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Bahamas Economic Residency Program A Global Leader In High Net Worth Investment Solutions

Thursday, March 7th, 2019 at 1:17pm Engel & Völkers Bahamas

 

In addition to world-renowned beaches, resort destinations and of course the famous swimming pigs, The Bahamas remains a tier 1 international financial centre which remains highly competitive in the global arena. There are approximately 250 licensed banks and trust companies, 64 licensed administrators and 160 registered securities intermediaries. These institutions are supported by highly experienced and trained industry professionals, accountants and legal advisors, many of whom have been recognized by international associations as leaders in their field. 

To maximize its position as both an international financial centre, resort destination and real estate investment mecca, the government of The Bahamas has implemented its Permanent Residency Program for the high net worth global investor.

License Partner Colin Lightbourn says “The Bahamas Permanent Residency program has become very popular with high net worth individuals from Europe, Canada and South America in particular. Qualified investors are seeking long-term investment strategies that suit both financial and lifestyle goals. The government’s requirement is a $750,000 purchase of a residence or $1,500,000 to have the residency process ‘fast-tracked’. It’s not only the potential tax benefits and portfolio diversification, but we have the proximity to The US, some of the world’s most beautiful beaches and water and tremendous opportunities and products in the real estate market.  The infrastructure is also here, and the ability to move freely through the islands and internationally is very convenient.  There is a lot of ‘value added’ to be a Permanent Resident of The Bahamas.”

“Second and third home ownership is one of the fastest growing sectors in the real estate industry. The choices are very diverse, and the real estate is of very high quality.  There are golf communities, marina communities, luxury beachfront estates and of course The Bahamas is famous for private islands which have become a trend with celebrities and billionaires.  Our concierge level service makes it very easy during the purchase process as we work with the top lawyers and bankers in the country.  Our professional team will also manage and rent the property after the sale is completed.”

Permanent Residency is also not limited to one individual. A person holding a certificate of permanent residence who wishes to include their wife or husband, or dependent child under the age of eighteen (18) and ordinarily resident in his household, may have them endorsed on the certificate at the time of his original application or a subsequent date. Permanent residents may bring their own personal assistants or household staff with them to The Bahamas subject to government clearance and the issuance of work permits.

 

Conversation with Engel & Völkers Advisor Leo Huber

 

Leo has 20 years past experience in private banking where he was Head Trader and then Vice-President of investment strategy at The Bahamas office of Pictet, one of the world's premier private banking institutions. 

What is the Bahamas Permanent Residency program?

Simply put, a Permanent Residency Permit gives an individual the right to live permanently in The Bahamas and travel freely to and from The Bahamas. 

What would the typical candidate for PR look like? 

Ultra high net worth individuals with a global asset valuation starting in the eight-figure range looking for a sound alternative investment with the added bonus of a residency permit that might benefit their tax status. 

What are the tax advantages of residency in The Bahamas?

There may be advantages if the client relocates to The Bahamas. For assets and portfolios held locally, there are no taxes on capital gains, inheritance, corporate and personal income, dividends and interest.  However, it is possible to be a tax resident in more than one jurisdiction.  We recommend confirming first with a legal council in your home jurisdiction.  There would be no advantage for a citizen of the United States who are taxed on citizenship rather than residency.

What are the requirements to achieve permanent residency?

A Permanent Residency Permit may be applied for upon the purchase of a residence with a value of $750,000 or greater.  Applications may be ‘fast-tracked’ with an investment of $1.5m+

Does Permanent Residency give me the right to work?

Not directly but a separate work permit can be obtained. Also, The Bahamas government has recently proposed the Commercial Enterprises Bill 2017 which seeks to liberalise the granting of work permits to an enterprise that wishes to establish itself in The Bahamas and requires work permits for its key personnel.

What are the benefits of Permanent Residency in The Bahamas?

This question can be answered two-fold.  Aside from the potential tax incentives mentioned previously there are both economic and lifestyle benefits to residency in The Bahamas not limited to:

- Peaceful and stable democracy since 1729. 

- Stable property market.

- Banking and financial center with branches from most global institutions. 

- Excellent airlift and global connections. The Bahamas is only 50 miles from the

United States with direct flights also to the UK, Europe and Latin America. 

- Clean environment, crystal clear waters and a yachting and fishing haven

- Ideal and yearlong temperate climate with hundreds of secluded islands to chose from and explore.

- Accredited schools.

Why is The Bahamas an attractive location for these benefits?

The Bahamas is an independent nation with compliant legislation and a consultative legislative approach.  As a former British colony, the Bahamas remains in The Commonwealth, and the highest court of appeal is the UK Privy Council. The Bahamas provides proactive incentives for Investment, a highly trained and professional workforce and all essential public services within a modern infrastructure. 

