The Bahamas is one of the World’s most attractive destinations for those seeking a seccond residency. It boasts some of the World’s most desirable real estate, including miles of ocean front properties, and one of the World’s highest quality of life, safety, and an eviable range of choices for living and working. It is under one hour from Miami, and offers easy access to a number of locations across the Americas and Europe.
We set out below some aspects that make The Bahamas such an attractive option for individuals looking for a second residency.
WHY BAHAMAS
- Tax Benefits: The Bahamas offers a stable democratic environment with relief from income, capital gains, wealth, inheritance, succession, gift and corporate income taxes, and affords timely repatriation of corporate profits. Tax revenue in The Bahamas is derived primarily from VAT, import duties, stamp duties, real property tax, casino taxes and license fees. This makes it an appealing destination for individuals and businesses seeking tax efficiency and asset protection.
- World’s 3rd Fastest Growing Luxury Real Estate Market: The Bahamas is currently the third fastest growing luxury real estate industry in the world, posting a 15% gain on average price last year, following Manila, Philippines with 26% growth and Dubai at 16%. (Source: https://www.cnbc.com/2024/02/28/the-hottest-housing-markets-for-the-super-rich-in-2024.html) The Bahamas boasts stunning natural beauty, including pristine beaches and crystal-clear waters, making it a desirable location for luxury real estate investment. Many UHNWIs are drawn to the opportunity to own private islands or luxury properties in this idyllic setting.
- Political Stability: The Bahamas has a stable political environment, with a long history of democracy and peaceful transitions of power. This stability provides confidence to investors and UHNWIs seeking a secure location for their investments and assets.
- Global Access: The proximity of the Bahamas to the United States, Canada, and Latin America, along with extensive air routes to Europe, the Middle East and Asia, makes it a convenient destination for individuals considering a second residency, as well as for investors looking for a robust and sophisticated investment market. It provides easy access to preferential international markets while offering a safe and regulated environment for conducting business.
- Financial Services Industry: The Bahamas has a well-established and reputable financial services industry, including banking, wealth management, and insurance sectors. This infrastructure attracts investors and UHNWIs looking for professional services to manage their wealth and investments.
- Regulatory Oversight: While the Bahamas offers favorable regulatory and tax environments, it also maintains regulatory oversight to ensure investor protection and market integrity. Investment funds based in the Bahamas are subject to regulatory scrutiny, providing investors confidence in the transparency and integrity of the investment process.
- Record Breaking Tourism Numbers: The Bahamas has a thriving tourism industry, with world-class resorts, hotels, and attractions. This provides opportunities for investors in the hospitality sector, including hotels, resorts, and luxury villas. Surpassing all previous records, the nation welcomed over 9.65 million visitors in 2023, a 38% increase over 2022. Sea arrivals were also up an unprecedented 43.5% to over 7.9 million visitors in 2023. (Source: https://www.bahamas.com/pressroom/the-bahamas-shatters-tourism-records-with-over-965-million-arrivals-in-2023)
- Government Investment Incentives: The attractiveness of a low-tax environment and a stable currency are enhanced by a series of investment incentives that provide relief from customs duties on approved raw materials, equipment and building supplies, as well as allowing exemptions from real property taxes for up to 20 years.
- Permanent Residency: For individuals in the international community seeking permanent residency in the Bahamas for asset and wealth management or lifestyle, a real estate investment is an excellent consideration and legal avenue to achieving that status. The Government of The Bahamas has an accelerated consideration process for granting Economic Permanent Residency (EPR) to major investors in The Bahamas and maintains a flexible immigration policy, both designed to make it easy to live and work in The Bahamas.
- Quality of Life: The Bahamas offers a high quality of life, with a tropical climate, beautiful landscapes, and a relaxed lifestyle. This appeals to UHNWIs and investors looking for a desirable location to live, work, or retire.
- Confidentiality and Privacy: The Bahamas has strong privacy laws and regulations that protect the confidentiality of financial information. This appeals to individuals who value discretion and confidentiality in their financial affairs.
- Local Partners in Joint Ventures: International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is in the absolute discretion of the investor.
How we can help:
Our team and lawyers and senior advisers provide a turn-key concierge solution to individuals wishing to acquire Bahamian residency, including the following services:
- Legal representation with application process
- Administrative assistance with all aspects of securing approval
- Real estate support, including a portfolio of high-end residential properties
- Acquisition and management of property, on either a residential or investment basis
- Local logistical support for new and returning residents including a comprehensive concierge service for you and your family
- Acquisition and management of marine or aviation vessels, either for personal use or commercial enterprises
- Local business license applications and investment approvals
- Local and international bank account with access to several currencies and investment products