The Bahamas have a reputation for being a tax-friendly destination. They offer a variety of options for businesses and investors seeking reduced taxes and business paperwork. As a result, this island is now seen as an excellent expatriation spot for investors.
And while getting naturalized does take a while (10 years for qualification), going through the process is worthwhile. The passport allows visa-free access to a variety of countries, including Europe, Canada, China, and the US. But be aware that dual citizenship is not allowed for those asking for naturalization. That said, Americans are unlikely to lose their US citizenship during that process.
The Bahamas Golden Visa offers permanent residency to approved applicants. Since 2020, The Bahamas provides a tax residence certificate to permanent residence after only 90 days of physical presence.
The Bahamas Residence by Investment program falls under two categories, those being:
- Real Estate
- Business Establishment
Bahamas Golden Visa Real Estate Purchase
Purchasing real estate in The Bahamas isn’t normally easy. A permit is required for that. However, an applicant may receive a permit if they purchase property that is valued at B$500,000 minimum. Also, investors purchasing property upwards of B$1.5 million are given easier access to the islands, along with permanent residency.
- Apply and complete all of Form 3.
- Form 3 should be submitted, along with the necessary documents to the Secretary of the Bahaman Investment Board. Extra documents required should be listed below the form.
- The application will also be checked (if necessary) by the Royal Bahamas Police Force’s Security and Intelligence branch in addition to any government ministries concerned. This step varies depending on the type of commercial activity.
- After approval, a letter is prepared for the application.
- After receiving the approval letter, applicants must head to the Public Treasury to deposit the required fee.
- The receipt should be copied, then submitted to Bahamas’ Investment Board. From there, the Board provides a permit for property acquisition.
Bahamas Golden Visa Business Residency
To qualify, an investor requires B$500,000 (500,000 USD) minimum. The investor should seek to invest the amount in an area that isn’t classified as “100% Bahamian Participation.”
- At the BIA (Bahamas Investment Authority), apply for a project proposal. Provide supporting documents as required.
- The application will be processed by the BIA, before being forwarded to the National Economic Council for determination.
- Based on the project proposal’s activity, a relevant agency or ministry may be consulted for their opinion.
- After the project’s determination, the BIA will contact the applicant by writing.
- After the project is approved, the BIA will coordinate the project implementation (along with the necessary government agencies).