If you want to live in The Bahamas without working there - for example as a retiree or person of means - the annual residence permit lets you reside for a year at a time, renewably.
If you can invest substantially in The Bahamas - typically in real estate - economic permanent residence gives you the right to live there permanently, without the right to work.
If you own a home in The Bahamas, the homeowner residence card gives you and your immediate family a smoother right to come and go and reside while you keep that property.
If a Bahamian employer wants to hire you, this is the permit that lets you work for them.
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