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Mosko
& Associates
Counsel
Attorney-at-Law & Notary Public
Trademark Agent |
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| Chambers: |
49
Collins Avenue
P.O. Box N-7816
Nassau, Bahamas |
| Telephone: |
(242)
322-1565 |
| Facsimile: |
(242)
326-6639 |
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| Email: kmosko@moskolaw.com |
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| Legal Expertise |
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· Real Property
· Intellectual Property
Law
· Estate Planning
· Labour Law
· Immigration
· Companies |
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THE
BAHAMAS
Geography of the Bahamas
The Commonwealth of the
Bahamas is an archipelago of 700 islands
located in the Atlantic Ocean extending
for over 500 miles from the southeast coast
of Florida, USA, and just north of Haiti.
Of the 700 islands in the Bahamas roughly
32 are inhabited. The capital of the Bahamas
is Nassau, which is situated on the island
of New Providence. Nassau is the centre
of industry, commerce and communications.
There are approximately 312,000 people in
the Bahamas. There are frequent connections
from the islands of The Bahamas to numerous
U.S. cities and Miami is only 35 minutes
away by air. There are also regular direct
flights to the major cities of North America
and Europe.
Economy & Structure
The Bahamas has a flourishing tourism industry
attracted by the miles of white, sandy beaches,
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| glass-like seas and constant rays
of sunlight surrounding each island. The tourism
industry that currently thrives was formally organized
in the mid-1800s when the Tourism Encouragement
Act was passed in 1851. Nowadays roughly 4.6 million
tourists each year travel to the Bahamas to seek
relaxation on its tranquil beaches. Tourism generates
roughly 50% and Banking 15% of the Gross Domestic
Product of $5.2 billion. There are over 284 banks
and trust companies in the Bahamas which are recognized
for their advanced offshore banking services. |
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The Bahamas became
an independently governed nation on 10th July
1973 and at the same time maintained its position
as a member in the Commonwealth of Nations
as well as keeping Queen Elizabeth II as its
official Head of State. The House of Assembly,
which was formed in 1792, holds power over
every law passed in the Bahamas. It corresponds
to Britain’s House of Commons and each
law passed in the Bahamas observes the English
Common Law tradition. The Judiciary departments
in the Bahamas include the Court of Appeal,
the Supreme Court, the Magistrates Court and
Her Majesty’s Privy Council. |
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| Taxation
The Bahamas offers a tax-free environment
with no tax held on personal income, dividends
or profits. There is also no capital gains
tax, inheritance tax, sales tax or withholding
tax. However, the Bahamas does have to impose
tax on some items due to the lack of tax
from income. Primarily the taxes are for
business license fees, property ownership
and import duty (which is born by retail
merchants in the Bahamas). |
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Business
Many major businesses have begun and grown
in strength and size over the past decade
due to the thriving tourism industry. There
have been over $1 billion investments in
hotel development and restoration to the
tourism infrastructure. Businesses like
Kerzner International placed a $250 million
investment in Atlantis, Paradise Island
that they constructed and completed in 1994.
This hotel is now undergoing a $450 million
extension to include a 25,000 sq. ft. ballroom
and an increase in guest rooms. Nassau Marriott
Resort & Crystal Palace Casino has recently
undergone a $35 million renovation on facilities
such as restaurants, guest rooms and meeting
rooms. Hutchison International has a $100
million, 1,850 room, multiphase complex
located on the island of Grand Bahama. All
of these multimillion-dollar companies have
one thing in common. They are all attracted
to the Bahamas by its excellent location,
minimal taxes and booming tourism. The Bahamas
is also becoming a second home to numerous
nationalities including Americans, Asians
and Europeans resulting in a dramatic increase
in real estate sales. |
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