The commonwealth of The Bahamas is an independent,sovereign, English speaking country consisting of two thousand cays and sevenhundred islands that form an archipelago. It is located in the Atlantic Oceansoutheast of the United States just north of Cuba.

Bimini is the closest island to the U.S. and is known as thegateway to the Bahamas. The largest island is Andros Island and the Bahamascapital city lies on the island of New Providence. All the islands are low andflat, with ridges that usually rise no more than 15 to 20m (49 to 66 ft.). Theclimate of the Bahamas is subtropical to tropical and is cooled significantlyby the waters of the Gulf Stream. The Bahamas is filled with many beautifulclear water beaches, regattas, deep-sea fishing and diving, sailing, and manytropical events that can only be found in this region. One noteworthy cautionis the hurricanes that may pass during the summer and fall months.

The Bahamian dollar is pegged to the U.S. dollar and U.S.notes and coins are interchangeable with Bahamian currency for most practicalpurposes. The Bahamas is considered an upper middle-income developing countrywith the highest per capita income in the western hemisphere (after the U.S.and Canada). Tourism is the base of the economy and is supported by offshorefinance, fishing, manufacturing and e-commerce.

There is no income tax, capital gains tax, VAT, sales or usetax or wealth tax in the Bahamas! However, with an unemployment problem, thegovernment has attempted to control access to jobs with a system of workpermits, which has influenced immigration policy. This, however, does impactinvestors looking to invest in the Bahamas. Access to housing has recentlybecome more attainable for foreigners, which makes it easier to buy or build ‘secondhomes.’