Applying For Investment Incentive Concessions : Bahamas

Name of the Organization : Bahamas Investment Authority as Administrative Arm of the Investments Board
Type of Facility : Applying For Investment Incentive Concessions
Country : Bahamas

Website : https://www.bahamas.gov.bs/wps/porta…vZ0FBIS9nQSEh/

Applying For Investment Incentive Concessions :

The Commonwealth of The Bahamas welcomes International Inventors who wish to establish a business in The Bahamas. From time to time, the Government of The Bahamas offers targeted investment incentives for particular types of projects.

Related : Bahamas Investment Authority Application For Permission To Purchase/ Acquire Real Property : www.statusin.org/6389.html

All non-Bahamians, Permanent Resident or Citizen seeking to access a concession pursuant to the Government’s targeted investment incentive must apply to the Bahamas Investment Authority.

There are no requirements for Bahamians to qualify for this service. Non-Bahamians must have been approved in the first instance by the NEC to establish a business in The Bahamas.

Concessions are available under:
** Hotels Encouragement Act
** Industries Encouragement Act
** The Bahamas Vacation Plan and Time-Sharing Act

Eligibility :
Persons, both Bahamians and Non-Bahamians.

Process :
** Complete the relevant application form and submit it to the Bahamas Investment Authority.
** The BIA would then determine whether the application is compliant with the Act.
** Once a determination is made, the applicant or agent is informed in writing.

Application Form(s) :
Hotels Encouragement Act application form for exemption/reduction of customs duties
Form No.1 Industries Encouragement Act, Form of Application for Approval of Product

The Bahamas Vacation Plan and Time-Sharing Regulations – Form B Application for Developing Owner’s/Marketing Agent’s/Managing Agent’s Licence pursuant to The Bahamas Vacation Plan and Time-Sharing Act, 1999.

Supporting Documents :
Supporting documents vary depending on the concession being sort. Please see the relevant application form for details.

Turn-around time :
A determination is communicated within 30 to 45 days following the submission of a completed application for concession.

Deadline :
Please see deadlines associated with the relevant concession.

Related Fee(s) :
There are no fees associated with this service.

For more information please contact
Bahamas Investment Authority as Administrative Arm of the Investments Board
4th Floor Cecil Wallace-Whitfield Centre
Cable Beach
P.O. Box CB-10980
Nassau
New Providence
The Bahamas
Tel. (242) 327-5826-9
Fax. (242) 327-5806
Email: bia [AT] bahamas.gov.bs

Opening hours: 9:00 am to 5:00 pm, Monday to Friday, except public holidays

FAQs :
How many work permits would my business be entitled to?
Necessary work permits for key personnel will be granted. Businesses requiring permits for persons other than key personnel are encouraged to discuss these requests with The BIA in advance.

How can I become an International Owner of Second Homes?
Overseas Investors may acquire residential properties in The Bahamas of up to two acres without prior Government approval.

Such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Second Home Owners are eligible for a Home Owners Residence Card, renewable annually.

Please N.B. This card will :
** Facilitate entry into The Bahamas and entitle the owner, his spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card.
** Application may be made to the Director of Immigration.

Am I eligible for Annual or Permanent Residence?
Accelerated consideration of application for Permanent Residence will be given to:
i) Major International Investors; and
ii) Fit and proper owners of residence valued at $1,500,000.00 or more.

Why should I invest in the Bahamas?
** A politically stable environment conducive to private investment
** An atmosphere where investments are safe and the expropriation of investments capital is not a considered option;

** A legal environment based on a long tradition of Parliamentary Democracy, the rule of constitutional and statue laws and where security of life and personal property is guaranteed;

** A stable macroeconomic environment bolstered by a prudent fiscal policy, a stable exchange rate, flexible exchange control rules and free trade;

** An environment in which freedom from Capital Gains, Inheritance, Withholding, Profit Remittance, Corporate, Royalties, Sales,l Personal Income, Dividends, Payroll and Interest Taxes are ensured;

** Essential public service, an adequately equipped police constabulary, modern health and education facilities and other social services;
** Dependable Public Utilities; and
** Essential Public Infrastructure such as roads, ports and airports.