15.05.03 Special offer For
Asian, Middle East and other applicants with poor
visa-free travel opportunity
wishing to live and work in Europe: easy immigration and
relocation in Switzerland. more
24.03.04 Special offer For citizens
with poor visa-free travel opportunity wishing to reside in European
Union. more
Bahamas Through
History.
Arawak
Indians inhabited the islands when
Christopher Columbus first set foot in the
New World on San Salvador in 1492. British
settlement of the islands began in 1647; the
islands became a colony in 1783.
Since attaining independence from
the UK in 1973, The Bahamas have
prospered through tourism and
international banking and investment
management. Because of its
geography, the country is a major
transshipment point for illegal drugs,
particularly shipments to the US,
and its territory is used for smuggling
illegal migrants into the
US.
The
Bahamas is a stable, developing nation with
an economy heavily dependent on tourism and
offshore banking. Tourism alone accounts for
more than 60% of GDP and directly
or indirectly employs half of the
archipelago's labor force. Steady
growth in tourism receipts and a
boom in construction of new hotels,
resorts, and residences had led to
solid GDP growth in recent years,
but the slowdown in the US
economy and the attacks of 11
September 2001 held back growth in
these sectors in 2002. Manufacturing
and agriculture together contribute
approximately a tenth of GDP and
show little growth, despite
government incentives aimed at
those sectors. Overall growth
prospects in the short run rest
heavily on the fortunes of the tourism
sector, which depends on growth in
the US, the source of most of the
visitors.
The
Bahamas consist of 21 districts; Acklins and Crooked
Islands, Bimini, Cat Island, Exuma, Freeport, Fresh
Creek, Governor's Harbour, Green Turtle Cay, Harbour
Island, High Rock, Inagua, Kemps Bay, Long Island, Marsh
Harbour, Mayaguana, New Providence, Nichollstown and
Berry Islands, Ragged Island, Rock Sound, Sandy Point,
San Salvador and Rum Cay.
Bahamas Permanent Residence.Background and Legal
Considerations.
The Bahamas
is one of the world's most attractive no-tax
jurisdiction for private residence, located just 60
miles from Miami at its nearest island, Bimini. It has a
good infrastructure, particularly on the main islands of
New Providence and Grand Bahama, and there are excellent
flight connections to the USA and to Europe. There is no
personal or corporate income tax, no capital gains tax,
no sales tax, no withholding tax, no employment tax, no
gift tax, no inheritance tax, and no probate fees in The
Bahamas.There is a strong demand of foreigners for
second or primary homes in The Bahamas.
Foreign
persons 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.
Home Owners Resident
Card - Purchasers of real estate are entitled to
apply for an annual "Home Owners Resident Card" which becomes
adequate identification for unlimited entry. The card
entitles the owner, spouse and any minor children to
enter and remain in The Bahamas for the duration of the
validity of the card at a fee of US$ 500 per annum.
Permanent
Residence.
An
Investment Promotion Program allowes wealthy foreigners
to obtain permanent residence in one of three
categories. Legal status as a permanent resident may be
granted by the government based upon a variety of
criteria. Investment requirements start at US$ 150,000.
Special consideration of applications for annual or
permanent residence is given to major investors, and to
qualified owners of residential property valued in
excess of US$ 500,000.
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