BAHAMAS

Name of country

  • BAHAMAS

Region

  • chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba

Population

  • 352,655 (July 2021 est.)

General Introduction

  • When someone mentions "paradise," they are referring to a state of mind. The Bahamas is often the first spot that springs to mind for many people. The Atlantic Ocean is home to this coral-based archipelago. This country is made up of about 700 islands. Many travelers go to Grand Bahama and Paradise, which are home to some of the world's most luxurious hotels. Bahamas is one of the wealthiest countries in the Americas in terms of GDP per capita. A considerable number of offshore corporations have set up shop in this jurisdiction. Tourism is without a doubt the country's most important economic industry. Tourism is responsible for more than 60% of the country's GDP and employs more than half of the workforce.

Wifi Speed

  • From May 2018 to May 2019, broadband internet in the Bahamas averaged a download speed of 11.13 Megabits per second (Mbps), higher than the previous two years studied.

Electrical outlet

  • For the Bahamas there are two associated plug types, types A and B. Plug type A is the plug that has two flat parallel pins and plug type B is the plug that has two flat parallel pins and a grounding pin. The Bahamas operates on a 120V supply voltage and 60Hz.

Per Capita GDP 

Real GDP growth rate

  • 1.4% (2017 est.)
  • 1.7% (2016 est.)
  • 1% (2015 est.)

Climate

  • tropical marine; moderated by warm waters of Gulf Stream

Residence-by-Investment

  • Approved applicants and their families are granted permanent residency in the Bahamas through the Bahamas Residency By Investment (aka Bahamas Golden Visa) program. After ten years of residency in the Bahamas, foreigners are eligible to petition for citizenship. In the Bahamas, dual citizenship is not recognized, therefore applicants must give up their previous citizenship.

Investment

The Bahamas Investor Visa Applicants are offered the following investment options:

  • Buy a real estate property of at least $500,000, properties above 1,500,000USD will get speedy consideration
  • Invest at least $500,000 in a business, not in an area reserved for 100% Bahamian participation. Specific forms of businesses are eligible for benefits. You’ll need to include NIB sales, infrastructure, and possible entrepreneurial spin-offs as potential benefits to the national economy. You must also state the number of Bahamians working in the first year of the project’s construction and operation.

Approved applicants will need to hold the investment for the rest of their stay in the Bahamas.

Key Benefits

  • Right to reside in the Bahamas without further renewal of permits.
  • Right to enjoy all privileges enjoyed by citizens of Bahamas except for the right to vote.
  • Right to purchase property in Bahamas
  • Liberal tax regime.
  • Easy travel to Commonwealth nations, members of the Caribbean Community and the members of the Organization of American States
  • Eligible to apply for Citizenship of Bahamas after fulfilling residence requirements.

Requirements

  • Purchase of Residence in Bahamas. Applications by investors purchasing the property of value in excess of BS $1.5 million will be given speedy consideration.

Procedures and Time Frame

  • This permit entitles the immigrant to reside in Bahamas permanently. The application for Permanent Residence should be made to the Department of Immigration. After obtaining the permit, the applicant will be required to obtain a Home Owners Resident Card to become eligible to purchase property in the country.

Processing time

  • 2 months

Natural Resources

  • salt, aragonite, timber, arable land

Ethnic Groups

  • African descent 90.6%, White 4.7%, mixed 2.1%, other 1.9%, unspecified 0.7% (2010 est.)

 Languages

  • English (official), Creole (among Haitian immigrants)

 Religion

  • Protestant 69.9% (includes Baptist 34.9%, Anglican 13.7%, Pentecostal 8.9% Seventh Day Adventist 4.4%, Methodist 3.6%, Church of God 1.9%, Brethren 1.6%, other Protestant .9%), Roman Catholic 12%, other Christian 13% (includes Jehovah's Witness 1.1%), other 0.6%, none 1.9%, unspecified 2.6% (2010 est.)

Median Age

  • total: 32.8 years
  • male: 31.7 years
  • Female: 34 years (2020 est.)

Urbanization

  • urban population: 83.4% of total population (2021)
  • rate of urbanization: 1.02% annual rate of change (2020-25 est.)

 Physician density

  • 2.01 physicians/1,000 population (2017)

Government type

  • parliamentary democracy under a constitutional monarchy; a Commonwealth realm

Unemployment Rate

  • 10.1% (2017 est.)
  • 12.2% (2016 est.)

Taxes

Headline Personal Income Tax Rate (highest marginal tax rate) - 0% + 8.8% social security tax

Headline Corporate Income Tax Rate (excluding dividend taxes) - 0%

 

 

 

 

 

 

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