Permit to Reside (Independent Economic Resident)

The Bahamas Permit to Reside for Independent Economic Residents is an annual residence permit for financially self-sufficient foreign nationals who wish to live in The Bahamas without engaging in local employment. Issued under the Immigration Act, Chapter 191, the program is administered by the Department of Immigration under the Ministry of National Security.

• Must demonstrate sufficient independent financial means to be self-sustaining without employment in The Bahamas
• No specific educational or professional qualifications required
• No minimum investment or property ownership required, though property conveyance must be provided if applicable
• Rental accommodation is accepted

There is no fixed statutory minimum income or net worth threshold. Applicants must provide a reference from their financial institution stating a figure range of economic worth, and/or a financial statement prepared by a Certified Public Accountant. Approval is at the discretion of the Director of Immigration based on the financial documentation provided.

• Letter of request to the Director of Immigration
• Completed First Schedule Form 1 (notarized, with BSD 10 Bahamian postage stamp)
• Valid passport (minimum 2 months validity)
• Two passport-size photographs (white background, taken within 6 months)
• Original police certificate (issued within 6 months, covering 5 years)
• Original medical certificate (dated within 30 days of submission)
• Bank reference or CPA statement of financial standing
• Two character references with contact information

Permit holders are not permitted to engage in any gainful occupation in The Bahamas. A separate work permit must be obtained for any employment.

| Item | Cost | |---|---| | Processing fee (non-refundable) | BSD 200 | | Annual government fee (head of household) | BSD 3,000 | | Annual government fee (each dependant) | BSD 300 |

Applications typically take 8 to 12 weeks from submission of a complete application. First-time applicants should not be in The Bahamas during processing.

The Permit to Reside does not automatically lead to permanent residency. Permanent residency via legal residence requires 10 to 20 years of consecutive residence with a work permit. Alternatively, making a qualifying investment of BSD 1,000,000 or more provides a separate pathway to Economic Permanent Residence.

The Bahamas has no personal income tax, capital gains tax, inheritance tax, or wealth tax. Value Added Tax (VAT) applies at 10% on goods and services. Property owners are subject to Real Property Tax.