The Bahamas Is A Paradise For Many Reasons
The Bahamas of today is a prime investment jurisdiction characterised by:
1. The creation of the Bahamas Investment Authority (BIA), an investor-friendly agency
2. Tax Freedom
3. New progressive legislation to strengthen and enhance the Financial Services Sector
4. The creation of The Bahamas Maritime Authority to ensure world class open-ship registry services
5. Targeted investment incentives to promote development in Hotel Resort, Manufacturing, Agriculture, and Light Industries
6. Opportunities for eco-tourism in the pristine Family Islands; And
7. First class Second Home/Vacation Residences available without prior approval from the Governmen
Strategically Located
The Bahamas enjoys an ideal location at the crossroads of the Americas. It consists of a string of 700 islands and cays extending across an area of about 80,000 square miles in the Atlantic Ocean. The northernmost island, Grand Bahama, lies only 50 miles from the coast of Florida and the coral archipelago stretches south to the doorstep of the Caribbean Sea. This location offers easy access to the huge consumer markets of North, Central and South America, some 725 million strong.
The capital city of Nassau is on the island of New Providence. Freeport, the second largest city, is situated on Grand Bahama. Islands in the archipelago other than New Providence and Grand Bahama are known as the "Family Islands".
Lagoons dig into the jagged, rocky coastline of The Bahamas and provide much of the beauty that attracts millions of visitors every year. Such ocean coastlines contrast with the white and pink powdery sand beaches for which The Bahamas is world-renowned. Located along the Tropic of Cancer, it is washed by warm waters from the Gulf Stream and cooled by southerly trade winds. Often called "The Isles of June", here is one of the finest tropical climates in the world.
A Strong Tradition Of Democracy & Political Stability
A Safe and Stable Location for Investments
Parliamentary democracy was introduced to The Bahamas in 1729 and has been sustained uninterrupted for 268 years, making it one of the most stable countries in the world. The Bahamas has been a fully independent nation since 1973 and holds membership in the Commonwealth, the United Nations and Organization of American States. This longstanding democratic heritage and maturity as an independent state makes The Bahamas one of the safest and most stable international locations for investments.
The Bahamian political system is based on the British parliamentary system. The Parliament consists of the House of Assembly and the Senate. Members of the House of Assembly, numbering 40 are directly elected every five years, while the 16 members of the Senate are appointed by the Governor General.
Nine senators are appointed on the advice of the Prime Minister, four on the advice of the Leader of the Opposition and three on the advice of the Prime Minister after consultation with the Leader of the Opposition. Elections are competitive, with wide public participation, and always peaceful.
The Executive Branch is comprised of a Cabinet headed by the Prime Minister and includes a minimum of eight other Ministers, one of whom must be the Attorney General. The Bahamian judiciary is a well established and fully independent branch of government. English Common Law is the basis of the judicial system, although there is a large body of Bahamian statutory law.
The Supreme Court is a court of unlimited jurisdiction in civil and criminal matters. An appeal from the Supreme Court lies to The Bahamas Court of Appeal consisting of three distinguished jurists who have previously held high judicial office. The highest Court, the Privy Council, sits in London. Appeals from the Bahamas Court of Appeal lie with the Privy Council.
Tourism is big business in The Bahamas and a mainstay of the economy. It constitutes nearly 40% of the country's total gross domestic product. An estimated U.S. $1.45 billion is spent annually by more than 3.5 million visitors and supports roughly half of the labour force.
Both the average length of stay and hotel occupancy rates rose in 1996. An even stronger performance is expected from the tourist industry for the long-term.
Since 1992, the Government has embarked on an ambitious programme to revitalize the hotel development sector. This programme is characterized by privatization, generous legal incentives to attract foreign investors, and a streamlined government bureaucracy for expeditious project approval. Under the Hotels Encouragement Act, hotel developers are exempted from customs duties on raw materials and equipment. Exemption from real property tax is also available.
The 700 Bahamian islands have retained their unspoiled and incomparable natural beauty. Offering unused beaches, rich tropical scenery and wildlife, and azure seas, eco-friendly hotel development in the Family Islands represents one of the most promising sectors of investment.
The tourism industry also benefits from a modern and improved infrastructure which includes:
1. Expenditures of tens of millions of dollars since 1992 to improve roads, harbours, and water systems
2. 26 international airports
3. Extensive electrification
4. Redevelopment of Prince George Dock in Nassau to enhance the visitor arrival area and organize easy access to land and sea tours.
5. Modern and dependable communications systems.
A Modern Infrastructure For Economic Progress
Extensive International Airlinks
Six major airports in The Bahamas are served by various international airlines, including Delta, British Airways, Air Jamaica, American Eagle, U.S. Airways, Spirit, Song, Jet Blue, Continental and Virgin Atlantic. Scheduled domestic services by the national airline, Bahamas air, link the island chain, while also providing scheduled service to Florida. Charter services are available to all parts of the archipelago.
Modern Telecommunications
Telecommunication services in the islands are state-of-the-art. Instantaneous direct international links are provided through a 100 percent digital switching system. International telex, cellular radio telephone, facsimile, internet access, automatic radio paging and private line services are all available.
A Crossroads for International Shipping
Twenty-three seaports dot The Bahamas, allowing for regular shipping connections to the Americas and Europe. The ports in Nassau and Freeport are major international transshipment centers servicing both tourism and commerce.
Modern and Extensive Medical Facilities
In New Providence, The Princess Margaret Hospital provides a wide range of specialist facilities. There are also two smaller private hospitals, Doctors Hospital and Lyford Cay Hospital which also offer specialized state-of-the-art medical treatment. In addition, hospital facilities exist in Freeport and numerous clinics are located throughout the Commonwealth. Resident medical doctors provide health care in the Family Islands.
An Abundance of Skilled Labour
The Bahamas was first colonized by the British beginning in 1648. A small population subsisted on the islands and was subsequently joined by British loyalists and their slaves who left the United States during the American Revolution.
A majority of the proud, hard working people of The Bahamas are of African descent. A substantial minority consists of Caucasian immigrants and their descendants from the United Kingdom, Europe and the United States. Smaller populations of Chinese and Indian immigrants have settled in The Bahamas during the past 50 years, as have immigrants from several Caribbean countries.
The Bahamian "melting pot" thus created, finds expression in its love of pageantry and tradition inherited from the British, but also in its preparedness for the 21st century so closely associated with the modern business style of North America.
The population of The Bahamas is approximately 284,000, with an annual growth rate of 1.7 percent. Nearly 67 percent of the people live in New Providence, 15 percent reside on Grand Bahama and the remainders make their homes on the various Family Islands. The Bahamas has an abundance of skilled labor and one of the most highly educated populations in the Western Hemisphere. The nation enjoys an adult literacy rate of above 95 percent.
Approximately half the workforce (75,000) is employed in tourism or tourism-related jobs. The offshore financial services sector, the second largest sector in the economy, employs close to 4,000 people. The remainder of the workforce is employed by the wholesale and retail, construction, manufacturing, agriculture, fisheries, and government sectors.
A Paradise For Many Reasons
Live and Work in The Bahamas
The sheer beauty of The Bahamas with its spectacular beaches, turquoise seas and friendly people are wonders that have been drawing visitors for centuries. Today, the islands beckon with these attractions and more. Economic incentives compel the wise investor to consider the advantages of the favorable tax status, the noted political stability, the modern infrastructure, the educated workforce, the ideal location and the commitment of the Government to providing the most accommodating environment for investment. Indeed, there are many reasons to enjoy paradise