The permanent residents of the Bahamas receive tax residency certificates
Published at: 22/04/2019 11:12 am
The government of the Bahamas grants tax residency certificates for those High Net Worth Individuals, who obtained their permanent resident status through the investor migration programme.
The permanent residents may receive the tax residency certificate of the Bahamas if they physically reside at least 90 days in the country and do not spend more than 183 days in one other state. Meanwhile, the certificate contains the individual tax number (TIN) and the holder's citizenship or country of birth. All financial and tax data will be subject to the international bank account information-exchange agreements, as the CRS. According to the Bahamas Tribune, the TIN will demonstrate that the Bahamas is the domicile (the principal residence) of the taxpayer.
The amendment of the legislation followed the harsh critic of the OECD (Economic Co-operation and Development), the international organisation accused the Bahamian scheme, that it allows money laundering and evading paying the taxes, so the wealthy residents can dodge the CRS (Common Reporting Standards) and hide their financial information.
The permanent residency tax certificate will resolve this issue according to Brent Symonette, minister of financial services, trade and industry and Immigration. It will prove that the resident stayed at least 90 days in the Bahamas, not consecutively but over a year and the that the tax resident did not stay more than 183 days in one other country.
The Bahamas Residency by Investment Programme
According to the Bahamian Department of Immigration: "financially independent individuals or investors who are legitimate owners of a residence in The Bahamas. Please, note that persons purchasing a residence for BS$1.5 million or more will get speedy consideration."
1,5 million Bahamian dollars has almost the same value as the US Dollar. Another option of the Bahamas immigrant investor residency scheme is that an investment of half million Bahamian dollars in real estate is enough to obtain residency permits for the investor, his or her spouse and their minor children, this option also may lead to permanent resident status.