Overview
The Commonwealth of the Bahamas consists of 700 islands and 2,400 cays with an area of 5,358 sq. miles (13,878 sq. km) and is located to the north of Cuba. It has a population of approximately 340,000.
The Bahamas achieved independence from Britain July 10, 1973, and is now a fully self-governing member of the Commonwealth and a member of the United Nations, the Caribbean Community and the Organisation of American States. As a member of the Commonwealth of Nations The Bahamas recognizes Her Majesty Queen Elizabeth II as Head of State. The Governor-General is Her Majesty’s representative in The Bahamas. The official and spoken language is English.
The legal system is based on the English common law. Appeals are heard by The Bahamas Court of Appeal, which sits year round in Nassau, New Providence. The final appeal court is The Privy Council in the United Kingdom.
The capital is Nassau situated on the island of New Providence. There are frequent international air services to Canada and the USA. The legal currency of The Bahamas is the Bahamian dollar (B$), which is on par with the United States Dollar (US$). The Bahamas observes US Eastern Standard Time (EST), with local time five hours behind Greenwich Mean Time (GMT-5).
The Bahamas offers a stable political system and a flourishing economy. The Bahamas has a long history as an international offshore financial centre and as a tax haven since 1930.With nearly 30% of the Bahamian economy coming from its offshore market and with over 100,000 international business companies, the Government is committed to providing the needed infrastructure for the international financial services sector. In recent years the Bahamas has developed close economic relations with China.
The Bahamas offers the full range of offshore financial services including IBC’s, trusts and foundations. It is also home to investment funds, international insurance products, captives, exempted limited partnerships and segregated accounts companies. There are more than 390 banks and trust companies registered in Nassau and more than 60 fund administrators and 700 licensed funds in the Bahamas. Offshore corporations are exempt from taxation. The Bahamas has no direct taxation in the form of income tax, capital gains tax, gift tax or inheritance tax. There are no exchange controls.
The Bahamas office of Intershore is located at CUB Financial Center, Suite 6 Lyfor Cay, Western Road, P.O. Box N1879, Nassau, The Commonwealth of Bahamas.