The Bahamas financial services industry has developed an immigration framework designed to help the jurisdiction compete with other offshore financial centres for a finite pool of skilled workers.
The proposals have been drawn up following discussions between the Bahamas Financial Services Board (BFSB), responsible for promoting the jurisdiction's finance industry internationally, and the Ministry of Immigration, Labour and Training (MILT) at the recent Financial Services Retreat.
The framework was circulated to BFSB members for review last month.
Two primary 'financial services industry' contacts have been appointed within the Department of Immigration, with the turnaround period for the processing of completed FSI work permit applications now pegged at 6 weeks.
The MILT will also consider a more flexible work permit system that reflects the availability of workers in certain occupations and may grant shorter work permits for employment in areas where there is an acute shortage of skills in just the Bahamas, and medium- to long-term permits for jobs where there is a worldwide shortage of qualified candidates.
Currently, when work permits are about to expire, employers must advertise the post locally before MILT will grant an extension. However, the Ministry said that it will review this process and may give favourable consideration where the position is for senior positions in an organisation. It will also expedite the processing of applications for temporary permits, which are valid for a period of up to three months.
It is anticipated that the framework will be updated continually to meet changes and developments taking place in the industry.
The BFSB says it will be in ongoing communication with the MILT with regard to a range of matters that affect the financial services industry.
A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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