The Economic Recovery Committee (ERC) is pleased to announce that the Cabinet of The Bahamas recently approved its recommendation for the introduction of The Bahamas Extended Stay Visa Programme for persons wishing to work or study from The Bahamas for a year.
“The Extended Stay Visa Programme is a remodeling of the current annual residence regime, to expand its qualifying criteria and to make it easier and faster for persons to get consideration and approval”, noted Kenwood Kerr, co-chair of the ERC.
Under the revamped programme, persons from abroad will be able to apply for a visa online and be granted permission to live in The Bahamas for remote work or study purposes for one year. Persons will not be able to be engaged in work locally while resident in The Bahamas. The initiative will be marketed to small firms who may want to shift operations for the full year. It will also target university students – a segment not highlighted in other similar initiatives. Successful applicants will have to demonstrate financial means to support themselves while in The Bahamas.
“The Bahamas has had an annual residency programme for some time. However, given the move to remote work and study from home protocols in response to COVID-19, the ERC saw an opportunity to recast the programme – and to expand it to accommodate university students whose schools will be offering remote learning for the upcoming academic year,” noted Kerr.
The details of the programme are being finalized and will be fully launched with the re-opening of the country to international commercial traffic. The ERC will be working with the key stakeholders and public agencies to ensure a seamless and rapid application process, where applicants will be able to get a response in a matter of days.
“If we get to 1,000 successful applicants and they spend $30,000 on average within the economy on rent, food, and entertainment, that is equal to a much needed $30 million injection into the economy. Moreover, our marketing will showcase our Family Islands where the potential impact on those smaller island economies will be even more pronounced,” said Kerr.
Some of Engel & Völkers’ favorite locations for island living combined with inspirational working environments are settlements in Eleuthera like Gregory Town, Governors Harbour, Long Island in the southern Bahamas, and Nassau/Paradise Island for more of an urban faster pace lifestyle. Live in the Abaco Cays like Elbow Cay, Guana Cay, and Green Turtle Cay and also contribute to the island rebuilding and recovery process post-Dorian.
The ERC continues its work toward its planned September completion of its full set of recommendations.