Do I have to live in The Bahamas full time?

No, the Permanent Residency permit allows the holder to travel freely to and from The Bahamas. 

Who is best suited to benefit from this residency program? 

Astute investors who wish to diversify their global asset holdings. With uncertainties and geo-political risks around the world, The Bahamas offers safety both financially and as a wonderful place to live. 

What is the best way to figure if this is a suitable option for one's wealth security and diversification?

We recommend consulting with both your legal and financial advisors of the potential economic and tax advantages of investments outside your home jurisdiction. 

How do I apply for Permanent Residency?

Applications must be made to the Department of Immigration at the time of closing on the property purchase.  Our concierge level services facilitate the process by connecting the purchaser with a qualified and competent local attorney familiar with all aspects of the transaction and application procedures.

Why choose Engel & Völkers?

Globally Engel & Völkers has set a standard. For the discerning Ultra High net worth client, we offer a concierge service not only in the area of high-end real estate but also to facilitate a client's investment and relocation to The Bahamas with local legal and financial institutions to make the process as professional as possible.  Our concierge level services facilitate all aspects of the transaction before, during and after the property acquisition.

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Located in the exclusive private enclave of Ocean Club Estates, on Paradise Island, The Penthouse at Ocean Club Residences & Marina spans over 7,224 square feet of sheer luxury. Surrounded by over 100ft of terrace, every detail of this masterfull...

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Masterful design and modern luxury are uniquely engineered into this Caribbean masterpiece. “Providence House” is 9,600 square feet of open living spaces and top of the line finishes. Ownership within the luxury gated community of Ocean Club Esta...

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Elegant waterfront condo with spectacular ocean, marina and golf course views. This residence is located on the 5th floor with flowing living areas, high ceilings and expansive windows allowing for an abundance of natural light, a large kitchen wi...

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D3.3 Ocean Club Estates New Providence/Paradise Island, Bahamas

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Waterfront residence with breathtaking views of Nassau Harbour and Montagu Bay. Features include 3 spacious bedrooms with ensuite bathrooms, large family room ideal for a 4th bedroom or office, elegantly crafted kitchen and bathroom cabinets, top ...

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Creek House New Providence/Paradise Island, Bahamas

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Hidden on the northeast of the island; a tranquil creek, chosen by the initial settlers for its protection and the prevailing breeze, lies Sea Spray Lane. A unique, exclusive and secure gated community of just 5 water-side homes on a private penin...

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Ocean Club Residences New Providence/Paradise Island, Bahamas

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Located within the exclusive community of Ocean Club Estates, this coastal inspired residence has a customized floor plan that sets it apart from all other residences. A sun filled open plan living room with beautiful limestone flooring leads on t...

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"Woodcote Corner" A colonial style cottage house with 8 bedrooms 4.5 baths with 4250 square feet under air 6630 square feet on three levels, inclusive of the screened porch and covered veranda and open decks. All of the improvements are set on a e...

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701 One Ocean New Providence/Paradise Island, Bahamas

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This elegant 3 bedroom 2.5 bathroom condominium offers the largest floor plan in the building with the most spectacular panoramic views of any private residential property in The Bahamas. Features include an open updated kitchen with top of the li...

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Situated just west of Georgetown this desirable property has a dramatic and panoramic view of Elizabeth Harbour. Included on the first floor are the laundry area, garage, storage, 3 bedrooms and the game room complete with pool table, The second f...

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Stunning ocean views from this luxury 3 bedroom/2.5 bathroom oceanfront home. 2 car garage. Infinity Pool overlooking the ocean. Master bedroom features an ensuite and the two guest bedrooms share a jack and jill bathroom. Kitchen and Living area ...

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One Ocean, the tallest condominium building on Paradise Island, is situated on Nassau Harbour with unparalleled panoramic views. This 8th-floor apartment overlooks the Ocean Club Estates golf course, marina and ocean beyond. Offered fully furnishe...

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One Ocean 501 New Providence/Paradise Island, Bahamas

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Located on Paradise Island, the premier resort and luxury residential island in the Caribbean, One Ocean is nestled adjacent to Ocean Club Estates and Ocean Club Residences, overlooking picturesque Nassau harbour. This 5th floor apartment is situa...

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Havenview is a waterfront complex located on Paradise Island overlooking Nassau Harbour. Each apartment has expansive views and spacious floor plans. #7 is the largest apartment in the complex comprising 4 bedrooms and 4.5 bathrooms. The ground fl...

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"Tamarind Hill" a large must see Estate: The seller is Motivated! The Estate is perfectly nestled among mature trees of Tamarind, Mahogany, Poinciana and other native Bahamian tree types in the well laid out Lucayos development on Elbow Cay. The ...

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Briar Patch Abaco, Bahamas

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