Saint Barthélemy (St. Barts) is French today due to a complex colonial history involving multiple European powers. Initially claimed by France in 1648, the island was actually sold to Sweden in 1784 by King Louis XVI in exchange for trading rights in Gothenburg. Under Swedish rule, the capital was named Gustavia after King Gustav III, and the island flourished as a duty-free port. However, after a series of natural disasters and declining economic value, Sweden sold the island back to France in 1878. Following a 1946 reorganization, it became a commune of Guadeloupe, but in 2007, residents voted to become a separate Overseas Collectivity (COM) of France. This status allows the island a high degree of autonomy while remaining culturally and politically French, with French law, the Euro, and the French language defining its sophisticated, upscale identity.