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Bahamas Expat Forum

Residency

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ExTex
7/5/2020 18:07 EST

My wife and I are planning to move to the Bahamas by the end of the year. However, I just saw this as an option for residency:
Apply for Bahamas residency by investment.
You may apply for residency if you can establish that you’re financially independent and you own a residence in The Bahamas.
We are planning to buy a house in the $300 to $500k range. The establishment of financial independence seems very subjective. Are they looking for a certain dollar amount in the bank? Are they requiring a minimum net worth?
Also, how long does it take to establish permanent residency? Is it weeks? months?
Thanks!

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breija
7/6/2020 17:35 EST

If you buy something $300 - $500K, you qualify for an annual residency permit. At $500K and over, you qualify to apply for permanent residency, which could potentially take years. At $1.5 M you qualify for expedited permanent residency, which can take months.

Hope that helps.

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breija
7/6/2020 17:39 EST

My mistake - in order to qualify to apply for permanent residency, you need to purchase a home at $750K now. Also, note that permanent residency does not automatically come with the right to work..

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Ohlott
7/6/2020 20:13 EST

I live full time in exuma and got a annual permit for my family Took 1 month. Not a problem.

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dolfie
8/16/2020 19:08 EST

A annual residence permit is pretty easy to get, however it is different from a permanent residence permit and cannot be used for tax purposes.

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