A leading real estate broker is pushing for the government to consider implementing an economic citizenship model for The Bahamas that would require high-net-worth individuals to invest at least $750,000 in the purchase of a property and $1 million to a fund of the government’s choosing, outside of the consolidated fund.
Better Homes and Gardens Real Estate MCR Bahamas Group owner Mario Carey said in a press release yesterday that the economic citizenship model could lift The Bahamas’ economy “from the doldrums”.
Carey thinks Bahamas could become a model citizenship-for-investment jurisdiction “commanding top dollars from foreign investors”.
Carey further suggested that the new economic citizens should be required to spend at least three months at a time in the country and demonstrate that their presence here is paying economic dividends.
Contribution to specially created fund serves three specific needs: hurricane and disaster relief and recovery, national development and the national health fund.
At present, The Bahamas offers residency for purchasers of property that is $750,000 or more.
“The objective is not to compete with St. Kitts, Barbados and Grenada, where, for less than half a million dollars, an investor could purchase citizenship. The Bahamas can command more.”, he said
The scheme is expected to attract 350 to 400 persons per year leading to better education, improved healthcare and other positive outcomes for the Family Islands, said Carey.
Read more at: https://thenassauguardian.com/2018/07/06/carey-proposes-citizenship-for-investment-model/
