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You are allowed a maximum stay of eight months with proper documents which includes a return ticket and evidence of financial support. If you would like to stay longer, then you have to apply for temporary residency to
Director of Immigration. If, however, you would like to make Bahamas your permanent residence by way of Bahamas property investment, then you will have to apply for permanent residency. If you plan on working in Bahamas, a work permit must be applied for separately.
There are different levels of residency. The first is permanent residence which requires a purchase of a residence of more than $500,000, subject to a $10,000 one-time payment. Another level of residence is that of a homeowner where no minimum purchase is required, however, your card must be renewed every year for a fee of $1000. And last level of residence is an annual residence where, again, no minimum purchase is required but you must renew every year for a fee of $1000.
Owning Bahamas real estate sounds spectacularly easy and that’s because it is. But there are some things to keep in mind when making an investment of this size. Here are a few guidelines to help you out when buying Bahamas property:
Think location: Depending where you buy, prices will vary. On main islands such as New Providence and Grand Bahama, prices are more than double prices in Florida. If you’re looking for an investment property, these would be good choices. If you’re looking into buying a quiet retreat, consider something on family islands as they are less expensive.
Have a look: Once you have decided where you would like to buy a property, next step is to have a look at more than one property so you can get an overall picture of market.
Take a second look: It’s a good idea to get a certified professional to look over property just in case there are hidden surprises!
So whether you’re making an investment or buying a vacation home, Bahamas will welcome you with open arms. All you have to do is make your ticket to paradise!
One of my passions is traveling and the one place I fell in love with was the Bahamas; the white sand, clear waters, friendly environment. It is paradise on earth. I enjoy all aspects of the Bahamas; the culture, the history, the countless sports and activities to keep you busy, and of course, the fabulous weather. See my website: http://www.gloriousbahamas.com/ Glorious Bahamas Real Estate.
