Tightens eligibility requirements for economic permanent residence
01 Jan 2025
On 1 January 2025, the Bahamas brought into force the Immigration (Amendment) (No. 2) Act, 2024, amending section 17A of the Immigration Act, which governs economic permanent residence. The amendment raises the minimum qualifying investment to BSD 1 million ($ 1 million) from the previous BSD 750 000 ($750 000) and requires the investment to be held for at least 10 years. Qualifying investments are now limited to real estate in the Bahamas or zero coupon bonds issued by the Central Bank of the Bahamas. Previously, applicants could qualify by purchasing a residence and/or making investments in the Bahamas of a kind and amount prescribed by ministerial order.
The Act also tightens application procedures by introducing a 90-day deadline for payment of fees (with provision for reinstatement); excluding deeds of gift; and requiring documentary proof of the qualifying investment. Such proof must include a real property tax assessment number in cases involving real estate or confirmation from the Central Bank for investments in zero coupon bonds.
Type:
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Promotion and facilitation (Investment incentives)
Industry:
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Not industry specific
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Services (Real estate activities)
Inward FDI:
Yes
Outward FDI:
No
Sources:
