Is it possible to get citizenship in the Bahamas by investment?
The Bahamas are a group of tropical islands that attract many visitors worldwide every year.
But besides being a perfect destination for a dream vacation, the Bahamas offer great earning opportunities for all investors, thanks to their strong economic and commercial power, affluent tourism, a wide range of tax incentives, and highly skilled workforce.
For those who not only want to invest but also seek a peaceful, luxurious, and secluded life, a warm climate all year round, and a welcoming culture, the Bahamas are the ideal place to move to.
That’s why in this article, we’ll explain how to move to the Bahamas permanently and whether it’s possible to get citizenship in the Bahamas by investments.
Difference between Citizenship and Permanent Residence
Being considered a citizen means having the highest legal status within a state.
This status allows for the exercise of the right to vote, possession of a passport, and enjoyment of all the opportunities guaranteed by the state of belonging.
Citizenship can be acquired in various ways, such as by birth, marriage, or naturalization.
Becoming a citizen of The Bahamas through investment is only possible if one is married to a Bahamian citizen.
A foreign citizen can apply for citizenship only after residing for 10 years within the national territory.
To have the right to long-term residence, the foreign citizen must apply for permanent residence.
How to obtain permanent residency in the Bahamas?
Permanent residency, unlike citizenship, is a long-term residence permit that allows one to live and work legally in a country permanently.
Holders of a permanent residence permit enjoy similar rights to citizens of the country of residence, except for the right to vote and political representation.
There are several ways to obtain a permanent residence, including investments that may include:
- Business and commercial activities
- Real estate ownership
- National development funds
Permanent residency for national development fund investors
Investing in a national development fund means contributing financially to the realization of projects such as:
- Other sectors
The government or a state agency usually manages development funds.
Investors contributing at least $1.5 million to the national development fund can obtain permanent residency and tax and financial benefits.
Protection of financial interests from political risk
Investing in national development funds guarantees investors protection against political risk.
This means that in the case of:
- Changes in tax policy, such as tax or tariff increases
- Political instability, such as revolutions or coups
- Confiscation of assets or expropriation by the government
- Wars or armed conflicts
- International economic sanctions
- Terrorism or other security threats
Protective measures of economic and financial interests will be adopted for all investors.
Permanent Residency for Real Estate Investors
The permanent residency program for real estate investors requires a significant national investment.
Specifically, investors must purchase real estate in the Bahamas with a minimum value of $500,000.
If you are wondering how to purchase real estate in the Bahamas, read this article.
Additionally, every real estate investor must demonstrate sufficient financial resources to support themselves within the country.
The process of applying for permanent residency for real estate investors in the Bahamas is complex. It requires submitting a series of official documents to the Bahamas Immigration Department.
How to Approach the Application Process
After purchasing real estate worth a minimum of $500,000 USD, the investor is required to open a local bank account for the transfer of funds necessary for the purchase of the residency.
The official application for permanent residency must be submitted to the Bahamas Immigration Department and must be accompanied by the following documentation:
- An authenticated copy of the passport and visa for the work permit or temporary residence
- Documentation of the transfer of funds for the purchase of the property
- Legal documentation of the purchase of real estate in the Bahamas, such as the deed and payment receipt
- Medical certificate of good health
- Criminal record certificate issued by the country of origin
The Bahamas Immigration Department will evaluate the application and documentation submitted.
The evaluation process may take several months, after which, if the request is accepted, the real estate investor will receive the permanent residency card in the Bahamas.
This card will allow them to legally live and work in the Bahamas for an extended period of time.
If you are considering investing in the Bahamas, come and discover our unique catalog of luxury real estate properties.