International Focus Magazine Vol. 1, #3 | Page 22

One of the most attractive elements of investing in The Bahamas is the tax-free status accorded to income. There are no taxes levied on capital gains, corporate earnings, personal income, sales, inheritance, or dividends. This tax freedom is available to all resident corporations, partnerships, individuals and trusts. Investors are also attracted to the stability of the economy, which is steadied by the solid value of the Bahamian dollar. Pegged to the US dollar on a 1:1 ratio, both currencies are used interchangeably throughout the country. While incorporation and registration have been facilitated by The International Business Companies Act of 1989 and the Companies Act of 1992 to establish a commercial presence in The Bahamas, the immigration policy is also flexible. Necessary work permits for key personnel are Exchange control is administered by readily granted along with accelerthe Central Bank. International financated consideration for annual or pering is very accessible as The Bahamas manent residence. Today’s Bahamian is associated with several organizations investors would be joining renowned that ease access to financing and proactor and diplomat Sir Sidney Poitier, vide important safeguards for investors. former NBA stars Mychal ThompThe US Government’s Overseas Prison and Rick Fox, international suvate Investment Corporation (OPIC), permodel Shakara Ledard, GrammyThe inducement of a tax-free envi- for example, makes direct financing winning artist Lenny Kravitz, and a ronment and a stable currency are and loan guarantees available to foreign number of famous Olympians, scholenhanced by a series of investment investors. The Multilateral Investment ars, and high-achievers as residents of incentives that provide relief from Guarantee Agency is a World Bank unit The Bahamas. customs duties on approved raw and parent of the Multilateral Investmaterials, equipment, and building ment Guarantee Convention, which supplies, as well as exemptions from provides protections similar to those business licenses and real property of OPIC. The Bahamas also recently Marilyn Douglas-Jones is a taxes for up to 20 years. In accor- agreed to become a party to the con- professor of English & Foreign dance with terms of the Interna- vention on the settlement of invest- Languages in Houston and founder of tional Monetary Fund Agreement, ment disputes. the Caribbean Impact Network. 22 iF Magazine | September 2016 The Ba