Bahamas Business, Taxation and Offshore Information
This page was last updated on 15 Mar 2019.
The Bahamas is an Independent Nation State
The Bahamas became independent from the UK in 1973, although the British monarch remains head of state. With its northernmost point 50 miles east of Florida in the Caribbean, the Bahamas has 700 islands and a population of approximately 400,000. The official language is English. The capital is Nassau, there are a number of international airports with good connections, and there are excellent port facilities.
The climate is sub-tropical. The Westminster-style government is business-friendly. The May 2017 general election saw an extraordinary turnaround in which the ruling parting (the Progressive Liberal Party) lost all but four seats. The beneficiary was Hubert Minnis’s Free National Movement Party, which swept into power winning 35 out of 39 seats.
Economy Based on Financial Services and Tourism
The Bahamas is an established trust and tourist jurisdiction, but it was relatively late in developing as a financial centre. The economy is heavily dependent on tourism (4m visitors a year), but financial services are growing in importance.
GDP was estimated at US$12.16bn in 2017 (est), and GDP per capita was about US$27,700 in 2017 at purchasing power parity. This is above average for the region, but well behind the most successful (and smaller) jurisdictions such as the Cayman Islands and British Virgin Islands. The Bahamas recovered quite quickly from the global financial crisis, thanks mainly to increased tourism, particularly from the US, and new investments. More »