The Bahamas' economy is based on the twin pillars of tourism and international finance, with these two sectors contributing roughly 60 per cent and 20 per cent respectively to the Gross Domestic Product of $4.8 billion.

The Bahamas offers a tax-neutral platform, with no personal income, inheritance, capital gains, corporate, dividends or sales tax, making it an ideal investment jurisdiction.

The Tourism Sector

The Bahamas hotel industry has enjoyed unprecedented growth during the past decade.

In 1994, Sun International (now Kerzner International) invested $265 million in the Resorts International property on Paradise Island, turning it into Atlantis, Paradise Island, a 1100-room themed oceanfront resort.

The Ruffin Group of Texas purchased the Carnival Crystal Palace & Casino on Cable Beach for $80 million in 1994, and turned it into what is today the Wyndham Nassau Resort & Crystal Palace Casino. The Ruffin Group also owns another Cable Beach resort, The Nassau Beach Hotel.

The first all-inclusive resort in The Bahamas, Superclubs Breezes, was opened in 1994 by Super Clubs Super-Inclusive Resorts of Jamaica, after they purchased and converted a major hotel on Cable Beach.

A year later, Sandals & Beaches Resorts of Jamaica purchased the former Meridien Hotel on Cable Beach, and after major renovations and expansion, they opened the 560-room Sandals Royal Bahamian Resort & Spa, another all-inclusive resort.

In 1995, Island Outpost, an operator of high-end boutique hotels, opened Compass Point in New Providence, followed one year later by the Pink Sands Hotel in Harbour Island. During 2002 Island Outpost added Kamalame Cay on Andros Island to its select group of Bahamian properties.

During 1998, Atlantis, Paradise Island added 1,200 rooms at a cost of $650 million, along with a new casino, golf course, marina, themed aquarium, spa and conference center. The Ocean Club, Paradise Island, a 106-room five star luxury resort operated by Kerzner International, re-opened in 2001 after a $100 million renovation and addition.

RHK Capital of Toronto, Canada purchased the landmark British Colonial Hotel, and after a total investment of $68 million, the hotel re-opened as the British Colonial Hilton in 2000. The Hotel is part of a mixed-use development that includes exclusive office and retail space in downtown Nassau.

In December 2000, Grand Bahama's $350 million, 1,350-room Our Lucaya Resort opened, a joint development between the Hong Kong conglomerate Hutchinson Wampoa and The Grand Bahama Port Authority. The beachside resort carries the Westin and Sheraton flags.

The Driftwood Group of Companies have invested in several major hotel properties in New Providence and Grand Bahama. They own and operate the Holiday Inn SunSpree Resort on Paradise Island and the Holiday Inn Junkanoo Beach in Nassau. In 2002, following substantial renovations, they re-opened the Royal Oasis Resort & Casino in Freeport, Grand Bahama, which includes a 400-room Crowne Plaza Hotel and a 565 Holiday Inn SunSpree.

In Great Exuma, a $141 million, 231-room Four Seasons Resort is scheduled to open during 2003 as part of the Emerald Bay mixed-use resort development. When complete, Emerald Bay will include a residential development, a marina, golf course, conference center, casino and spa.

Financial Services Sector

Historically, Government has been strongly committed to preserving the Bahamas' investor-friendly financial services climate, as evidenced by the creation in 2002 of a new Ministry of Financial Services & Investments separate from the Ministry of Finance, and a 33-member Financial Services Consultative Forum made up of industry leaders to review legislation and advise government on matters affecting the sector.

The Bahamas has traditionally been an attractive location for the world's leading banks and trust companies The country also boasts high-calibre accounting services, with more than 300 chartered accountants representing some of the largest firms in the world. An 85 per cent literacy rate ensures an educated workforce, as evidenced by the high percentage of Bahamians employed in key positions in both the financial services and tourism sectors.

Infrastructure and Languages

Beyond this depth of professional services, The Bahamas offers international clients a modern infrastructure, state-of-the-art telecommunications, leading hotels and resorts, and international airports providing easy access to major centres worldwide. While English is the official language, facilities for multi-lingual translation abound.