Benefits of permanent residence in the Bahamas: obtaining permanent residence in the Bahamas through investment and more

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Benefits of permanent residence in the Bahamas: obtaining permanent residence in the Bahamas through investment and more

Life on the ocean is the first thing that is associated with many who hear the word the Bahamas. Washed by the Atlantic Ocean, the Bahamas include about 700 coral islands, of which three dozen are inhabited. The benefits of permanent residence in the Bahamas can hardly be overestimated. Most of the Hollywood stars on these paradise islands have cottages, houses, and mansions. Snow-white beaches, incredible ocean, stunning flora and fauna, many protected areas, places of interest, educational opportunities at local schools and the College of the Bahamas, and a high level of medical care. There is also a simplified tax regime on the islands. It is allowed to live here without renewing a visa annually, as in some other countries. By obtaining citizenship in the Bahamas, you get the privileges to travel to Canada through Electronic Travel Authorization (eTA, which allows entry to residents of other countries without a visa) and visit the United States also without a visa. What could be better for good decent living conditions?

But it is worth remembering the nuances when planning a permanent place of residence in this country. The first step is to be patient, as this process is delayed for a very long time. After obtaining permanent residence on the islands, you need to live for at least 10 years, with 7 years of which - physically stay on the territory of this country. An exception is an investment in the economic development of the country, for example, the purchase of real estate or entrepreneurial activity. This greatly speeds up the whole process. Also, dual citizenship is unacceptable, so moving should be taken quite seriously. A work permit is issued separately.

 

Applying for permanent residence in the Bahamas through investment

Previously, according to the legislation on immigration in the Bahamas, there was no direct way to immediately obtain permanent residence. But thanks to a new clause in the law adopted in 2021, you can get permanent residence status by investing. Thus, the registration of this procedure will take no more than three months. The applicant must not have any criminal record.

Investment options:

1. Buying property on one of the islands. The cost of real estate practically does not affect anything, but only speeds up the process of obtaining permanent residence. It can be, as well as ready-made villas, apartments, houses, cottages, mansions, and a land plot for planned development. Any acquired object must be registered with the relevant authorities.

2. Opening your business in the priority sectors of the Bahamian economy. Some of the main ones are the tourism industry, the medical field, the construction of marinas in coastal areas, as well as information technology.

It is worth noting that the combination of these two investment options is allowed.

 

 


Registration of permanent residence without investment

To begin with, a residence permit or a special ID card of the homeowner (Annual Homeowners Residence Card) is issued, and only after a year, you can apply for permanent residence. For a residence permit, you must have a work permit (temporary or annual). If the goal is to study in the country, you need to have a letter from the educational institution. Renting housing according to the contract is another condition that may be for a residence permit.

In addition, you can apply for permanent residence in the Bahamas:

1. If you are the spouse (or husband) of a citizen of the country for 5 years of marriage and without changes in this status.

2. If you have worked in the police for more than 10 years.

3. If you have been a healthcare worker for 20 years (for doctors) and 10 years for nurses.

4. If you have worked in the field of education for 10 years.

5. A newborn, if he was born outside the state, but the mother is a citizen of the Bahamas.


In all these cases, you can submit a list of documents to obtain permanent residence status:

- original and copies of passports;

- photo of the required dimensions;

 - a certified English translation of the birth certificate;

 - medical certificate for a period not exceeding 30 days;

 - if necessary, a marriage certificate;

 - 2 letters of reference from citizens of the country who have known the applicant for at least 5 years;

- а bank statement confirming the availability of funds.

The whole procedure takes 3-4 weeks.

In a brief description, we have reflected only the main aspects. It is best to entrust the solution to all these issues to special experts. You can get legal advice regarding issues of emigration at the place of residence (residence/immigration) on the website.


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