Bahamas Amends Residency Rules To Boost Investment

by Mike Godfrey, Tax-News.com, Washington

29 April 2011

In an effort to bolster its attractiveness as a centre for foreign investment, the Bahamas has made a significant amendments to its investment related residency policy, accelerating the process under which residency considerations are made.

The changes have been made to the Bahamas's National Investment Policy (NIP), which, according to the government, is designed to increase certainty and transparency in the country's business and investment environment.

Under the new rules, investors and individuals purchasing a residence of USD1.5m or more will benefit from accelerated permanent residency consideration.

Such status is conferred on an approved individual for the duration of their lifetime, providing the right to live and work in the Bahamas. When seeking permanent residence, an individual is required to make a minimum investment of USD500,000. Now, in the case of an investment of USD1.5m or more, applications will be reviewed within 21 days.

Making the announcement, Prime Minister Hubert Ingraham said that the government wishes to encourage the spending of such sums by those aiming to attain Bahamian residency.

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