OPPORTUNITIES IN THE BAHAMAS

Top Ten Reasons To Buy Property in the Bahamas

Purchasing a vacation home or rental home can be one of the best decisions people can make. Holoday Shores representatives have over 30 years experience in helping others obtain their retirement goals and vacation dreams.

Holoday Shores offers one stop shopping. We will show people from our Home Inspection Tours then all the way to closing. We also help with the rental market and helping finding a seasonal tenant.

  1. Close proximity to major North American and Latin American financial centers
  2. The Bahamas Territory starts within 50 miles of the world’s largest economy the USA
  3. Same time zone as New York and Toronto (EST)
  4. Peaceful and stable democracy since 1729
  5. Independent nation since 1973 with compliant legislation and consultative legislative approach
  6. No local taxes on capital gains, inheritance, corporate and personal income, dividends and interest
  7. Proactive incentives for investment
  8. Highly trained industry professionals and an English-speaking workforce
  9. Essential public services and modern infrastructure
  10. Ideal climate and lifestyle with many islands and cays to explore

Top Features of the Bahamas

  1. The Bahamas

    The 100,000-sq-mile archipelago of The Bahamas begins just 50 miles (80 km) off Florida’s east coast at the island of Bimini and stretches more than 500 miles (1,295 km) southeasterly in a chain comprised of some 700 islands and cays in the Atlantic. The capital, Nassau, is on New Providence, while Freeport/Lucaya on Grand Bahama is the second largest city. Total land mass is estimated at 5,340 square miles (13,940 sq km).

    Time zone

    Eastern Time, same as New York, Boston, Miami and Toronto. At 12 noon in Nassau, it is 5pm in London, 6pm in Geneva, 9:30pm in New Delhi, 1am in Beijing and 2am in Tokyo.

     

    Population

    Estimated at about 325,000 in 2005, with annual growth of 1.8 per cent. Nearly two-thirds of the population resides in Nassau. About three in 10 people are under 15, while 62.7 per cent are 15-59 and 7.9 per cent 60 and older.

  2. History

    Columbus became The Bahamas’ first celebrity visitor when he “discovered” the New World, landing on San Salvador in 1492. Over the next three centuries, these islands were key way points for explorers and adventurers along routes linking the Old World with the New. Through the late 17th century, the islands became a hotbed of pirates and privateers who preyed on merchant ships. The Bahamas became an official crown colony of Great Britain in 1717. Slavery was fully abolished in 1838. Limited self-rule was granted in 1964, and The Bahamas became an independent, self-governing nation on July 10, 1973 – celebrated today as Bahamian Independence Day.

  3. Currency

    The legal tender
    utilized in the Bahamas is the Bahamian dollar (B$1). The Bahamian dollar holds the equivalent value to the U.S. dollar. However, despite the circulation of the Bahama’s own legal tender, conveniently, both U.S. and Bahamian dollars are used interchangeably throughout the islands, thereby removing the hassle of the need for U.S. travelers to exchange currency while visiting.

  1. Economy

    The Bahamas, while actually located in the Atlantic, is a member state in the Caribbean Community (CARICOM) Secretariat, although not its common market. About 50 per cent of the country’s gross domestic product is related to tourism, which employs over half the workforce. New investments in hotels, resorts and developments range from US$1-billion mega-projects on Paradise Island and Cable Beach, to distinctive communities in the Out Islands. As an attractive locale for offshore banking and investment, the next biggest economic driver is the financial services industry, which accounts for 15 per cent of GDP. The construction industry drives 10 per cent of GDP. Agriculture and fisheries comprise less than five per cent of the economy. Mineral resources are salt and aragonite.

  2. Judicial System

    The Bahamas legal system is based upon the English common law. The judiciary of The Bahamas is made up of a series of courts. The Magistrates Court is the small claims court. The Supreme Court, which is equivalent to the High Court, is presided over by the Chief Justice and ten other justices and has unlimited jurisdiction. Appeals from the Supreme Court are to The Bahamas Court of Appeal. Appeals from the Bahamas Court of Appeal are to the Privy Council in London, England.

    The Bahamas Bar is made up of over 600 lawyers, many of whom have been trained in the United Kingdom and other parts of The Commonwealth. Lawyers are members of The Bahamas Bar Association and are governed by a Code of Professional Conduct.

  3. Government

    The Bahamas has enjoyed political stability since independence, and its popularly elected parliament traces its heritage to the House of Assembly which first met in 1729. The political system is based on the British Westminster model with a Governor General, a Prime Minister and a Parliament. The two primary political parties are the Progressive Liberal Party (PLP), elected for a five-year term in 2002, and the Free National Movement (FNM), which governed between 1992 and 2002, replacing the PLP which held power between 1967 and 1992. Queen Elizabeth II is the nation’s sovereign and Perry Christie is Prime Minister, presiding over a 40-member Parliament (29 PLP; 7 FNM; 4 independent).

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Enjoy recent images of our clients enjoying the Bahamas at Holoday Shores!

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