The Commonwealth of The Bahamas is an independent English-speaking country situated just off the coast of Florida. The Bahamas is an archipelago made up of over 700 islands and cays, but only 25 of the islands are inhabited. The overwhelming majority of the country's population of 300,000 live in Nassau on the island of New Providence, and on Grand Bahama with smaller communities located on the other islands.
The Bahamas is a stable democratic country with a Common Law Legal tradition. There is no income tax, capital gains tax, wealth or inheritance tax. Recent legislation in key areas relative to the Financial Services Sector have laid the groundwork for the Bahamas to remain a major player in the world of offshore financial services well into the next century.
The Bahamas offers a unique desirable lifestyle to visitors and residents alike. The islands have an agreeable tropical climate together with crystal clear turquoise waters and miles of spectacular sandy beaches. The country is famous throughout the world for deep sea fishing, boating and diving experiences, as well as golf, tennis, exciting nightlife and international shopping.
Government of The Bahamas
One of the hallmarks of Bahamian life is the stability of the country's democratic institutions. There is an unbroken history of constitutional government beginning with the arrival of the first Royal Governor from England in 1718, almost 300 years ago.
The islands were British Crown Colony for many years and became independent in 1973. Government is based on the British Westminster model, with an elected House of Assembly and an appointed Senate. The Government is headed by a Prime Minister and Cabinet. Her Majesty Queen Elizabeth II is the Head of State and is represented in the Bahamas by a Governor General. The Bahamas is an active member of the United Nations, Caricom and the British Commonwealth of Nations.
The Bahamas has an independent judiciary and a strong Common Law tradition. Judges and legal professionals are well versed in commercial law and matters relating to trusts, banking, insurance and international finance.
The court system consists of a Magistrates Court, a Supreme Court, and a Court of Appeal. Final Appeal of a decision of a Bahamian court is to Her Majesty's Privy Council in England.
Location
One
of the key advantages of The Bahamas is its close proximity to the
United States. Miami is only 40 minutes away by air, making a visit to
The Bahamas as convenient as a suburban commute in a major
metropolitan market. Today, satellite links and frequent direct
flights to Europe and North America have made living and doing
business in the islands a convenient and attractive option for many
people.
Key Advantages of The Bahamas
- Close Proximity to the Eastern United States, Canada and South America.
- Well developed communications and transportation links to major cities in North America and Europe.
- More than 250 years of stable, constitutional government.
- A legal system based on British Common Law, with state-of-the-art legislation in key areas such as company law, trusts, foundations and mutual funds.
- A warm, tropical climate throughout the year.
- Fabulous beaches and clear, aquamarine seas.
- No income tax, capital gains tax, wealth or inheritance tax.
- Strictly enforced laws on bank and trust company secrecy.
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