andrewbc
5/15/2016 12:49 EST
Hello,
I am a Canadian who is looking into moving to Bahamas (Nassau) in the next 6-12 months.
I have about $5M to invest, and I am looking into real estate in Nassau. Ideally, I would like to receive permanent residency by investing in a house ($500k+) and then proceed to becoming a real estate agent so I can learn more about the Nassau market. I understand that this would be considered as me "working" in the Bahamas, and I was wondering if anyone here had experience doing what I am trying to do.
If I do invest $500k+ in a house, does my permanent residency come with the right to work? The government site says "and/or" right to work, not sure what to make of that.
Any pointers, or practical experience you can share would be great!
Andrew in Vancouver
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Fisherman
5/16/2016 12:38 EST
Unfortunately you will not get the right to work. The local real estate agents will fight tooth and nail to stop you from ever becoming an agent. They will be happy to take your money though. Good luck
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dolfie
5/16/2016 16:57 EST
No, your residence will speed up because your investment will be $500.000 +. However, right to work is a different story.
As foreigner you'll need to work for a real estate company with brea approval.
It is one of the protected branches, reserved for Bahamian citizens, unless you'll come up with a business plan as corporation that the government will approve.
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breija
5/30/2016 22:25 EST
Hi Andrew,
Purchasing a property of value $500,000 makes you eligible to apply for permanent residency. There are many hoops to pass through, and it will take time. Purchasing a property of value of $1.5 M + will make you eligible for expedited permanent residency – may still require some hoops and up to a year.
Either way, you will not have the right to work here. To obtain the right to work, you need to be deemed to bring special skills and to not be taking any jobs from legally able to work individuals here. You will need a work permit, or be willing to invest in and start up a business that will employ Bahamians. Dolfie can likely answer this part more effectively than I.
In order to be a real estate agent in the Bahamas, you must be a Bahamian citizen – this is not an easy feat, and typically cannot happen in less than 10 years, even if you are married to a Bahamian.
Hope that gives you some insight and answers some of your questions.
Breija
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breija
5/30/2016 22:26 EST
Hi Andrew,
Purchasing a property of value $500,000 makes you eligible to apply for permanent residency. There are many hoops to pass through, and it will take time. Purchasing a property of value of $1.5 M + will make you eligible for expedited permanent residency – may still require some hoops and up to a year.
Either way, you will not have the right to work here. To obtain the right to work, you need to be deemed to bring special skills and to not be taking any jobs from legally able to work individuals here. You will need a work permit, or be willing to invest in and start up a business that will employ Bahamians. Dolfie can likely answer this part more effectively than I.
In order to be a real estate agent in the Bahamas, you must be a Bahamian citizen – this is not an easy feat, and typically cannot happen in less than 10 years, even if you are married to a Bahamian.
Hope that gives you some insight and answers some of your questions.
Breija
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