What are the visa & residency requirements in Bahamas?

We asked people about the visa & residency requirements in Bahamas, they wrote...

"You must have a job to get a visa to live. The job must convince the government no Bahamanian can do your job before the residency/work visa is permitted. You can qualify for residency visa when you purchase a home for more than $350k-$500k. That number may vary depending on which island. this can be a very lengthy process," wrote a member who made the move to Paradise Island, Bahamas.

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"The Bahamas has both a visa and residency requirements for foreigners who wish to visit or stay. Visitors from certain countries must apply for a visa from a Bahamian embassy or online before traveling to the Bahamas; a valid passport is required for the visa application. To apply for a permanent residency, foreigners must submit a form to the Department of Immigration, along with a valid passport and supporting documents such as birth and marriage certificates. They are also required to pay the applicable residency fees and have their passport photograph taken. Applicants must also provide supporting documents that demonstrate financial stability, such as proof of income, and will be subject to a background check. Once approved, a resident’s permit is valid for five years and can be renewed," explained one expat living in Bahamas.