A Climate For Business and Investment
The Bahamas offers a variety of unique characteristics that make it an ideal climate for business investment, growth and evolution.
One of the most significant advantages is the country’s tax free status on income. Capital gains, corporate earnings, personal income, sales, inheritance or dividends are tax exempt – a freedom that extends to all resident corporations, partnerships, individuals and trusts.
Bahamian currency, which is on par with the U.S. dollar, is recognized for its steady performance and unwavering value. This stability anchors the Bahamian economy and creates a viable investment foundation.
A variety of proactive initiatives are in place to ensure The Bahamas retains its existing investment advantages and harvests its growing investment potential. For example, a flexible immigration policy enables a seamless and effective process for granting work permits to key personnel.
Pro-business legislation is also in place to provide incentives for investors to take advantage of the country’s business opportunities. Investment incentives extend the benefits of tax freedom to encompass relief from customs duties on approved raw materials, equipment and building supplies, as well as allowing exemptions from real property taxes for up to 20 years.
A Vibrant Economy
The Gross Domestic Product (GDP) of The Bahamas is approximately $5.7 billion with tourism accounting for 50 per cent, financial services nearly 20 per cent and the balance spread among retail and wholesale trade, fishing, light manufacturing and agriculture. Since 1996, The Bahamas has seen an annual GDP growth of approximately four per cent, primarily driven by advances and expansion in tourism and construction.
With a tax neutral environment on income, The Bahamas derives its revenue from customs duties, property taxes and stamp duties.
While tourism and financial services provide the country with a strong economic backbone, new investment opportunities are now unfolding in several areas such as e-business, manufacturing, light industry, land development and transshipment.