Residency
Permanent Residency
Those who wish to settle in The Bahamas by investing in real estate, retiring here, or opening a business usually apply for this status. Accelerated consideration for Permanent Residency can be obtained with a minimum real estate investment of $500,000. Applicants must be of good character, show evidence of financial support, and say in writing that they wish to live permanently in The Bahamas. Wives and dependent children (under age 18) usually resident in a household can be endorsed on the certificate when the original application is made or later, subject to conditions, which may be made by the Immigration Board.
Persons with this status prior to the Immigration Act (1975) continue to hold the status automatically. Spouses of Bahamians can receive a Certificate of Permanent Residence with the right to engage in gainful employment at any time for females and after five years of marriage for males. Spousal permits may be obtained in the meantime at a cost of $250. Permanent residency can be revoked for cause including divorce. Cost of Permanent Residence is $10,000 before issuance, with endorsements free.
Annual Residency
A head of household pays $1,000 plus $25 per dependent. Applicants for annual residency status must show evidence of financial support.
Male spouses of Bahamians pay a one time fee of $250 with no charges for dependents, and with proper documentation, may work here on a spousal permit.
Registration
The International Persons Landholding Act 1993 encourages foreigners or companies owned by them to purchase a second home in The Bahamas as this area was thought to have the most significant potential. If a foreigner acquires a single-family dwelling or vacant land to be used in the construction of such a dwelling then he no longer need obtain a permit from the Government (specifically the Investments Board) prior to the purchase. Permanent residents of The Bahamas and foreigners who inherit real estate in the Bahamas are not required to obtain a permit before acquiring land but they must register subsequently.
Permanent residents of The Bahamas and foreigners who inherit property in the Bahamas are not required to obtain a permit before acquiring land but they must register subsequently.
Permit
The foreigner will require a permit however if (1) the property is undeveloped land and of five acres in size or larger, or (2) the property is not a private residence, or it is not intended for development as such.
A registration certificate or permit must be included along with title documents to be recorded in the Registrar General's Office otherwise the recording will be null and void.