May 23rd, 2023 at 05:29 am
Bahamas Permanent Residency Visa application guide
Foreigners with a lot of money who invest in real estate or buy a home in the Bahamas can get a permanent residency license right away without having to visit the country. It is a one-of-a-kind residency program for high-net-worth and ultra-high-net-worth people.
The Bahamas is one of the richest countries in the Caribbean. It is a famous place for tourists to go on vacation, and real estate there is in high demand.
The Bahamas is a sovereign country with strong oversight from regulators and an understanding of what a global market needs. The Bahamas is committed to the financial services business. Some of the things about the Bahamas’ environment that have helped this business grow over the past 60 years are:
- method of justice that is independent and based on English Common Law;
- Constitutional democracy has a long past that goes back to 1729;
- A large, varied, and highly skilled group of professionals;
- Easy to get to, since it’s at the center of the Americas, and there are many direct flights from the U.S. and Europe every day.
- Exchange controls for people who don’t live there;
- Modern laws that are easy to understand;
- There are no taxes on income, financial gains, estates, gifts, or inheritances for people or businesses;
- a regulatory environment that encourages investment and meets the highest worldwide standards of operation and behavior.
- Public/private sector cooperation
Golden Visa
Property owners can get one of two types of residency permits from Golden Visa Bahamas.
- Annual Residence permit
- Permanent residence pass
1. Annual Residency
Foreigners who own land worth at least $250,000 can apply for residency in the Bahamas for a year.
2. Permanent Residency
Permanent residence is given to people who have enough money to support themselves or to buyers who are legal owners of a home in the Bahamas. Please keep in mind that people who buy a home for BSD $750,000.00 or more (USD $750,000) will be given priority. For fast-track permanent residence, the following must be true:
- No crime record;
- Must buy a building worth more than $750,000, or own or have a beneficial interest in a business in The Bahamas that is growing and helps Bahamians find jobs.
- Must show that they have enough money, investments, or wages to support themselves without working in The Bahamas. Must show that their property taxes are paid up to date.
- The PR card gives the holder all the same rights as a Bahamian resident, except the right to vote.
- Foreigners who want to live in the Bahamas for any reason other than to work must get permission from the Department of Immigration for an Annual Permit.
After you become a P.R., Bahamas doesn’t force you to keep the property you bought there. The property can be owned by an individual or a legal IBC.
Fees
The government charges USD 1,000 for a one-year residency card and USD 15,000 for a lifelong one.
Legal fees are USD 15,000 for a yearly residency permit and USD 20,000 for a permanent residency permit.
Real Estate
Foreigners who aren’t citizens can invest in real estate without restrictions if they get a pass from the Foreign Investment Board. This is because of the International Persons Landholding Act.
- The land that is being bought is bigger than 2 acres.
- The house will be rented out, either in whole or in part.
- The land being bought will be used to build a business.
Property Taxes
The way a property is valued can fall into one of the following groups:
- Owner-occupied
- commercial
- residential
- vacant land
Properties have to pay the following taxes
- Stamp tax is 10% (shared between the buyer and seller for transactions over $100,000).
- The annual property tax is 1% (above $500k up to $5m) and 0.6% (between $250k and $500k).
- VAT – 12% on real estate services (First-time Bahamian buyers may not have to pay VAT on up to $500,000 worth of a house or empty land they buy to build a house on.)
- Legal fees, dealer fees, and insurance are some of the extra costs.
Bahamas has no income tax, capital gains taxes, or estate taxes.
Personal Visit
We don’t need the client to come to the Bahamas to get his papers because of Covid.
Property prices
In the Caribbean, the real estate market in the Bahamas has the highest prices per square meter. Bahamas real estate prices can go as high as $4,000 per square meter.
Near the beach, we have developments for sale for between USD 319,000 and USD 895,000.
Tax Residency Certificate
Tax Residency Certificate: Permanent owners who live in the Bahamas and spend at least 90 days a year there can also get a tax residency certificate.
The Bahamas has Tax Information Exchange Agreements (TIEAs) with Argentina, Aruba, Australia, Belgium, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Great Britain and Northern Ireland, Greenland, Guernsey, Iceland, India, Japan, Korea, Malta, Mexico, Monaco, New Zealand, Norway, Poland, San Marino, South Africa, Spain, Sweden, The Netherlands, and the United States.
Bahamian Citizenship
Foreigners can become citizens of the Bahamas if they have been legal permanent residents in the country for at least 10 years, including the 12 months before they apply. They also have to have lived in the country for at least 6 years before the 12 months mentioned above.
Bahamas Passport
The Bahamian card is also one of the best in the world because it lets people into more than 150 countries without a visa. Passport holders can go to China, EU Schengen countries, the UK, and the US without a visa if they use the Preclearance Facilities at Nassau or Freeport airports.
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