With its white sand beaches, light blue waters and tax haven status, it’s no surprise that the Bahamas is becoming a popular location for investors.
For those looking to take advantage of island living, The Bahamas offers a Residency by Investment programme, that allows investors to gain residency for up to 10 years.
Want to know more? Let’s get into it…
Why Move To The Bahamas?
Apart from its gorgeous scenery, The Bahamas’ Residency by Investment Programme is popular for a number of reasons:
Taxes: Living in the Bahamas means you don’t pay any income tax, making it an appealing option for those looking to become more tax efficient. However, you do pay property tax, though this is capped at 2%.
Location: The Bahamas has direct flights to many locations in the US and Canada, as well as the UK. It is also only a 30 minute flight from Miami, making it a great hub for business and travel.
Safety: The Bahamas is relatively safe, especially for tourists and expats. Incidences of violent crime tend to be rare and localised to certain areas of the island.
Quality of life: Life in The Bahamas offers beautiful beaches, good health care and a warm climate, making it an appealing place to move.
Things To Consider Before Moving
Whilst it is an incredible place to live, The Bahamas is also one of the most expensive.
The capital, Nassau, is regularly listed as one of the top 10 most expensive cities in the world. This is largely due to high housing costs, inflated energy bills over the summer months and the need to import many goods, making food expensive.
To put this into perspective, Cost of Living estimates a family of four would spend $5,380 without rent, making it an expensive place to live.
Investment Options For The Bahamas Golden Visa
The Bahamas Residency by Investment Programme is appealing for a number of reasons. Firstly, it’s valid for up to 10 years, as long as the investment is maintained.
Secondly, family members are able to be added onto the visa, as long as they are either a spouse, child under 18 or parent of the main visa holder.
The visa is also processed within 2 months and grants the person and their family living and working rights in the country.
So how do you get it?
In order to gain residency, investors have to choose from one of the following options:
- Real estate purchase of $500,000+.
- Business investment of $500,000+ (note: this must be in one of pre-approved sectors by the government).
According to Rodland Real Estate, the average home in the Bahamas costs $721,340 – so there will be plenty of options for the $500,000 required investment.
Who is Eligible For The Programme?
Not everyone is eligible for the programme, in order to apply you must:
- Prove you have the means to support yourself
- Have a clean criminal record
- Be over 18 years of age
There is no restriction on which nationalities can apply, as long as you have the funds, you are welcome to join!
The Application Process
Step 1: Choose Your Investment Type
Decide whether you want to invest in real estate or business. Make sure that it meets the government’s requirements (ie being in a specific sector).
Step 2: Get Your Documents Ready
You will need the following documents:
- Passport
- Police clearance certificate (clean criminal record)
- Two personal character references
- Marriage certificate (if needed)
- Birth certificates of children (if needed)
- Proof of financial means to support yourself and your family in the country
- Medical certificate showing good health
Step 3: Transfer Investment Funds
Once you have decided what you want to invest in, you will need to open a local bank account in the Bahamas and transfer the funds.
Then, you will be able to submit the formal application.
Step 4: Submit the Residency Application
The application, along with all the documents listed above, must be submitted to the Bahamas Immigration Department.
Once submitted, it can take up to 2 months for approval. If the application is successful, you will receive a Permanent Residence Permit.
Step 5: Maintain Your Investment
In order to stay in the country, you must hold the investment for at least 10 years. Once you have been in The Bahamas for 6 years, you can apply for citizenship if you want to.
Moving To The Bahamas With A Golden Visa
The Bahamas’ golden visa is a great way to gain residency in this idyllic and tax efficient country.
With a quick processing time and a relatively low investment amount compared to other golden visas, it’s a great way to access one of the most beautiful destinations in the world.
