Legal market overview in Bahamas

In addition to its lucrative tourism industry, a sector which makes up approximately 60% of its GDP, The Bahamas has also developed as a well-regulated offshore finance and international investment centre; the financial services sector is the second largest industry, comprising between 15 and 20% of GDP. It also has a substantial shipping registry. The 2017 Commercial Enterprise Act, which provides incentives to local and international parties to establish commercial enterprises in captive insurance, nanotechnology, computer technology, software design, data storage and maritime trade in the jurisdiction, is allowing the region to counterbalance the effects of COVID-19 and Hurricane Dorian on its economy. The legal market has a choice of several full-service law firms, most notably Higgs & JohnsonLennox Paton, McKinney, Bancroft & Hughes and Graham Thompson.