PreviousWhy The Bahamas?
Many reasons to invest
Even in tough economic times The Bahamas continues to live up to its reputation as a leading offshore financial centre, providing a full range of services for investors from all over the world. At the top of the list is the country’s stable economic environment, favourable tax structure and thriving financial services sector.
Located just off the US east coast and sharing a time zone with New York, The Bahamas enjoys the benefit of being within easy reach of one of the world’s largest economies. This link with the US is strengthened by the fact that the US dollar can be used interchangeably with the Bahamian one. Both are accepted throughout the islands, which greatly facilitates business transactions and movement of funds.
Convenient airlift into The Bahamas also aids investors. The Lynden Pindling International Airport provides regular, direct flights to London as well as many destinations throughout North America and the Caribbean region.
Vibrant financial sector
The Bahamas financial services sector, which has been providing services for the international community since the 1930s, is the country’s second-largest industry after tourism and now accounts for around 20% of the national GDP. About 4,900 professionals are employed in the banking sector while more than 250 banks and trust companies operate from the islands, giving customers a wide variety of choice when it comes to growing and safeguarding their money. Of these banks and trust companies, 125 are subsidiaries of major international banking institutions, with the majority based in either Switzerland, Canada or the US. Between them, these institutions have balance sheet assets of more than $300 billion and $1 trillion in assets under administration, according to The Central Bank of The Bahamas.
Wide range of services
From mutual trusts and foundations to real estate investment, experienced Bahamian professionals deliver high-quality legal, advisory, accounting and administrative services. Neither companies nor individuals pay Bahamian taxes on personal income, capital gains, corporate earnings, sales, inherited assets or dividends. In addition, the country’s legislation allows for swift repatriation of foreign investment funds, foreign assets and dividends as well as profits from direct investment.
Thanks to The Bahamas’ many attractions, some clients choose to follow their money and live the idyllic tropical lifestyle. The stable political democracy and British-based judicial and legislative structure have helped the former British colony thrive since gaining independence in 1973, making it an ideal destination for relocation. With more than 700 islands to explore, a wide choice of activities available, good schools and many high-end shopping outlets, there’s much to enjoy outside the office.
Worldwide connections
The Bahamas maintains its strong presence in the global market through several trade agreements and participation in international financial bodies. The country is a member state in the Caribbean Community (CARICOM) Secretariat, through which it has been party to trade agreements with the European Union, Canada and the US, the most recent being an Economic Partnership Agreement with the European Union. The Bahamas is also a member of the British Commonwealth and a participating country in the United Nations and the Organization of American States.
Since it first came to prominence in the global financial market, international financial experts have recognised The Bahamas as a good choice for offshore business activities. The country has been given a ‘positive outlook’ rating by Moody’s Investors Service and, in 2006, was named Best International Financial Centre in the Western Hemisphere by finance magazine The Banker.
As the economy begins to pick up, savvy investors are looking to centres such as The Bahamas to protect their assets and help them come out on top when the recovery gets underway. In turbulent times, The Bahamas offers enticing tax neutrality, high-quality financial services and a strong legal and political infrastructure supported by a stable national economy–all in the setting of a luxurious tropical paradise.
To find out more about investment opportunities in The Bahamas, pick up the current issue of The Bahamas Investor, the country’s leading source of business information.
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Invest_WhyBahamas_WTDNJan10
Why The Bahamas?
Many reasons to invest
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