The individuals who have obtained a permanent residence, typically under an investor migration program, will now be granted a tax residency certificate. The new policy will require the individuals to spend a minimum of 90 days in the Bahamas throughout a year, and no more than 183 days in one other country. They will also be assigned a unique taxpayer identification number (TIN).
The certificate will help to comply with home country tax laws and to correct the claims previously raised by the Organization for Economic Co-operation and Development (OECD). It is the result of a joint effort by the public and private sectors.