In 1718 The Bahamas became a British Crown Colony after the British clamped down on piracy and in 1807 the British abolished the slave trade and later in 1834 slavery in the Bahamas was completely abolished. In 1973 the Bahamas became a commonwealth realm and Queen Elizabeth II is their monarch.
As one of the most prosperous countries in the West Indies, tourism generates most of its economic activity and provides 60% of its GDP and provides employment to over half the country’s workforce.
The Bahamas has a very competitive tax regime in place. The government derives its revenue from, license fees, import tariffs, stamp taxes and property, however there is no income tax, capital gains tax, VAT, corporate tax or wealth tax. Salary tax covers, social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer.
Sport is high on the agenda in the Bahamas, particularly sailing, scuba diving and water sports. Making the Bahamas an extremely popular destination for Americans to take their holidays, and being only 345 miles from Miami and 180 miles from Nassau making this only a short flight for them.
More than 80% of Americans don’t hold a passport therefore the Bahamas is an excellent choice for their holiday as a passport is not required and the for the US. Americans that own their own sailing vessels can easily sail into one of the Islands in the Bahamas.
Many investors are snapping up properties to rent to the abundant American Holiday Market, making property for sale in the Bahamas an excellent investment opportunity.