Minister says residency processmore important than threshold

As of Monday, June 12, 2017

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister is more concerned over the process by which permanent residency is granted rather than the threshold that triggers it, adding that the Bahamas has to "re-brand and reposition" to shed the 'tax haven' label.

Brent Symonette, minister of financial services, said: "I'm not as concerned about the threshold. I'm more concerned about the process. If someone of a high net worth applies for permanent residency it is important that that it is done in a timely manner. That's far more important. Whatever that threshold is does not give that person an automatic right; it's a fast tracked system. It doesn't matter what the threshold is if the system is regulated and moves quickly."

Mr Symonette was responding to Tribune Business queries on whether the Minnis administration planned to look at the permanent residency qualification threshold, which the Christie administration had planned to double from $500,000 to $1 million. It was forced to reconsider after considerable push back from Bahamian realtors and developers.

Mr Symonette said the Bahamas' financial services sector has to re-brand and reposition, adding: "We have a very strong basis as a financial services industry. We do have very strong reporting requirements. That's a positive.

"As the industry changes, it moves away from tax havens and more to wealth management and other services. That's where we are going to have to reposition ourselves. There's going to have to be a certain amount of re-branding of the Bahamas as we move towards that. We have to look at new industries. Years ago, we lost the captive market. We have to look at that."

John 6 years, 10 months ago

It was strange to hear white Bahamians sit and complain about how they are now being discriminated against in favor of foreigners. One bone of contention was the Albany project which apparently has a clause in its bidding process that requires any contractor wanting to bid on a contract at the project to have investment in property of at least $1 million in Albany. this is clearly a clause of discrimination. Not unlike the days when Bahamians were required to own property in order to vote. And those with more than one property were allowed an additional vote for each property he owned. This was a clear design to keep the power of the vote out of the hands of Black Bahamians. Now the foreigners are doing the same thing in 2017! and even the White Bahamians are crying foul!

Economist 6 years, 10 months ago

I don't think that he was complaining. As I read the article Symonette was saying that we need to review they way in which we process the application so that it has certainty and is done in a timely fashion. To much about immigration is done on a whim. We need to put time frames in like other countries. I have seen countries like Switzerland give a Bahamian a work permit in 2 weeks, and no that was not a temporary permit either. Everything is still run like we are in the 1960's. The Bahamas has to move into the 21st Century and have set times. This will make everyone accountable to get the applications moving.