About the Bahamas

The Commonwealth of the Bahamas is an archipelago of 700 islands extending over 500 miles into the Atlantic Ocean from a point 50 miles off the East Coast of Florida. The Bahamas has a population of 280,000, concentrated mainly on the major islands of New Providence (where Nassau, the capital city, is located) and Grand Bahama (where Freeport is located).

A former British colony, the Bahamas became an independent nation in 1973. With a parliamentary democracy for more than two-and-a-half centuries the Bahamas has continued to enjoy political and social stability.

The Bahamas' well-developed economy is driven largely by tourism, which accounts for approximately 60% of the nation's $3 billion gross domestic product, and by a rapidly expanding financial services industry. The Bahamas has no income or corporate tax. Revenue is raised largely from customs duties, property tax and stamp duties on certain domestic financial transactions. Its currency is maintained at parity with the U.S. dollar.