Bahamas Permanent Residency ‘Fast-Track’ Threshold Set to Rise

 

The islands of the Bahamas have long been a playground for the rich and famous.

For many the country has truly become a second home.

While the Bahamas does not have an economic citizenship program like some of its Caribbean counterparts, it does offer economic permanent residency.

Economic permanent residency is a status given to an individual for the duration of his/her life. It affords that individual the right to reside permanently in the Bahamas and travel freely in and out of the country.

Investors interested in permanent residency (and why wouldn’t you be) should note that the government intends to increase the permanent residency threshold, so you may want to ACT NOW.

Presently, non-Bahamians who are financially independent can apply for Economic Permanent Residency in the Bahamas upon the purchase of a residence valued in excess of $500,000.

The government has announced its intention to increase the threshold to $750,000.  Accelerated consideration is given if the subject property is valued in excess of B$1,500,000.00. We will update when the government formally announces the change.

You should note that the annual or permanent residency the Bahamas offers to major investors and owners of upscale Bahamian property DOES NOT confer citizenship or the right to work in the Bahamas and yes it can be revoked, though in rare instances due to some major violation of the country’s Immigration Act.

 

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