NASSAU, BAHAMAS- A well-known real estate professional and entrepreneur, Mario Carey, is calling for a revision of The Bahamas’ permanent residency policy to create long-term benefits for the country and its citizens, including those currently living abroad.
Carey, a real estate legend, highlighted that the mid-term budget debates and growing concerns over the nation’s national debt present a perfect opportunity to explore new sources of non-tax revenue with lasting impact.
“We can use this moment as a call to action. If we ask, ‘What can we do to grow the economy organically and ensure a stable future in sectors that can withstand outside pressures?’ the answer is right in front of us,” said Carey. “It’s the Permanent Residency through the Start-Up Visa Program, which has already proven successful in other countries.”
Carey emphasized that a nation’s sustainable future depends on its ability to attract brilliant minds who bring innovative ideas, leading to the development of products and services that provide employment opportunities at home while also being exportable to global markets.
“Generally, we are selling ourselves too cheaply by offering residency for a fee rather than an investment with long-term, deep impact,” he continued. “We trade money for the right to live in one of the most desirable places on the planet. Instead, we should focus on attracting individuals with innovative ideas who can bring investment in industries such as education, healthcare, sports, or the arts—sectors that can improve the country and help build a more robust economy.”
Carey pointed out that many Bahamians educated abroad want to return home but face barriers such as high housing costs and a lack of good job opportunities. He cited Canada’s start-up visa program, which requires applicants to have an innovative business concept and demonstrate the capacity to launch new enterprises that will create jobs and diversify the economy.
“The start-up visa program offers a better path to permanent residency than the current Bahamian policy because it builds the economy, rather than simply adding a property investment to the applicant’s portfolio—a property often flipped or used for short-term luxury rentals,” Carey said.
Carey believes the current permanent residency program has outlived its purpose by focusing on a one-time payment, rather than encouraging long-term investment and contribution to national development.
By linking residency to active participation in economic activity, Carey argues, it could serve as a tool to fortify the economy, increase government revenue, reduce the tax burden on existing businesses, and encourage Bahamians living abroad to return home.
“We don’t need to reinvent the wheel. We can learn from countries around the world that have adopted the start-up visa initiative because they recognize it as the only permanent residency solution that generates long-term financial stability and economic prosperity,” said Carey. “For us, it also has the added advantage of reversing the brain drain by encouraging our brightest minds to return home and work in innovative industries that do not currently exist in The Bahamas. The time to act is now.”
