700 ISLANDS AND CAYS
The Bahamas is comprised of 700 Islands and Cays, sprinkled over 100,000 square miles of ocean. The archipelago is an ecological oasis, boasting crystal clear water & powdery white beaches. Situated 60 miles off the coast of South Florida and stretching as far south as Cuba, The Bahamas has a population of over 300,000, most of whom live on the major islands of New Providence and Grand Bahama.
Nassau is the Capital and the Commercial Center of the Commonwealth of The Bahamas with an estimated population of 274,000. The economy of The Bahamas is driven primarily by tourism, with international banking and other financial services serving as its second pillar and providing important positions and opportunities for a cadre of competent professionals.
Retail and wholesale distributive trades, manufacturing, agriculture and fisheries are the other major sectors of the economy. The Gross Domestic Product (GDP) of The Bahamas exceeds $8 billion, 60% of which comes from tourism related activities.
The Bahamas is an independent monetary entity, with the Bahamian dollar on par with the U.S. dollar. There is no income, estate or corporate taxation in The Bahamas. Most of the Government’s revenue is derived from Customs duties with the remainder coming from licensing, documentation, Stamp tax and other fees.
IMMIGRATION & INVESTMENTS
When making a foreign investment in The Bahamas certain immigration provisions will apply. Work permits for key foreign personnel in any business development will be granted. Permits for non-essential personnel will need to be discussed with the Bahamas Investment Authority (BIA) in advance.
The benefits of investing in the Bahamas include a stable, democratic government, relief from corporate and personal income taxes, timely repatriation of profits of approved investments, and close proximity to the United States. The Bahamian dollar is fixed on par with the United States dollar and the Government is firmly committed to maintaining this exchange rate.
The Bahamas enjoys strong ties with its closest neighbour to the north - the United States. A stable political environment and investor friendly policies have made this island nation one of the most desirable countries in which to live and invest.
One of the Bahamas' key attractions is its tax friendly environment. The Bahamas does not levy taxes on capital gains, corporate earnings, personal income, sales, inheritance or dividends. This tax freedom is available to all resident corporations, partnerships, individuals and trusts. Corporations find the Bahamas an ideal place to establish a business. The Bahamas government is committed to a "No Income Tax" policy.
Permanent residency status in The Bahamas gives you the right to reside, work and travel back and forth as much as you like. Residency however, does not give you the right for citizenship or voting.
One of the most popular ways to apply for residency is through Real Estate and many foreign buyers are picking up property alongside their residency permits–either to use as a second home, for short-term rental or simply as a project for their retirement.
While residency is never guaranteed, investors who spend a minimum of $750,000 on Bahamian real estate are almost certain to be granted the right to reside, provided the rest of their paperwork is in order of course. There is a fast-track service for those spending $1.5 million or more, with their applications processed within 21 days.