I want to live in the bahamas

[empress]

what are the steps you take when applying for residency and work permits and how long does it take.

[tamara zoo]

Generally speaking, you need to either invest some serious $$$$, or purchase real estate over [$250,000] in order to apply for annual residency.

Jobs are NOT open to foreigners, unless you have a skill that can not be done by a bahamian, or that noone is available to do. (with the unemployment rate so high, jobs go to bahamians).. In the event that you do land a job, your employer must apply for a permit which can take several months to a year to obtain. Most permit cost $thousands of dollars.
You cannot apply for a work permit while you are in the bahamas.

If you have deep pockets, and are looking to invest, then welcome.. if not, I suggest you look elsewhere.