The Bahamas
Overview
The Bahamas is an archipelago of 700 islands extending over 500 miles into the Atlantic Ocean from a point 50 miles off the east coast of Florida. The Bahamas' English-speaking population of 300,000, concentrated mainly on the major islands of New Providence (where Nassau, the capital city, is located) and Grand Bahama (where Freeport, the largest free trade zone in the hemisphere, is located), has an adult literacy rate of 95% and an average per capita income of more than $15,000, one of the highest in the region.
Political And Legal System
The Bahamas is one of the oldest parliamentary democracies (since 1729) in the Western Hemisphere and is based on the British Westminster system. The Bahamas has been a full independent member of the British Commonwealth since 1973. However, the British Monarch remains as the Head of State represented locally by the Governor General.
The legal system is based on English Common Law and Equity, and on Statutes passed by the Bahamian Parliament. The judiciary is independent of the legislature and the ultimate Court of Appeal is the Judicial Committee of the Privy Council in London.
Communication
The Bahamas has a state of the art telecommunications infrastructure along with excellent access to all major international air routes. Direct flying time from London is nine hours and from New York it is three hours.
The Original Offshore Jurisdiction
The Bahamas is the original Atlantic and Caribbean offshore financial centre, with corporate trust services being offered continuously since the 1930s.
Today The Bahamas continues to be one of the world's leading offshore financial centers with over 400 banks and trust companies and in excess of US$250 billion on deposit and $750 billion in assets under administration. There are over 600 Mutual Funds domiciled in The Bahamas with investments in excess of US$90 billion under management.
The Bahamas has a full complement of modern legislation designed to meet the needs of today's offshore client.
Bank confidentiality afforded to legitimate investors is among the most secure in the world.
The Bahamas is a zero direct tax jurisdiction. There are no direct or withholding taxes on income, capital gains or dividends, no sales tax, and no estate duties. The main sources of taxation are customs duty and stamp duty, which are often inapplicable to foreign clients.
