How does the bahamas make money

The Bahamas exports lobster and some fish but does not raise these items commercially. There is no large-scale agriculture, and most agricultural products are consumed domestically. Following an outbreak of citrus canker on Abaco in , The Bahamas lost a main agricultural export, and the Ministry of Agriculture banned the export of plant materials from Abaco.

The Bahamian Government maintains the value of the Bahamian dollar on a par with the U. The Bahamas is a beneficiary of the U. Other industries include sun-dried sea salt in Great Inagua, a wet dock facility in Freeport for repair of cruise ships, and mining of aragonite--a type of limestone with several industrial uses--from the sea floor at Ocean Cay.

The Hawksbill Creek Agreement established a duty-free zone in Freeport, The Bahamas' second-largest city, with a nearby industrial park to encourage foreign industrial investment. The Bahamian Parliament approved legislation in that extended most Freeport tax and duty exemptions through The Bahamas offers attractive features to the potential investor: a stable democratic environment, relief from personal and corporate income taxes, timely repatriation of corporate profits, proximity to the United States with extensive air and telecommunications links, and a good pool of skilled professional workers.

The Government of The Bahamas welcomes foreign investment in tourism and banking and has declared an interest in alternative energy, agricultural, and industrial investments to generate local employment, particularly in white-collar or skilled jobs. Despite its interest in foreign investment to diversify the economy, the Bahamian Government responds to local concerns about foreign competition and tends to protect Bahamian business and labor interests.

As a result of domestic resistance to foreign investment and high labor costs, growth can stagnate in sectors which the government wishes to diversify. The country's infrastructure is best developed in the principal cities of Nassau and Freeport, where there are relatively good paved roads and international airports. Electricity is generally reliable, although many businesses have their own backup generators.

In Nassau, there are two daily newspapers, several weeklies, and international newspapers available for sale.

There also are six radio stations. Both Nassau and Freeport have a television station. Cable TV and satellite also are available locally and provide most American programs with some Canadian and European channels.

The best U. Bahamian tastes in consumer products roughly parallel those in the United States. Merchants in southern Florida have found it profitable to advertise in Bahamian publications. Most imports are subject to high but nondiscriminatory tariffs.

GDP est. Manufacturing ; 4. Agriculture and fisheries ; 2. Export partners --U. Import partners --U. The Bahamas is an independent member of the Commonwealth of Nations. It is a parliamentary democracy with regular elections. As a Commonwealth country, its political and legal traditions closely follow those of the United Kingdom. A bicameral legislature enacts laws under the constitution. The House of Assembly consists of 41 members, elected from individual constituencies for 5-year terms.

As under the Westminster system, the government may dissolve the Parliament and call elections at any time.

The House of Assembly performs all major legislative functions. The leader of the majority party serves as prime minister and head of government.

The Cabinet consists of at least nine members, including the prime minister and ministers of executive departments. They answer politically to the House of Assembly. The Senate consists of 16 members appointed by the Governor General, including nine on the advice of the Prime Minister, four on the advice of the Leader of the Opposition, and three on the advice of the Prime Minister after consultation with the Leader of the Opposition.

Local government districts elect councils for town planning, business licenses, traffic issues and maintaining government buildings. In some large districts, lower level town councils also have minor responsibilities. Under the leadership of Lynden Pindling, the PLP won control of the government in and led The Bahamas to full independence in The next election must be held no later than May In July Prime Minister Hubert Ingraham announced changes to ministerial portfolios and the creation of two additional ministries--the Ministry of Youth, Sports, and Culture and the Ministry of the Environment.

Legislative--bicameral Parliament member elected House of Assembly, member appointed Senate. Judicial--Privy Council in U. Login e-Services FAQ's. Advanced Search. Bahamas Investment Authority Agencies Government. Bookmark Feedback Contacts. Economic Environment. All rights reserved. Accessed Jan. The World Bank. The Government of the Bahamas.

Statute Law of the Bahamas. Parliament of the Bahamas. Income Tax. Tax Laws. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights.

Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Taxes Income Tax. Key Takeaways Citizens of the Bahamas do not pay taxes on income, inheritance, gifts, or capital gains. The Bahamian government uses revenue from sources like VAT and stamp taxes.

There are strict laws prohibiting illicit financial activity such as money laundering.