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Renouncing US and buying in Bahamas

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Mallyn
5/25/2020 13:53 EST

My husband and I are looking to renounce our US citizenships. Before doing so we will buy land (looking into a few different places) and build a house. We believe we won’t need work visas because we both are day traders on the stock markets and can work from home. We have a few questions we can’t seem to find straight answers to.

1) with renounced us citizenship, we will still own properties in the us and want to know how we will travel to the us after the fact. We won’t have us or Bahamian passports. What kind of visa will we need and how soon can we get it?

2) What will it cost to bring our dog with us? We have a pure bred golden retriever.

3) How does one go about buying a car and boat once we get there?

4) are there any ways I can find a good “mentor” when it comes to US expat life in the Bahamas?

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Bahamasbroker
5/25/2020 20:56 EST

Hi

The island that you want to move to is going to play a factor in your decision. Your going to want to be where good infrastructure is needed for your day trading.

I don’t suggest giving up your citizenship
Cost for your dog is minimal as long as he clears government protocol

A boat and car are easy transactions, almost similar to the US

You may find an expat mentor here. But once you get situated on an island there will be help for you from both locals and expats.

Hope this helps

Tony

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dolfie
5/25/2020 22:20 EST

Renouncing your citizenship before having some realistic alternative is not very clever, because all the time you will be "stateless". Becoming a Bahamian resident isn't easy and take time. Becoming a Bahamian takes years, considering a process to endorse one wife on a permanent residence certificate takes already close to 2 years and 50 phone calls.

You will be sitting between 2 chairs all the time.

The boat:
Better buy one in the US - more choice - and come with it to the Bahamas on a cruising permit. You can always make it a Bahamian boat with customs dept.

A car - same explanation.
What island you intend to go to?
You can PM. me.

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breija
5/26/2020 14:19 EST

Good day,

This is quite a venture you are wanting to embark on. First, know that none of this is going to be “simple.” You say your first step is to buy property here to build on – know that you will need to go through the Bahamas Investment Authority for permission to do so. I encourage you to find a realtor here who can guide you with regards to the ins and outs of purchasing as a foreigner.

Building is a challenge – nothing happens quickly, again, workmanship is not what it is in the US, and depending upon how you choose to go about building, there could be challenges with builders, contractors, etc. Now, owning could help you to qualify for residency – permanent residency – but this takes time, unless your home is valued at $1.5M or more. Then, it may only take a year or so!

Getting your Bahamian citizenship is not easy – you have to be a legal permanent resident who has been in the Bahamas legally with status for 10 years. See link below.
https://www.immigration.gov.bs/applying-to-stay/applying-for-citizenship/

If you rescind your US citizenship, and no longer have any citizenship, you will end up in a black hole. Here in the Bahamas, you have to show your passport for many things – anything government related requires a passport. That includes getting your driver’s license, getting a bank account, or even getting a police record, which is required for anything financial. Of course, you also need a passport to travel.

Boat & car – I agree with Dolfie – buy them Stateside and ship. You will have to pay Duties and 12% VAT on them in order to clear customs. If you prefer to buy something here, there is availability, but there may be less choice and it may cost more. Clarify in advance what the duties would be so that you know how much you will be paying.

As for a “mentor” re: US Expat life in the Bahamas – there are many US Expats here in the Bahamas, so you could likely connect with some of them. No one is a true “expert” though, as each person’s situation is different.

Finally, when it comes to work – even if you are working from home, if you are day trading for others and not just for yourselves personally, this would likely be a grey area. Technically, you would still need to have the right to work. If you are just doing it for yourselves, it is not so much an issue. It is so important to know that here, if you anger the wrong person, people can be very vindictive, and if anything is not on the up and up, you could get called out.

Feel free to PM if you have any other questions.

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korrigan
9/1/2020 07:46 EST

Hello

Why renouncing your citizenship?keep it the US are next door to the Bahamas.You won't have the Bahamiam citizenship unless you are a serious investor or are really very wealthy meaning by memore the cost is 500k USD to btain the citizenship straight away,so better keep yours, you can stay 3 months,then do a wee trip in Florida for a week end and back in for 3 more months.For your dogs should not be an issue.
For the cars haha don't buy a local one they all piece of junk.Try to bring yours but it has a cost of approx 60% overall tax minimum.
Boating: bring your boat from the US the market is much better and it is not that expensive to bring it over.
environement: here (grand bahama)it is dirty lot of garbage thrown by ppl disgusting
Hurricanes: you are in Hurricane Alley so expect to get one.We survived Dorian,cant say a word about the devastation.
Local ppl: mostly friendly but there is not mix between expat en local unfortunately despite we managed to meet lovely local families.
Buying a house: A good one is expensive,bringing your belongings there will be taxed(duty and VAT) even on used stuff.
If you have kids: expensive school
Food: expensive all imported,except some few local fruits and veg are decent price and the fish straight wawy from the fisherman,good price and fresh;-)
Activities: well a part diving,sailing,swimming,bars, etc... no much,try to build a network
We left the Island as my partner was made redundant.
Good luck

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breija
9/14/2020 18:00 EST

I am not sure, but I believe you have to be a PERMANENT resident for 10 years before you can even apply for Bahamian citizenship, unless you are married to a Bahamian. Then, you need to be resident in the Bahamas with your Bahamian spouse for 10 years.

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