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Buyers Guide
Residency & Permits |
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To ensure the maximum benefit to The Bahamas from the National Investment Policy, certain immigration provisions will apply : Work Permits: Necessary work permits for key personnel will be granted. Businesses requiring permits for persons other than key personnel are encouraged to discuss these requests with the Bahamas Investment Authority in advance. International Owners of Second Homes: Overseas Investors may acquire residential properties in The Bahamas of up to five acres without prior Government approval. Such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Second Home Owners are eligible for a Home Owners Residence Card, renewable annually. This card will: facilitate entry into The Bahamas, entitle the owner, his spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card. Application may be made to the Director of Immigration. Annual or Permanent Residence: Accelerated consideration of applications for annual or permanent residence will be given to: -major international investors; and --fit and proper owners or residence valued at $500,000 or more. Areas Especially Targeted for Overseas Investors: Touristic Resorts Upscale Condominium, Time share and Second Home Development International Business Centre Marinas Information and Data Processing Services Assembly Industries High-Tech Service Ship Registration, Repair and other services Light Manufacturing for export Agro-Industries Food Processing Mariculture Banking and other Financial Services Captive Insurance Aircraft Services Pharmaceutical manufacture Off-shore Medical Centres NB. This list is not exhaustive and investors interested in areas not included above are encouraged to bring their interest to the attention of BIA. Local Partners in Joint Ventures: International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is in the absolute discretion of the investor. Access to credit facilities of the Bahamas Development Bank: The Bahamas Development Bank was created to assist Bahamians in establishing new businesses or expanding existing concerns through the provision of concessionary funding and technical assistance, for projects which generate jobs and which contribute to the economic growth and development of The Bahamas. Joint ventures between international investors and Bahamians are eligible to access funding from BDB. However, the equity of the overseas investor may not be borrowed from the BDB or from the domestic capital market. Bahamians may, however, borrow a percentage of their contribution from BDB or the domestic capital market. An established joint-venture is not debarred from accessing BDB funds. Areas reserved for Bahamians: Wholesale and Retail Operations; Commission agencies engaged in the import/export/trade; Real estate and domestic property management agencies; Domestic advertising and public relations firms; Nightclubs and restaurants, except specialty, gourmet and ethnic restaurants; restaurants operating in a hotel, resort complex or tourist attraction; Security services; Domestic distribution of building supplies; Construction companies, except for special structures for which international expertise is required; Personal cosmetic/beauty establishment; Shallow water scale-fish, crustacea, mollusks and sponge-fishing operations; Auto and appliance service operations; and Public transportation. International Investors may engage in the wholesale distribution of any product they produce locally. A permanent resident may purchase land without a permit but must also register the purchase on acquisition as above. No permit is required by a non-Bahamian if land or an interest in land is acquired by reason of device or inheritance but the acquisition must also be registered. A non-Bahamian (other than a permanent resident or non-Bahamian acquiring land or an interest in land under a devise or inheritance) who wishes to acquire five or more contiguous acres of land in The Bahamas must apply for a permit from the Board on the requisite form stating the intended use for the land. Otherwise any such acquisition shall be null and void in the absence of such permit. The Act exempts banks and trust companies and insurance companies who acquire interests in land under a mortgage from the requirement to obtain a permit. The Act exempts banks and trust companies and insurance companies who acquire interests in land under a mortgage from the requirement to obtain a permit. Again, the acquisition need only be registered. The Act provides that certain business leases be registered with the Board where the lease is for 21 years or more. Otherwise, the lease is defective. The Act provides that the stamp duty payable by a non-Bahamian is the same as in the case of a Bahamian. The Act also enables a non-Bahamian who owns and maintains a home in The Bahamas to obtain an annual home owner resident card upon application to the Director of Immigration and payment of the specified fee in the Schedule. This card shall entitle the applicant, his spouse and minor children (if any) to enter and remain in The Bahamas for the duration of the card unless their entry is otherwise barred under the Immigration laws. |
