The Bahamas government has amended the National Investment Policy, doubling the $250,000 minimum investment threshold and removing the restriction on investing in restaurants or entertainment facilities.

In announcing the changes, Prime Minister Hubert Ingraham told parliament: “Every effort has been made to ensure that the Investment Policy is expressed in as apolitical a way as possible, taking into account the reality that our investment policies generally reflect the time honoured acceptance that the Bahamian economy is primarily driven by the tourism and financial services sectors, areas overwhelmingly involving international participation and investment.”

The Prime Minister said the revised Policy takes into account the changes to the Bahamian business environment over the last 15 years.

The key changes to the policy are:

•Raising the minimum dollar requirement for foreign direct investment (FDI) in a commercial undertaking from $250,000 to $500,000
•Increasing the minimum required value of a residence acquired by a foreign person for the purpose of seeking accelerated consideration of permanent resident status from $500,000 to $1.5 million
•Removal of the restriction prohibiting international investment in restaurants and/or entertainment facilities unless part of a hotel resort
•Granting approved investors in major development projects, which create employment and business opportunities for Bahamian citizens, and who own or acquire a residence in The Bahamas, permanent residency with the right to work in their own business.

For a full copy of the National Investment Policy visit www.bahamas.gov.bs

cboal@dupuch.com