 
The Bahamas: A World of OpportunityGeography
The Bahamas consists of 700 islands, beginning 50 miles off the coast of Southeast Florida.
Political and Legal System
The Bahamas is one of the oldest parliamentary democracies in the Western Hemisphere. It has had a continuous Parliament based on the English
Westminster model, since 1729. Independence with membership to The British Commonwealth was granted in 1973. The legal system is based on British
Common Law and the U.K. Privy Council remains the final Court of Appeal. Bank secrecy is based on U.K. laws and in addition The Banks and Trust Companies
Regulation Act, 1965 statutorises confidentiality and imposes fines and imprisonment for any breaches.
Financial Activity
The capital and hub of financial activity, which accounts for 12% of GDP, is situated in the City of Nassau on the Island of New Providence. There are
approximately 430 Banks licensed in The Bahamas with 190 having a physical presence. More than 40,000 Companies are registered in The Bahamas and
about US$55 Billion are invested in mutual funds registered in The Bahamas. Currency and Exchange Control
The Bahamian dollar is pegged to the U.S. Dollar at par. There are Exchange
Control Regulations applicable to residents. However, offshore investors utilizing banking services, IBC's, trusts, mutual funds and exempt limited partnerships are
not subject to exchange control. Ease of Access
The Bahamas is a 30 minute flight from Miami and is within the US Eastern seaboard time zone. There is extensive commercial air service between The
Bahamas and all major cities in the U.S. and Europe. Demographics
The Bahamas has a population of about 280,000, 180,000 of whom reside on
New Providence. English is the national language. A strong force of professionals are available to provide all requisite offshore services. This includes over 400
attorneys and all major accounting firms are well represented. Taxes
There are no personal or corporate income taxes, death duties, inheritance tax,
VAT tax or capital gains tax. Stamp duty is chargeable at an ad volorem rate on all real property transactions and a nominal real property tax is charged. |
