There are 700 Islands of Bahamas spread over 100,000 square miles of ocean starting just 50 miles off the coast of Florida. The archipelago is an ecological oasis featuring 2,000 breathtaking islands and cays and boasts the clearest water on the planet—with a visibility of over 200 feet. The word Bahamas comes from the Spanish words ‘baja mar’ which means shallow sea.
On July 10, 1973, The Bahamas became a free and sovereign country, ending 325 years of peaceful British rule. However, The Bahamas is a member of the Commonwealth of Nations and we celebrate July 10th as Bahamian Independence Day.
The Bahamas has a population of about 315,000. The majority of Bahamians live on New Providence Island, home of our capital city, Nassau. English is our official language. Although, you might hear Bahamian English. It’s a mixture of Queen’s diction, African influence and island dialect. Because of this combination, you will hear a unique language found only on The Islands Of The Bahamas.
The Bahamian economy is based primarily on tourism, which is concentrated mainly in Nassau and Grand Bahama. According to the Economist Intelligence Unit, tourism and construction are largely responsible for a real GDP growth of about 4 percent annually since 1996. Another important economic sector is financial services, which places the Bahamas among the world’s leading financial centers.
Tourism alone accounts for more than 60% of GDP and directly or indirectly employs almost half of the archipelago’s labor force. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences have led to solid GDP growth in recent years. Manufacturing and agriculture together contribute approximately a tenth of GDP and show little growth, despite government incentives aimed at those sectors.
Overall growth prospects lie heavily on the tourism sector, which depends on growth in the US, the source of the majority of tourist visitors.
With the Bahamas’ stable “free-market” oriented government, and excellent income tax policy-no income taxes-means the Bahamas is the perfect place to do business. To make things even better, Bahamian real estate is prime, as thousands of Americans, Europeans, and Asians are discovering that this sub-tropical heaven is the best place to buy their second home.
For centuries, our close proximity has attracted all kinds of people. We are blessed with warm weather year-round. Our coldest winters average a comfortable 70 degrees Fahrenheit. The coolest time is from September through May, when the temperature averages 70-75 degrees. And during the rest of the year, there’s high humidity, with the temperature ranging from 80-90 degrees. At night, it generally drops by 5 to 7 degrees.
The Bahamas is perfectly located, being less than 100 miles of the coast of Florida. Only a few hours by ship or twenty minutes by plane, the Bahamas serves as the perfect location to build your second home and under new legislation, it is easy for foreigners to become permanent Bahamian residents.
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