Bahamas Private Trust Company (PTC)
Bahamas Executive Entity (BEE)
Bahamas Immigration and Residency
The Bahamas is an attractive location for high-net-worth individuals seeking an alternative tax residence or domicile because it has zero personal and corporate taxes and has ready access to North and South America, as well as direct flights to the UK.
The Bahamas government has a flexible process for granting Economic Permanent Residency (EPR) and maintains a flexible immigration policy, designed to make it easy to both live and work in the Bahamas.
To qualify for EPR, and applicant is required to:
- Not have a criminal record.
- Purchase property valued at more than BHD750,000, or own or have a beneficial interest in a business in the Bahamas that is in a growth category and supports the employment of Bahamians.
- Demonstrate sufficient resources in cash, investments or salary, to be self-supporting without the need to be employed in the Bahamas.
- Demonstrate that property tax payments are current.
EPR holders and their spouses and children (with the appropriate government permit) have the same rights as Bahamians, except for the right to vote. They may pass freely through immigration and have the right to stay any length of time.
Permanent residents may bring their own personal assistants or household staff, subject to government clearance and the issuance of work permits.
There is another category known as Annual Residence, which may be renewed annually, or an individual may apply for a Homeowners Resident Card, which offers no privileges other than to move freely through immigration at any port of entry.
A Work Permit must be obtained for a foreigner to work in the Bahamas, which is only valid for that specific person and position. The cost of a Work Permit varies from BHD500 to BHD12,500 depending on the seniority of the applicant. Work Permits are generally granted for one year but may be granted for periods up to three years for senior personnel.
It is possible to obtain Permanent Residency with the right to work. This arrangement is generally suited to an individual with a family office or who wants to manage investments or a business that does not interact with the Bahamian economy. It may also be of particular interest to those who desire to establish a second home in the Bahamas.
Sovereign can handle the application process in full, together with ancillary services, as well as introductions to professional service providers, such as legal, real estate and relocation firms.