Bahamas, The

Work permits

Work permits are mandatory for all expatriate personnel intending to work in The Bahamas.

Individuals who are not Bahamian citizens and wish to work in The Bahamas for up to 90 days must obtain a Short-Term Work Permit / Visa.

For employment periods exceeding 90 days, non-Bahamian individuals are required to secure a Long-Term Work Permit’.

Work permit fees vary according to the applicant's position or level within the organisation, ranging from BSD 500 to BSD 16,275 per annum. All work permit applications are reviewed and approved by the Bahamas Department of Immigration, with fees determined on an individual basis.

Residence permits

Consideration for annual residence status is expedited for individuals who own residential properties in The Bahamas.

Major investors (i.e. those investing at least BSD 1.5 million) or owners of residences valued at a minimum of BSD 750,000 receive accelerated consideration for permanent residence status.

Additionally, international property owners in The Bahamas may obtain a Homeowners Card, granting the holder, along with their spouse and minor children, the right to enter and reside in The Bahamas for the duration of the card’s validity.

Tax equalisation

As The Bahamas does not levy corporate/personal taxes, there are no double tax treaties (DTTs) between The Bahamas and other countries/jurisdictions. The Bahamas has, however, entered into Tax Information Exchange Agreements (TIEAs) with several countries/jurisdictions, which provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the relevant parties concerning taxes covered under TIEAs.

Intergovernmental agreements (IGAs)

The Bahamas has entered into an IGA with the United States (US) for the implementation of the Foreign Account Tax Compliance Act (FATCA). This arrangement is classified as a Model 1 IGA, under which the US government receives information from The Bahamas without reciprocal exchange

Mandatory disclosure rules

The Bahamas is not a member of the European Union (EU) and does not have its own DAC6 mandatory disclosure regime. However, Bahamian intermediaries and taxpayers can still be subject to DAC6 reporting obligations if they are involved in a cross-border arrangement with an EU Member State.