A proposal to launch an economic citizenship program was made in the Bahamas, located in the Caribbean. The jurisdiction’s leading real estate agency is pushing for the government to consider implementing an economic citizenship model that would allow high-net-worth individuals to invest at least $ 750,000 in real estate purchases or $ 1 million in the government’s Fund for Bahamian passports.
Analysts at Better Homes and Gardens Real Estate MCR Bahamas Group said in a press release that the economic citizenship model could lift the economy of the Bahamas to a new level and rid the country of “depression.”
Experts believe that the Bahamas can become a model jurisdiction for the introduction and use of the concept of “citizenship by investment”. They suggested that this could require new economic citizens to spend at least three months in the country (once) and thus demonstrate that their presence brings economic dividends.
As noted by the authors of the initiative, a grant contribution to a specially created Fund under the new program would allow solving three specific tasks; assistance in case of natural disasters and financing of rehabilitation works (in case of hurricanes and so on), financing of projects in the field of national development, as well as improvement of the national health system.
The Bahamas currently offers residency to buyers of real estate valued at $ 500,000 or more.
Experts stress that the purpose of the new initiative is not to force the Bahamas to compete with neighboring St. Kitts or Grenada, where for less than half a million dollars an investor can obtain citizenship. In their view, the Bahamas can expect more.
It is expected that the scheme will attract 350-400 people each year, the rational use of investments from which will lead to improved education and health care, as well as other positive effects for the island nation.