Bahamas Citizenship By Investment 2022: All You Need To Know

Bahamas Citizenship By Investment The Commonwealth of The Bahamas has long been a favourite holiday destination for tourists worldwide. Many people want to live in the Bahamas permanently. Some have gone on to buy property in the Bahamas, but others have found an even better way to become an integral part of the country. The Bahamas Citizenship By Investment Program, announced by Prime Minister Rt. Honourable Perry G. Christie, at his Budget Communication in May 2013 and enacted by Parliament on January 22nd, 2015, permits foreign nationals and their families to become citizens of The Bahamas through investment in real estate or other approved assets. The Bahamas is an archipelago of 700 islands located in the Atlantic Ocean. The country consists of over 3000 cays, islets, and rocks stretching 100,000 square miles. A total of 23 of these islands are inhabited, and most people reside on New Providence Island. Nassau's capital city is located on New Providence Island, and 70% of the population. The official languages of the Bahamas are English and Creole. If you're looking for a lifestyle change, consider investing in the Bahamas! With a low population density, beautiful beaches, warm weather throughout the year, and several exciting activities to explore, there's no doubt that many people flock to this destination every year. Benefits Of Citizenship In The Bahamas A permanent resident has most of the same rights as a Bahamian citizen, except that they are unable to vote or take advantage of some advantages that are only available to Bahamians. While there is no tax residence designation associated with Economic Permanent Residence, there are no income, capital gains, or inheritance taxes if you are an Economic Permanent Resident and live in The Bahamas. A permanent resident is not necessary to live in The Bahamas full time, even though a ninety (90) day stay is required each year. In reality, the home might be used to generate cash by being rented out or leased privately by the owner. The many condo-hotels and mixed-use resorts around The Bahamas have been a popular choice for Economic Permanent Resident candidates. Although Economic Permanent Residence does not grant the applicant permission to work in The Bahamas, investors or people wishing to migrate to The Bahamas can apply for the right to work for their own business. This necessitates a formal application to the National Economic Council ("NEC"), which is made up of Cabinet Ministers and led by the prime minister and previous approval-in-principle. After receiving approval-in-principle from the NEC, an application for Economic Permanent Residence with the right to work for one's own business can be presented to the Immigration Department for review. Additionally, at the time of the first application or a later date, an applicant's wife and dependent children under the age of eighteen (18) years who typically reside in his home may be endorsed on the applicant's permanent residence. The endorsements of the Economic Permanent Resident's wife and dependent children are not automatically disqualified when he dies. The surviving spouse and dependent children, on the other hand, must apply for legal status within three (3) months of the Economic Permanent Resident's death. Once the minor reaches the age of eighteen (18), the dependent child's endorsement expires, and they must apply on their behalf to keep their residency status. When you gain citizenship in the Bahamas through investment, it gives you access to: Visa-free travel or visa on arrival to about 120 countries and territories, including Canada, Hong Kong, Singapore, and many more! No personal income tax! The tropical weather all year round. White sand beaches. Low crime rate. High standard of living. Good healthcare system. An attractive residency option for your family with no schooling or residency requirements Applicants must demonstrate sufficient assets and income to sustain themselves and their families without working in the Bahamas. You will be entitled to become a citizen after ten years of permanent residency or seven years if married to a Bahamian citizen. The permanent resident has lived in The Bahamas for at least six years. The Bahamas Extended Access Travel Stay (BEATS) program, launched in 2020, is a short-term residence visa for remote workers. The pass grants participants a 12-month residency permit to work or study remotely on any of the country's 16 main islands. Applicants must provide proof of self-employment or submit a letter from their company or an approved university and confirm that they will support themselves financially while in the Bahamas. Bahamas Citizenship By Investment Application Process The application process for Bahamas citizenship by investment includes the following steps: Step 1. Application Submission Step 2. Due Diligence Process Step 3. Application Approval & Issuance of Authorization Letter Step 4. Payment of Fees & Investment Step 5. Issuance of Certificate of Naturalization & Passport The successful applicant receives an Economic Permanent Resident certificate and an electronic travel card following acceptance. Every ten (10) years, the electronic card is renewed. The applicant must pay a one-time price of $15,000 for permanent residence and $100 for each endorsement. An interview with an Immigration Department official is required as part of the application procedure for Economic Permanent Residence. These interviews were formerly conducted in person, but because of the Covid-19 pandemic's limitations, they are now conducted through telephone and video conference. According to the Immigration (Amendment) Act of 2021, the government is currently working on expediting the application process to have applications completed within three (3) months after filing, subject to all requisite evidence. 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. FAQs What Are The Necessary Requirements For the Bahamas Golden Visa? Investors must have a high net worth and adequate financial resources to sustain themselves and their immediate dependents without working in the nation. What Are The Bahamas Restricted Nationalities? No nationality is officially restricted. Is It Possible To Have A Dual Citizenship In The Bahamas? In the Bahamas, dual citizenship is not recognised. It would help if you renounced your prior nationality to become a citizen of the Bahamas. What Are The Documents Required For the Bahamas Golden Visa? Certified copy of passport Original Police Clearance Certificate Two Personal References Original or Certified copy of Marriage Certificate (if applicable) Original or Certified copy of Birth Certificate (if applicable) Proof of net wealth Medical Certificate Bahamas Citizenship By Investment

Bahamas Citizenship By Investment 2022: All You Need To Know

FAQs

What Are The Necessary Requirements For the Bahamas Golden Visa?

What Are The Bahamas Restricted Nationalities?

Is It Possible To Have A Dual Citizenship In The Bahamas?

What Are The Documents Required For the Bahamas Golden Visa?