Bahamas immigration rules change to favour wealthier foreign investors
Thursday April 21 2011 | 03:17 AM

The Bahamas has tightened its immigration rules in favour of wealthier investors.

Prime Minister Hubert Ingraham announced Monday that those applying for permanent residency will now have to spend at least $1.5 million on a Bahamian home to get fast-tracked by the Immigration Department.

Previously, a policy designed to attract foreign investors allowed a person owning a home worth $500,000 or more to receive speedy consideration by immigration officials.

Foreigners who spend less than the new $1.5 million threshhold are still eligible to apply for permanent residency status but the process could take years.

Ingraham pointed out to lawmakers that the local economy is driven by tourism and financial services, sectors which both require foreign investment.