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The Foreign Investment System of Bahamas |
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Investing in the Bahamas will truly prove to be a profitable venture because of the favorable tax laws of the government on the foreign investors, as well as the breadth of industries that one can invest in.
The Bahamian government's primary concern is to attract foreign investors to capitalize in as much as possible every sector of the country like tourist resorts, pharmaceutical industry, eCommerce, light manufacturing, ship registration, etc. foreign investment is the second most important industry in the Bahamas.
Some successful major investments by foreign investors in the country are the Atlantis, hotel, resort, and casino complex, the Container Port, airport and hotel, Superclub Breezes resort, Cable Bahamas, Ltd., Bacardi Company Ltd., Freeport/Lucaya marina village, and Polymers International, Ltd.
The absence of corporate taxes and taxes on estates and inheritance are favorable to investors; foreign investors even have the privilege of experiencing relief from personal income taxes. As a beneficial move for interested investors, the government's legislation has made a variety of specific incentives, while preserving laws to protect Bahamians' interests and employment. The Industries Encouragement Act excludes import and tax duties to all industries; the amended Tariff Act states duty-free construction on the outer “Family Islands’; the Agricultural Manufactories Act states duty-free importation of agricultural materials; the Hotels Encouragement Act states that hotels are exempted from all taxes for up to twenty years and also a reduction for the succeeding ten years; the Hawksbill Act states tax-free exchange in the Freepourt.
There are also other beneficial laws like the Bahamas Free Trade Zone Act, the Export Manufacturing Industries Encouragement Act, and The Spirits and Beer Manufacturing Act – all of which are good for investors.
There are plenty of incentives that await foreign investors in the Bahamas – exemption from property taxes, subsidized land and buildings, free licensing, free trade, and very limited licensing rules. Taxes on export goods are also reduced because of limited industrial activity in the Bahamas. Interested foreign investors must first coordinate with the Bahamas Investment Authority, an organization that systematizes the foreign investment of the Bahamas.
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