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 US$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 US$500,000 or more to receive speedy consideration by immigration officials.
Foreigners who spend less than the new US$1.5 million threshold 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.
