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Buying into The Bahamas
WHAT-TO-DO - NASSAU, CABLE BEACH & PARADISE ISLAND - JULY 2006
Buying into The Bahamas
Buying into The Bahamas
Whether you're thinking of a vacation home or hatching a new business idea, there are endless islands of opportunity in The Bahamas for investors with an appetite for the tropical life.
The Bahamas is attracting record levels of foreign direct investment from around the world, setting the stage for even more economic growth. By the end of 2005, The Bahamas Ministry of Financial Services and Investments had approved projects worth US$7.2 billion.
Factors that inspire investor confidence in The Bahamas include its British-style parliamentary system, a stable and independent government, and a reliable legal system - all things that create a solid foundation for long-term plans. On the financial side, the country does not tax corporate or personal income, capital gains, estates or inheritances. Profits earned from approved foreign investments can be repatriated in a timely way, and the Bahamian dollar is kept pegged, one-to-one, with the US dollar.
Other pluses are proximity to major markets with direct flights to key cities throughout the Americas and to the UK. Travel to the US is enhanced by pre-clearance facilities in Nassau and Freeport, from where it's less than an hour by air to Miami.
There's also a built-in business connection for entrepreneurs who use services in The Bahamas for corporate or personal asset management. The country has long been a leading offshore financial centre for private banking and wealth management.
As a nation with a developing economy, The Bahamas is particularly open to direct investment projects that fuel economic growth and employment. Establishing joint ventures with Bahamian partners is encouraged, although areas protected for Bahamian-owned businesses include retail, publishing, fishing and public transportation, among others. Exceptions allow for foreign ownership of speciality, gourmet and ethnic restaurants or restaurants operating in a hotel, resort or tourist attraction, and for construction companies with specialized expertise.
Government policies to encourage foreign investments include concessions on import duties and property tax, for initiatives in hotel development, agricultural industries and many types of manufacturing. Freeport, Grand Bahama - established as a free trade zone in 1955 - gives all resident firms and homeowners property tax breaks and the right to import equipment and materials duty-free.
Investment proposals are reviewed and approved by the National Economic Council and the Cabinet. They favour initiatives that create jobs, use goods and services of local entrepreneurs, protect the environment and help educate Bahamians in vocational and technical fields.
To help steer your investment idea through the government approval process, the Bahamas Investment Authority (BIA) is a one-stop resource to assist foreign investors process applications. Part of the Ministry of Financial Services and Investments, you can contact the BIA by email at info@investbahamas.org, or submit your investment proposal online at www.investbahamas.org.
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