The Bahamas government has amended the National Investment Policy to provide for accelerated consideration of permanent residency applications for persons purchasing a residence worth $1.5 million or more.

Persons can still apply for permanent residency with a minimum investment of $500,000, but under the new scheme announced by Prime Minister Ingraham, provided that applicants have all the required documentation, they can expect to receive a response, one way or the other, within 21 days of their completed application being delivered to the Department of Immigration.

This policy is a further example of the government's commitment to economic growth, backed by a business-friendly economic policy and an established legal framework that fosters investor confidence.

For further information on this topic please contact Arthur Seligman at Lennox Paton by telephone (+1 242 502 5000), fax (+1 242 328 0566) or email ([email protected]).