Bahamas Citizenship By Investment 2022: All You Need To Know
Economic Residence Certificate holders must maintain ownership of the qualifying residence or property of equal or more excellent value for a minimum of ten (10) years, and (ii) file a declaration every ten (10) years confirming that the information relied upon to obtain the initial grant remains unchanged and if such information has changed, to file an affidavit setting out any material changes.
The investor and their family can only be granted Bahamas citizenship through investment after five years from the date of registration in their program of choice.
The Bahamas' government has long welcomed direct foreign investment and foreign citizens owning second homes. The government created an “Economic Permanent Residence” scheme to promote these prospects further. This immigration status allows financially independent persons who own a home in The Bahamas, have made certain investments, or both, to apply for Economic Permanent Residence.
An Economic Permanent Resident may remain in The Bahamas permanently if they maintain a residence or make an investment that meets the Minister of Immigration's basic requirements from time to time. The Bahamas' government has submitted legislation to modify the Immigration Act (Immigration (Amendment) Act, 2021, which took effect on July 1, 2021) to codify Economic Permanent Residence, which was established by policy some years ago.
Qualifications For The Bahamas Golden Visa
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. However, it should be noted that candidates with a property purchase price of $1.5 million or a total investment of $1.5 million will be given priority consideration. Furthermore, beginning July 1, 2021, and Economic Permanent Resident must spend at least ninety (90) days each year in The Bahamas.
In addition to the initial investment, the applicant must show that they have the financial resources to finance their lifestyle in The Bahamas without working—other supporting documentation as character references and proof that the property has no outstanding real estate taxes.
Because a copy of the registered deed proving the acquisition of the property is required with the application submission, an application can only be made after the successful completion of the investment or the purchase of a home.
