Please share Bahamas residency options for a Canadian

[andrew28fl]

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!

 

[elboligrafo]

Why don't you both invest in the same property to cover both of you for residency status? I don't remember the minimum required amount for the property value of the property you must purchase, I think it's $500,000. You'll also be liable to a yearly property tax, which may not be "enforced" in that country, at least not until you decide to sell or lease the property.

The Bahamas isn't just one island, there are many others you may prefer. What's your criteria?

 

[the Hart]

Andrew. Hows it going. Send me a message i can break down all of the information you require and provide you with some avenues and options

 

[elboligrafo]

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!

According to greenbacktaxservices.com :

The Bahamas Resident Qualifications​

While residents of the Bahamas are often born in the country or obtain residence through marriage, there are a few other ways to become a resident.

US expats with clean criminal records can become permanent residents of the Bahamas through investment. Expats have two options: they can either buy property in the Bahamas or invest in various sectors of the country’s economy, such as medicine or tourism.

According to the official website of the government of the Bahamas, expats must make a minimum capital investment of BSD $500,000 to qualify for permanent residency. However, the Bahamas Immigration website also notes that “persons purchasing a residence for BSD $750,000.00 or more will get speedy consideration” when it comes to their application.

(For reference, the Bahamian dollar is pegged to the US dollar).

Other supporting documents you’ll need for your permanent residency include copies of your passport, proof of financial capability, and character reference. You’ll need to spend at least 90 days in the Bahamas per year to maintain your permanent residency.

In addition, there are certain jobs you can work, such as a teacher, nurse, doctor, or other medical professionals, for 10 years in the Bahamas to qualify as a resident.

 

[andrew28fl]

Andrew. Hows it going. Send me a message i can break down all of the information you require and provide you with some avenues and options

I am unable to send a PM. Please post here, thanks.

According to greenbacktaxservices.com :

The Bahamas Resident Qualifications​

While residents of the Bahamas are often born in the country or obtain residence through marriage, there are a few other ways to become a resident.

US expats with clean criminal records can become permanent residents of the Bahamas through investment. Expats have two options: they can either buy property in the Bahamas or invest in various sectors of the country’s economy, such as medicine or tourism.

According to the official website of the government of the Bahamas, expats must make a minimum capital investment of BSD $500,000 to qualify for permanent residency. However, the Bahamas Immigration website also notes that “persons purchasing a residence for BSD $750,000.00 or more will get speedy consideration” when it comes to their application.

(For reference, the Bahamian dollar is pegged to the US dollar).

Other supporting documents you’ll need for your permanent residency include copies of your passport, proof of financial capability, and character reference. You’ll need to spend at least 90 days in the Bahamas per year to maintain your permanent residency.

In addition, there are certain jobs you can work, such as a teacher, nurse, doctor, or other medical professionals, for 10 years in the Bahamas to qualify as a resident.

I was seeing some conflicting information on what seemed like government websites. Is the $500k minimum and $750 for speedy consideration the latest criteria? Thanks.

Why don't you both invest in the same property to cover both of you for residency status? I don't remember the minimum required amount for the property value of the property you must purchase, I think it's $500,000. You'll also be liable to a yearly property tax, which may not be "enforced" in that country, at least not until you decide to sell or lease the property.

The Bahamas isn't just one island, there are many others you may prefer. What's your criteria?

I was interested in Nassau, mainly for the better connectivity.

 

[the Hart]

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!

Your budget will grant you access to applying for permanent residency. the term expedited or speedy consideration is thrown around however this is not defined and the best case rationale i is usually normal (takes long) expedited (takes less than long). Your partner will not qualify under economic benefit to apply for the same. If the budget is 200k an they bough vacant land and then built a home later on then at that point it woul be possible to apply under this provision provided the amount crosses the threshold.

1) you can refresh your 8 months each time you leave the country. However if you leave for a day or week and come right back and this is repeated, Immigration will become suspicious of you based on the assumption that you are either living here or working here without a permit and may deny entry.

2) They can apply and should grant hastle free travel. they will be able to stay up to a year but will not grant them the same access as permanent residency.

3. YES

4. permanent residency and home owners cards are treated very diffferently. and grant very different access

 

[elboligrafo]

I am unable to send a PM. Please post here, thanks.


I was seeing some conflicting information on what seemed like government websites. Is the $500k minimum and $750 for speedy consideration the latest criteria? Thanks.


I was interested in Nassau, mainly for the better connectivity.

As the Hart said, "speedy consideration" is a "thrown around" term. Getting a visa explicitly for the purpose of work/business may be faster process with immigration.

I'm not extremely knowledgeable about the "connectivity" benefits of Nassau, but I'm aware that most of the major islands have airports, some of which have direct flights to/from USA. I've heard good things about Exuma island, Eleuthera Island, Abaco Island, and Grand Bahama island in the context of "connectivity", flights and real estate investment opportunities.