Hey Guys,
I am evaluating Bahamas for long term residency (including tax residency). I am visiting Nassau later this fall but have some questions about the residency options if I do like it there. I did live in Florida for over 5 years and liked it, so is Nassau is similar, it could be a great option for me.
I have a budget of about $800k-$1m to invest in a property there. But my business partner (also a Canadian) has a smaller budget of about $200k for property purchase. What would be the best way for us both to get our separate residencies in the Bahamas?
1. I see that a Canadian can spend 8 months at a time in the Bahamas. Does that mean that you can do a visa run (to say Miami) and get a fresh 8 month extension at the end of your 8 months? Any practical experience with this?
2. I also see a Home Owner's Card option, where regardless of the value of the property, you can have a 1 year renewable residency. Would this work for my partner, who is investing a smaller amount in property?
3. For me specifically, because I am willing to spend more than $750k, does the permanent residency option open up? Is that amount $750k minimum?
4. Whatever option we use, as long as we spend about 183 days in the Bahamas in a given year, we become tax residents there, correct?
Please share any insight you have about Bahamas residency, keeping in mind that I am a Canadian. Thanks!
I am evaluating Bahamas for long term residency (including tax residency). I am visiting Nassau later this fall but have some questions about the residency options if I do like it there. I did live in Florida for over 5 years and liked it, so is Nassau is similar, it could be a great option for me.
I have a budget of about $800k-$1m to invest in a property there. But my business partner (also a Canadian) has a smaller budget of about $200k for property purchase. What would be the best way for us both to get our separate residencies in the Bahamas?
1. I see that a Canadian can spend 8 months at a time in the Bahamas. Does that mean that you can do a visa run (to say Miami) and get a fresh 8 month extension at the end of your 8 months? Any practical experience with this?
2. I also see a Home Owner's Card option, where regardless of the value of the property, you can have a 1 year renewable residency. Would this work for my partner, who is investing a smaller amount in property?
3. For me specifically, because I am willing to spend more than $750k, does the permanent residency option open up? Is that amount $750k minimum?
4. Whatever option we use, as long as we spend about 183 days in the Bahamas in a given year, we become tax residents there, correct?
Please share any insight you have about Bahamas residency, keeping in mind that I am a Canadian. Thanks!
