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The Bahamas, which means land of shallow waters, is an archipelagic nation of 700 islands and cays in the western Atlantic ocean. It can be easily identified by its turquoise waters. The Bahamas extends 760 miles from the coast of Florida on the north-west and almost to Haiti on the south-east, covering an area of 5,358 square miles (13,878 square kilometers). The small population of approximately 400,000 people lives on only 30 of the more than 700 islands and cays and mostly reside in Nassau, the capital, which is located on the island of New Providence.
The principal islands include Abaco, Acklins, Andros, Berry Islands, Bimini, Cat Island, Crooked Island, Eleuthera, Exuma, Grand Bahama, Harbour Island, Inagua, Long Island, Mayaguana, New Providence, Ragged Island, Rum Cay, San Salvador and Spanish Wells. Islands other than New Providence are referred to collectively as the Family Islands.
Ninety percent of the total population lives in New Providence, Grand Bahama and Abaco. Approximately 70 percent of the population resides on New Providence, 20 percent reside on Grand Bahama and Abaco, and the remaining 10 percent are scattered on the other islands and cays.
The adult literacy rate, in The Bahamas, is over 90 percent and the country has experienced a rapid growth in the professional class and university educated workforce. English is the official language of The Bahamas, with a local dialect called ‘Bahamianese or Bahamian Dialect’ being spoken colloquially. Bahamians are deeply religious and Christianity is the predominant religion practised in the country. However, the Bahamian Constitution guarantees freedom of expression.
Tourism is the Bahamas’ largest industry, and accounts for fifty percent of the country’s GDP. In the post-war years, The Bahamas has become one of the world’s foremost vacation resorts. In 1950 about 40,000 visitors wintered in The Bahamas. In 2018, according to statistics supplied by the Ministry of Tourism, the Bahamas recorded a record breaking 6.6 million visitor arrivals. In 2019, 7.2 million visitors were recorded, shattering the record of the previous year.
Financial services, an important engine of the Bahamian economy, is responsible for 20 percent of GDP. The Bahamas boasts a dynamic and progressive Financial Services industry, the development of which is promoted by The Bahamas Financial Services Board (BFSB), a public-private partnership. As one of the leading services sectors of the Bahamian economy, the Financial Services industry has led to The Bahamas’ prominence as a reputable international banking centre which attracts international business from top ranked financial institutions from around the world.
Key features of the Financial Services industry of The Bahamas include global banking, expanding the securities market, growing insurance services, up-to-date legislation, tax policy, and a strong workforce.
On January 7, 1964, The Bahamas received its first written constitution, in which Bahamians were granted virtually full control over their internal affairs, with the British Governor retaining responsibility for external affairs, defence and internal security…