PreviousWhy choose The Bahamas?
WTDN Jan09
Investment
Why choose The Bahamas?
A haven in troubled times
The Bahamas today is widely recognized as one of the world’s top investment centres.
Thanks largely to a large and growing pool of financial and banking expertise, the little archipelago only 50 miles to the east of the United States is not only a superb place to take a holiday, it’s a great place to invest your money.
More than 250 banks and trust companies are domiciled here, including the subsidiaries of investment houses from 26 countries. They have assets of more than $300 billion, and they administer a total of more than $1 trillion.
About 4,900 people are at work in the sector, which accounts for an estimated 20 per cent of GDP. They include hundreds of lawyers, chartered accountants and financial advisors who are internationally recognized for their expertise in helping investors accumulate and protect their wealth, in both good times and bad.
Here are a few things to consider about The Bahamas as a financial centre:
• It’s a stable parliamentary democracy and has been, in one form or another, for nearly 300 years. A former colony of Great Britain, The Bahamas has been independent since 1973.
• The government is investment-friendly and has developed a portfolio of legislation and regulations, in consultation with the industry, to ensure that the jurisdiction is fully compliant with, and often in advance of, international standards.
• There are no taxes on capital gains, inheritance, corporate and personal income, dividends or interest in The Bahamas. The government earns the bulk of its revenue via duties and stamp taxes on imports and from modest property taxes.
• A wide range of investment vehicles are available, including mutual funds, hedge funds, trusts
and foundations.
• Many real estate investing opportunities. The nation’s ideal climate has attracted many of the world’s richest and most famous individuals, including Johnny Depp and Nicolas Cage, both of whom purchased islands in The Bahamas.
Other pluses that are often overlooked are the country’s strong currency, which is pegged one-to-one with the US dollar within The Bahamas, and the time zone, which is the same as that of the big investment centres in Canada and the US.
Should you make the decision to follow your money and live in The Bahamas, you could not pick a more congenial spot—a wonderful subtropical climate, some of the world’s best cruising waters and hundreds of untouched islands to explore.
For an in-depth look into the country’s investment opportunities, pick up the current issue of The Bahamas Investor, the country’s leading source of business information.
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