Doing Business Fact Sheet- The Bahamas Whether seeking fun or fortune, The Bahamas is the ideal place to be
GENERAL INFORMATION The Bahamas is an English speaking nation with a population of approximately 300,000. The Bahamas has an average per capita income in the region of $18,000, making it one of the highest in the region, a literacy rate of 95%, The Bahamas has enjoyed a stable political democracy for two and a half centuries. The Bahamas, independent of Great Britain since 1973, is a member of the Commonwealth of Nations. The Westminister Model is followed. There is a written constitution and an independent judiciary. The final appeal court is the Privy Council in England. The Bahamas has no income tax, estate tax or inheritance tax. Its currency is maintained on par with the U.S. Dollar. Government revenue in The Bahamas is raised mainly from custom and stamp duties on imported items. The Bahamas is a key international financial centre with a long established reputation of providing a variety of corporate services vehicles aimed at wealth perseverance and management. There are more than 350 banks and trust companies licensed to operate in The Bahamas, including, Citibank N.A., Banco Santander Trust and Bank, Banco Atlantico (Bahamas) Bank & Trust Limited and Banco de Bogota (Nassau) Ltd. to name a few. The Bahamas is easily accessible. Located at the crossroads of the Americas, there are many direct flights from major North American and European cities. The capital city, Nassau, is a 35 minute flight from Miami and from NY gateways, less than three hours and less than 2 hours from Atlanta. Tourism is the main industry in The Bahamas. Approximately 5 million tourist visit The Bahamas annually. The Bahamas observes Eastern Standard Time., the same time zone as New York, Miami, Toronto. The Bahamas has a modern and reliable telecommunication system. CORPORATE STRUCTURES The Bahamian International Business Company (IBC) allows a high degree of flexibility in the formation and operation of a company. A Bahamian IBC can be incorporated within 24 hours and can be used for an assortment of purposes including international business transactions, asset management and holding and estate planning. It is not subject to any income, capital gains, inheritance, corporate or other taxes. The Bahamian IBC is exempt from all taxes. An IBC is able to transact business in The Bahamas and in the international market. And IBC is required to appoint a registered agent in The Bahamas. Sharon Wilson & Co. is able to provide this service. TRUSTS A Bahamian trust is formed through a private agreement between the Settlor and the Trustees. There are no additional documents, required to be filed with the Government of The Bahamas or other public disclosure. There are no governmental fees for forming a Bahamian trust. Bahamian law grants powers to a Settlor without compromising the validity of the trust. Bahamian law also acknowledges the role of the Protector. There is a perpetuity period of 150 years, allowing a family to plan for five generations. Bahamian legislation gives protection to Bahamian trusts and their Settlors in civil law countries against forced inheritance claims making Bahamian law the proper law of a trust if the deed so declares and makes the trust immune to foreign judgments. MARITIME The Bahamas is one of the world’s leading shipping centers. It has the third largest ship registry in the world and is the number one in the world for cruise ship registration. The Bahamas Maritime Authority maintains ship registers in New York and London and in Nassau. Registration on the registry of The Bahamas is advantageous to the owner of a vessel as the shipping laws and regulations of The Bahamas are well known and accepted by international financial institutions. FOREIGN DIRECT INVESTMENT The Bahamas encourages and offers incentives for foreign investment in various sectors of the economy. Investing in The Bahamas is simplified through the mechanisms set up to assist foreign investors. Incentives for investors include subsidized land and buildings, and free licensing to name a few. RESIDING IN THE BAHAMAS Non-Bahamians wishing to establish residence in The Bahamas may make application to become an Annual Resident or a Permanent Resident. Either residency may be granted with or without the right to work. Persons making an investment of $500,000.00 or more are eligible to have their application fast tracked. For Additional Information Please Contact: Sharon Wilson & Co. Counsel & Attorneys-At-Law, Notories Public Delvest House East Shirley Street at Highland Terrace P.O. Box SS 19145 Nassau, Bahamas Phone – (242) 394 8744 Fax – (242) 394 6556 www.sharonwilsonco.com Contact: Sharlyn Smith, Esq. ssmith@sharonwilsonco.com