About the Bahamas
Situated 60 miles off the coast of South Florida and stretching as far south as Cuba, The Bahamas is a beautiful coral archipelago of 700 islands (29 of which are inhabited) and more than 2,000 rocks and cays. With a population of over 300,000, most of whom live on the major islands of New Providence and Grand Bahama, the country has a capable and adaptable work force with an adult literacy rate of 95%.
An English speaking country which gained its independence from Britain on July 10, 1973, The Bahamas is one of the most politically stable countries in the world, with a parliamentary democracy that has operated without interruption for 275 years. It has a comprehensive and modern infrastructure with electricity and water in abundant supply. Telecommunications services and facilities are state-of-the-art, with direct international links provided through a 100% digital switching system. There are two Internet and broadband providers and while there is not complete wi-fi coverage, most airports and public gathering places have wireless connection capability and nearly every home and classroom has Internet
The economy of The Bahamas is driven primarily by tourism, with international banking and other financial services serving as its second pillar and providing important positions and opportunities for a cadre of competent professionals. Retail and wholesale distributive trades, manufacturing, agriculture and fisheries are the other major sectors of the economy. The Gross Domestic Product (GDP) of The Bahamas exceeds $8 billion, 60% of which comes from tourism related activities.
The Bahamas is an independent monetary entity, with the Bahamian dollar on par with the U.S. dollar.
There is no income, estate or corporate taxation in The Bahamas. Most of the Government’s revenue is derived from Customs duties with the remainder coming from licensing, documentation, Stamp tax and other fees. A new schedule of Customs duties took effect July 1, 2008.