheritance tax in the Bahamas. Bahamian businesses are exempt from income tax. However, VAT is applicable; the rate of charge is 12%. Twenty years following their Bahamas incorporation, new companies are free from taxes.
2. Caribbean Vacations and Accommodations
In the Bahamas, permanent residents stay for at least three months annually. September through May is the ideal time of year to vacation on the islands. The weather keeps the water at roughly +25 °C and the air between +18 and +22 °C during this period. Property owners who own high-end properties in the Bahamas might live next door to celebrities such as Sean Connery, Kanye West, Oprah Winfrey, Nicolas Cage, and Johnny Depp.
3. Bahamian Citizenship
Bahamian citizenship can only be acquired by naturalization for holders of Permanent Resident Cards. It will take at least ten years to achieve this if one maintains permanent residency status. They have to reside on the islands for at least six years.
Dual citizenship isn't accepted in the Bahamas. As such, to obtain a passport for the nation, you would need to renounce your previous citizenship in favor of Bahamian citizenship.
If you have a Bahamian passport, you can visit 155 countries—including the Schengen Area, Japan, China, Hong Kong, and Singapore—without a visa. Bahamian nationals can also visit the UK 180 days a year without a visa since their country is a member of the Commonwealth of Nations.
A Bahamian citizen does not require a US visa to enter the country by plane via Nassau or Freeport International Airport. Lastly, electronic permits are issued to Bahamian nationals instead of visas for travel to Canada.
Conclusion
Embrace the ultimate island lifestyle with the Bahamas permanent residency. This country guarantees year-round turquoise waters, powdery white sand, and warm sunshine. Make it your forever home and experience a peaceful escape, rich culture, and breathtaking natural beauty. Start your tropical adventure today!
