How To Get Residency In The Bahamas

The Bahamas is a Caribbean archipelago popular with U.S. visitors due to its crystal-clear waters, warm climate, and beautiful resorts. Just a few miles off Florida’s coast, cruises filled with tourists come and go almost daily, eager to have a good time. 

The cost of living in the country is high, and the Bahamas consistently makes the top 10 list of most expensive countries in the world, alongside other well-known destinations like Singapore, Hong Kong, and Iceland. 

This price tag doesn’t stop some expats from residing in the Bahamas. While the cost of living may not be for everyone, high-net-worth individuals (HNWI) often look to this tiny country to mitigate tax liabilities and enjoy a relaxed, lavish lifestyle. The favourable tax regime and political stability add to the country’s overall expat-friendliness.

In this article, you’ll learn what makes the Bahamas a sought-after destination for HNWIs and how to get a residency permit to live in this Caribbean paradise. 

The Bahamas: A tax-friendly haven with no income, corporate, or capital gains taxes. Perfect for expats and investors seeking a warm climate and financial advantages

WHAT’S SO GOOD ABOUT THE BAHAMAS?

The Bahamas is a haven for snowbirds from North America. The climate here is excellent—especially if there are harsh winters where you come from—and the locals are friendly. The country is also a member of the Commonwealth of Nations, and English is the official language, facilitating easy integration for expats. 

What makes this country really attractive is its tax regime. Among other incentives, the Bahamas has no income, corporate, inheritance, wealth, or capital gains taxes, making it a welcoming location for protecting and growing your wealth. Additionally, it is open to foreign direct investment and offshore company formation, and the local currency, the Bahamian dollar, is pegged to the U.S. dollar. 

While these tax and financial benefits are excellent, the government collects VAT, tariffs, license fees, and other taxes to fund its operations. Most products must be imported into the country, which further contributes to the high cost of living. 

The Bahamas may not be for everyone, but it does make sense for some, especially high-net-worth individuals. If it feels like a good option for you, keep reading to discover the various residency permits available here. 

Related content: Paradise Found: Your Expat Guide To Living In The Bahamas

Baha Mar Resort, Bahamas: A refined escape offering pristine beaches, crystal-clear waters, and exceptional luxury. Elegance and tranquillity in a world-class setting

TYPES OF RESIDENCY PERMITS IN THE BAHAMAS

If you want to remain in the Bahamas for long periods of time, you’ll need to be familiar with the different residency permits that are available and pick the one that suits you best. Let’s go through them one by one:

HOMEOWNER’S CARD

This permit is for those people who own a first residence in their home country and a second home in the Bahamas. To apply, you will need to meet the following requirements:

• Address letter of request to the Director of Immigration (Director of Immigration, P.O. Box N-831, Nassau, Bahamas);

• Payment of non-refundable $200 USD processing fee (cash, credit/debit card, bank-certified cheque, or postal/money orders) to the Public Treasury;

• Copy of valid passport (signed and readable with at least two months validity remaining);

• Two passport-sized photographs (2x2 inches, signature on the back);

• Original medical certificate (issued within 30 days of application);

• Police Certificate (issued within 6 months);

• Proof of Payment of current Real Property Tax;

Finally, fill out the homeowner’s resident card application and pay the $10 USD stamp tax.

PERMANENT RESIDENCE 

Permanent residence is ideal for those interested in engaging in gainful occupation or simply residing in the country. Eligible individuals include spouses of Bahama citizens and financially independent individuals owning a residence in the Bahamas. You will need to fill out this form and submit the required documentation, which varies depending on whether you want to work or not:

GAINFUL OCCUPATION (WORK)

If you want to engage in gainful occupation, you will need to submit the following:

• Payment of non-refundable $200 USD processing fee (same as above);

• Original medical certificate (same as above);

• Valid passport;

• Police Certificate covering five years of residence;

• Two passport-sized photographs (2x2 inches, signature on the back);

• Written references from previous employers;

• Copies of any certificate of examinations (e.g. school, higher education centre, university);

• Letter from a potential employer, along with a Ministry of Labour certificate including notification of vacancy and, if any, copies of newspaper ads with replies and resultant interviews.

NON-GAINFUL OCCUPATION

If you do not wish to seek employment in the Bahamas, here is the required documentation for permanent residency:

• Two passport-sized photographs (2x2 inches, signature on the back)

• Police Certificate covering five years of residence

• A Medical Certificate issued no more than 30 days prior to the application date

• Two testimonials of good character 

The Bahamas: Renowned for its turquoise waters, white-sand beaches, and serene beauty. A premier destination for luxury living and unparalleled natural elegance

OTHER RESIDENCY PERMITS

If you plan to stay in the Bahamas for a substantial length of time, the previous two residency permits may offer the option best for you. However, I’d also like to share other available options in case you fall into any of these categories: 

• Short-term Work Permit;

• Resident Belonger Permit;

• Work Permit;

• Government Contract Worker Permit;

• Resident Spouse Permit.

Related content: Living In The Bahamas With Your Digital Nomad Visa

CONCLUSION

Residency in the Bahamas may be a good strategy for high-net-worth individuals looking to enjoy low taxes and a luxurious lifestyle in a sunny Caribbean setting. Even though the cost of living is high, the lack of income, corporate capital, inheritance, and wealth taxes is appealing. 

If you’re serious about living here and have the financial means, it may be wise to explore purchasing property to streamline your path to residency. As I always recommend, do your due diligence to determine the residency permit that best suits your needs and hire a professional to help you every step of the way. With the right help, you could enjoy the many benefits this small country offers. Whether you are considering becoming a resident in the Bahamas or anywhere else, start by taking the first steps, start by downloading my free special report on Plan-B Residencies and Instant Citizenships.