The Bahamas:

(Gateway to the south)

Geography
The Commonwealth of The Bahamas comprises a 100,000 square mile archipelago of 700 islands and 2400 cays. The Bahamas is often referred to as the gateway to the south because it lies strategically in the North Atlantic Ocean between southeast Florida and northern Hispaniola. The total land area is 5358 square miles. The Department of Statistics Census 2000 indicates that only thirty of the islands are inhabited, and the total population as of 2000 was 303,611. The islands were originally inhabited by Arawak Indians, who had migrated from South America. The Bahamas is also referred to as the gateway to the new world because these were the first islands that Christopher Columbus “discovered” in new world in 1492.

Constitutional & Legal System
The Bahamas is a former colony of the United Kingdom and inherited its Common Law system. The Bahamas is a member of the Commonwealth of Nations with Her Majesty Queen Elizabeth II as the Head of State. The system of Government is a parliamentary democracy based on the British Westminster model. The Constitution provides for an independent judiciary, including a Supreme Court and a Court of Appeal. The final court of appeal is Her Majesty's Privy Council in London. The Bahamas House of Assembly represents one of the oldest of the representative legislative bodies in the British Commonwealth having been established from the 17th century. It has celebrated more than 260 years of uninterrupted parliamentary democracy. On July 10th 1973, the Bahamas, under former Prime Minister the late Rt. Honorable Sir Lynden O. Pindling, received independence from the United Kingdom of Great Britain. Since that period, the Bahamas has distinguished itself as one of the politically and economically stable countries in the world.

Economy
Bahamian residents enjoy a high standard of living, pay no personal, corporate, or capital gains tax. The Bahamas is the leading tourist destination in the Caribbean region. Tourism generates nearly 60% of the Gross Domestic Product. The Bahamas is also a leading offshore financial jurisdiction, due in part to its tax free structure. The Financial Services (including banking and mutual funds) is the second pillar of the Bahamian economy and is responsible for more that 15% of the GDP. This industry is well regulated, and has a dedicated Cabinet level department in the Ministry of Financial Services and Investments. Over the years Real Estate and Construction has made significant contribution to the overall growth of the Bahamian economy. The Bahamas has also established itself as an emerging trans-shipment centre. The island of Grand Bahama hosts on of the largest dry dock facilities in the world. The Bahamas boost of having one of the largest Ship Registries in the world. In 2002, it ranked first in cruise and passenger ships. The House of Assembly has passed a package of e-commerce bills, which would further strengthen growth in the e-business environment. The telecommunications infrastructure has also been upgraded to facilitate this growth. It is expected that ecommerce will become the third pillar of the Bahamian economy.

Website links of Interest:

Here you will find links to various websites of interest, as it relates to Law in The Bahamas, Banking in The Bahamas or The Bahamas as a Nation in general.

The Central Bank of The Bahamas
The Securities Commission
The Bahamas International Securities Exchange
The Bahamas Maritime Authority
The Bahamas Handbook and Businessman's Annual
The Bahamas Supreme Court
Court of Appeal of the Commonwealth of The Bahamas
The Bahamas Government Web Site
The Bahamas Chamber of Commerce
The Bahamas Financial Services Board (BFSB)

The United States Embassy - Nassau
www.martindale-hubble.com
www.ibanet.org