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Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.

He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.

In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.

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Political and financial stability, high quality of living, well developed tourist industry and international fame of being one of the leading offshore financial centers, all this contributes to the positive image of this archipelago, just minutes of flight from Miami.

There are no special travel warnings for those wishing to go there and the international medias offer no horrible stories about abducted foreigners or about tourists, victims of serious crimes. Everything has its price so these higher standards are reflected into higher prices. The Bahamas definitely aren't for the budget travelers. Perhaps this is a well-elaborated strategy of the local government - to attract the rich and to keep the poorer at distance.

Just a brief look at the immigration policy gives us sufficient proofs of such strategy. The foreign investors, wishing to purchase local property of some $500,000 and more can expect their immigration procedures accelerated. For the individual investor a proof of means worth of $2 million (including these $500,000 to buy a local property) will be enough to have a status of permanent resident. The group investors have to put at least $250,000 in governmental investment program for at least 5 years under interest. For those not willing to invest so much but still looking for a permanent life on the Bahamas, there are other cheaper options. One of them is buying any property for residential use. Such prerequisite is required for obtaining an annual renewable residence card. This option will cost the new resident some $1,200-1,500 per year depending on the property value and the number of the family members. The whole immigration procedure usually takes between 6 months and 1 year, sometimes less. The cheapest option to live permanently on the Bahamas is to marry a Bahamian.

Opting for annual renewable residence doesn't mean that the new resident will easily find a cheap property. In the capital Nassau where two-thirds of the population lives, the houses start in the region of $300,000. The small condos can be found for $100,000. On the other hand, there are no income or inheritance taxes.

With a system based mainly on indirect taxation just minutes from the United States, with the English as official language and a nice weather all year round, the local society offers new residents some interesting opportunities attracting our attention.

Bahamas profile

• Area: 13,940 sq km
• Population: 300,529
• Population growth rate: 0.86% (2002 est.)
• Net migration rate: -2.63 migrant(s)/1,000 population (2002 est.)
• Life expectancy at birth: 69.87 years
• Ethnic groups: black 85%, white 12%, Asian and Hispanic 3%
• GDP per capita: purchasing power parity $16,800 (2000 est.)
• Unemployment rate: 6.9% (2001 est.)
• Main trading partners: US, EU, Japan, South Korea.
• Internet users: 16,900 (2002)

(Source: CIA - The World Factbook 2002)

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See also the directory of companies providing real estate services in, and general real estate information of Bahamas.