The island archipelago, currently known as the Commonwealth of The Bahamas, first came into prominence when Christopher Columbus stepped foot there when discovering the Americas. More than half a millennium later, it is one of the most popular offshore destinations attracting businesses and expats from all over the world. The Bahamas have the third highest GDP per capita in the Americas, after the USA and Canada. This, coupled with modern infrastructure, free education and healthcare, and a pleasant climate makes it a great place to live and work.

The Bahamas host the highest number of offshore companies in the world. And for all the good reasons. Bureaucracy and registration processes have been stripped back to make it easy to set up a business. For enterprises investing a minimum of $500,000, the government offers additional incentives. This is, of course, on top of the 0% corporate tax, which is undoubtedly one the strongest reasons to establish a company of any size in the Bahamas.

Stable economy and active government support of the business sector also put the Bahamas on the map of potential investment destinations. In fact, banking and finance represent 15% of the country’s GDP, second only to tourism, which accounts for 60% of the national economic output. Expats and non-Bahamians are encouraged to set up bank accounts on the islands to bring in more capital. Educated workforce, reliable legal system and strong financial institutions only support this effort. Proximity to major markets, such as the US, is a substantial enticement for trade businesses and investors.

Key Facts

Location

North Atlantic Ocean

Population

0.4 million

Neighboring countries

Cuba, Haiti, the United States, Turks and Caicos Islands (maritime borders)

Average temperature (summer)

82°F (28°C)

Average temperature (winter)

70°F (21°C)

Languages

English

Form of government

Constitutional Monarchy

Corporate tax rate

0%

Currency

Bahamian dollar

GDP

$9.1 billion

GDP growth

0.60%

Inflation

1.80%

Unemployment rate

10.02%

Average salary

$49,900

Key industries

Financial Services; Tourism; Agriculture

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