Having a clear vision of knowing how you are going to live in another country is where the research and due diligence for your decision, begins. Among some of the most exotic island communities, which many expatriates from all over the world have chosen as their new home, Paradise Island, Bahamas, is among the most […]
Having a clear vision of knowing how you are going to live in another country is where the research and due diligence for your decision, begins. Among some of the most exotic island communities, which many expatriates from all over the world have chosen as their new home, Paradise Island, Bahamas, is among the most popular.
The reputation of Paradise Island for being a leader in the industries of exotic Luxury Leisure Travel and world class entertainment is virtually iconic. However, the daily routine lifestyle can be life on a silver platter, too, everyday; once you are in.
Obtaining Bahamian citizenship is optional and also convenient. Having a permanent citizenship status averts the opportunity to have the experience of dealing with bureaucratic process and procedure at various regular intervals. Depending upon from which country the expatriates are, the Bahamian Immigration Policy is applied and enforced accordingly.
For Example, before reporting for re-entry, citizens of the US and Canada are allowed to enter and stay in country for up to eight months, by just having a valid Passport. As part of the re-entry process, an individual must have a valid Passport, return travel tickets, and proof they are financially capable of self-sufficiency. Albeit, to the contrary if the individual is from Argentina, they must have both, a Visa and a Passport. At best, because policy is always subject to change, sometimes more frequently then not, retaining the services of an immigration lawyer, briefly, would be the most efficient means for resolve and security.
However notwithstanding, the easiest way to obtain and establish permanent Bahamian residency status, is to purchase a piece of Paradise Island Bahamas real estate, with a value of no less than $500,000.00; be of good character, and utilize the property solely for private, personal residence. On the other hand, if living in paradise is also motivated by enterprise, be prepared to deal with the authorities of the Bahamian Secretary of Real Estate and the Bahamian Secretary of Investments. You will want to make a note of that because once you have a taste of the benefits of Bahamian Economic policy, you will probably invite those gentlemen to have lunch with you more then once.
Once you have decided which status of residency is going to work best for you, you will be ready to focus on making a pretty good size cultural paradigm shift. You want to avoid “Culture Shock.” Be advised there is no known cure for culture shock (other then time) and symptoms appear as incurable and make you look like a deer staring into headlights, 24 hours a day, while you try to find your way around your new environment in Paradise.
Seriously, the cultural paradigm shift is nothing more then knowing how to navigate through same global chaos and commerce, Bahamian style. Starting off, you will be glad to know that because the USD is the global Petro-Dollar, the margin of the difference between the values of the Bahamian Dollar (BSD) vs. the US Dollar (USD) is negligible and in favor to the USD. Nevertheless, for the Bahamians, it’s more cost effective to exchange more value for the USD then it is to pay the exchange rates to convert BSD to USD, for Petro-Dollars. So now in realizing this, you will now be able to understand how the Bahamians do business and the motivations behind their economy, a little easier. This should also motivate you to consider seeking competent financial advisors who are able to help further optimize your investment finances while living in Paradise.
The Bahamian Landholding Act of 1993, has streamed lined the process of purchasing Paradise Island Bahamas real estate very wisely, thus making it very convenient and profitable, especially for equity holders to own multiple Bahamian properties, and reap the benefits of consistent increase in equities for the long term, with moderately accelerated “cap” rates. The Bahamian Economic Policy is highly industrious, insomuch that it proactively provides economic and monetary stability, freedom from taxation, investment incentives and many more advantages to individuals who want to expatriate their funds to the Bahamas.
Those are two aspects which upon you will (hopefully) spend a great deal of time researching and discovering as you move ahead with your plan to expatriate to a life in Paradise.