The Tribune

By RASHAD ROLLE

Tribune News Editor

rrolle@tribunemedia.net

THE government plans to introduce The Bahamas’ first Tax Residency Certificate for qualifying permanent residents, but the initiative will require legislation that has yet to be presented to Parliament.

Economic Affairs Minister Senator Jerome Fitzgerald announced the proposed certificate during a keynote address at the STEP LATAM Conference in São Paulo, Brazil, along with plans for a concierge service to help high net worth investors navigate government approval processes.

The certificate would give eligible holders of Bahamian permanent residence formal documentation identifying The Bahamas as their tax residence jurisdiction for use when dealing with authorities in other countries.

Applicants would have to spend at least 90 days in The Bahamas during a calendar year, although the days would not have to be consecutive.

The Ministry of Economic Affairs said the certificate would be available only to existing permanent residents who meet requirements established by law.

Draft legislation has been completed and will be presented to Parliament. The ministry did not say when the legislation would be tabled or when applications for the certificate would open.

Mr Fitzgerald also announced preparations for the Bahamas Invest Concierge Service Unit, which would provide qualifying high-net-worth investment projects with a single government contact from the initial enquiry through the relevant application and approval stages.

The service would be restricted to high net worth projects, which could include investments in real estate and government bonds and the establishment of substantial family offices in The Bahamas.

“The Bahamas is building on its strengths while it evolves to meet the changing needs of global investors,” Mr Fitzgerald said.

The ministry said the initiatives build on The Bahamas’ longstanding ties with Latin America, including Brazilian families and advisers who use Bahamian financial services.

Further information about the certificate application process and the concierge service will be released as the legislation and preparations for their launch progress.