The Gross Domestic Product (GDP) of The Bahamas is approximately $5.7 billion with tourism accounting for 50%, financial services nearly 20% and the balance spread among retail and wholesale trade, fishing, light manufacturing and agriculture.
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The Bahamas is the richest nation in the Caribbean and has a reputation for being a playground for the uber-rich. With its world-class golf courses and casinos, the islands know how to cater to wealthy retirees.
In Nassau, practice increased vigilance in the “Over the Hill” area (south of Shirley Street) where gang-on-gang violence has resulted in a high homicide rate primarily affecting the local population. Violent crime, such as burglaries, armed robberies, and sexual assaults, occur in both tourist and non-tourist areas.
Key Takeaways. Citizens of the Bahamas do not pay taxes on income, inheritance, gifts, or capital gains. The Bahamian government uses revenue from sources like VAT and stamp taxes. There are strict laws prohibiting illicit financial activity such as money laundering.
Nicolas Cage - owns estate residence on Paradise Island and a private island in the Exuma chains. Mariah Carey - owns a house on Windermere, a private island connected to Eleuthera, where she married Nick Cannon in 2008. Mike Oldfield - guitarist/composer (Tubular Bells etc.)
These extremely wealthy individuals have the means to travel all over the globe, but many choose to drop anchor in The Bahamas because it affords so much luxury, amenities, and fun in the sun.
Barbados is a middle-income country with a diversified economy built on tourism and offshore banking and has one of the Caribbean's highest incomes per capita.