The Commonwealth of The Bahamas is an archipelago consisting of roughly 700 islands scattered over an area of 100’000 square miles. The capital city is Nassau, situated on the island of New Providence. The Bahamas has been independent since 1973 and is a member of the United Nations.
The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and private banking. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences has led to solid GDP growth for many years. Financial services constitute the second most important sector of the Bahamian economy, accounting for about 15% of GDP.
The Bahamas has been involved in providing banking & trust services to the international financial community since the 1930s. The combination of a common law legal environment and an efficient tax system makes the Bahamas a well-suited domicile for trusts, foundations, and life insurance policies.
The current asset base of the banking industry in the Bahamas is close to $450 billion, reflecting the unique success of this jurisdiction over the past 25 years.