Legal Market Overview
As one of the wealthiest countries in the Caribbean, The Bahamas has been independent since 1973 and benefits from its tropical climate, which brings a substantial amount of tourism to the jurisdiction, a lucrative sector which makes up approximately 60% of its GDP. The tourism industry took a notable hit in 2019 following the devastating Hurricane Dorian, a natural disaster which is widely considered to be the worst in the history of the Bahamas.
In addition to its significant tourism industry, it has also developed into a well-regulated offshore finance and international investment centre, and has a substantial shipping registry.
The Bahamas’ independent legal system is based on British common law and the country does not levy income, capital gains or inheritance taxes, with tax revenue primarily sourced from VAT, import duties, stamp duty, real property and license fees.