The Bahamas government is looking at the possibility of offering citizenship by investment to foreigners, Minister of Financial Services, Trade and Industry and Immigration Elsworth Johnson said yesterday.
“It is something that we are looking at. No decisions have been made and so right now I’m not able to speak directly to it.” said the minister.
Johnson said, there are benefits to living and working in The Bahamas, which he said is a reason why foreigners find it so attractive.
“In terms of persons wanting to move away from big countries and go into the Family Islands, we present that and they [foreign investors] want that. And we have to get the best bang for the buck and create a symbiotic relationship where we are benefiting just as much as the people who are coming here to The Bahamas.” he added.
Bahamas does not have a citizenship by investment program at the moment. It is possible to get permanent residency (golden visa) under speedy consideration in Bahamas by investing USD 750,000 in properties. As of 2020, Five countries operate a CIP in the Caribbean and have vastly benefited from CBI revenues.
The current legislation grants citizenship being a legal permanent resident who has had the legal status for 10 years, including the 12 months immediately preceding the date of application, and who has resided in The Bahamas for a minimum of 6 years preceding the 12 months mentioned above
The Bahamas is a chain of over 700 islands and keys in the North Atlantic Ocean, southeast of the United States, and northeast of Cuba. It has a population of 377,000, most of it urban and with two-thirds living on New Providence Island where Nassau, the capital, is located
The Bahamas became a British crown colony in 1718, when the British clamped down on piracy, later gained governmental independence in 1973.
The Bahamas is one of the richest countries in the Americas (following the United States and Canada), with an economy based on tourism and offshore finance. Bahamian passport is a very powerful travel document with visa free access to 154 countries and territories, which include United States, Canada, China, United Kingdom, EU schengen area.
Hurricane Dorian caused about $3.4 billion in damages, which is equal to one-quarter of The Bahamas’ GDP. Covid also had effects on Bahamas with around 7,400 cases registered.
COVID has severely affected its tourism dependent economy.
