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The ''Bahamas'', officially the '''Commonwealth of the Bahamas''', is an English-speaking country consisting of 29 islands, 661 cays, and 2,387 islets (rocks). It is located in the Atlantic Ocean north of [[Cuba]], [[Hispaniola]] ([[Dominican Republic]] and [[Haiti]]) and the [[Caribbean | The ''Bahamas'', officially the '''Commonwealth of the Bahamas''', is an English-speaking country consisting of 29 islands, 661 cays, and 2,387 islets (rocks). It is located in the Atlantic Ocean north of [[Cuba]], [[Hispaniola]] ([[Dominican Republic]] and [[Haiti]]) and the [[Caribbean]], northwest of the [[Turks and Caicos Islands]], and southeast of the [[United States]] (nearest to the state of [[Florida]]). Its total land area is almost 14 000 km² | ||
The Bahamas has an estimated population of 330,000. | The Bahamas has an estimated population of 330,000. | ||
Revision as of 19:46, 3 February 2010
The Bahamas, officially the Commonwealth of the Bahamas, is an English-speaking country consisting of 29 islands, 661 cays, and 2,387 islets (rocks). It is located in the Atlantic Ocean north of Cuba, Hispaniola (Dominican Republic and Haiti) and the Caribbean, northwest of the Turks and Caicos Islands, and southeast of the United States (nearest to the state of Florida). Its total land area is almost 14 000 km²
The Bahamas has an estimated population of 330,000.
Its capital is Nassau.
Originally inhabited by Arawakan Taino people, the Bahamas were the site of Columbus' first landfall in the New World in 1492.
Economic activity is mostly based on tourism and financial services. A relatively high degree of economic freedom has made the Bahamas one of the most prosperous countries in the Caribbean region. The financial sector’s domestic and offshore activities contribute around 15 percent of GDP. The economy has a very competitive tax regime. The government derives its revenue from import tariffs, license fees, property and stamp taxes, but there is no income tax, corporate tax, capital gains tax, value-added tax (VAT), or wealth tax. Payroll taxes fund social insurance benefits. In the most recent year, overall tax revenue as a percentage of GDP was 21.8 per cent.