Mundo’s country rating is essentially a freedom index whereby our team of specialists rate a combination of freedoms which include freedom from violence and personal attacks, financial freedom from high taxes, business freedom from government interference, and especially from socialism and communism.
Political stability: 10
The Bahamas is governed by a parliament, with a chiefly ceremonial governor-general appointed head of state by the British monarch. The Prime Minister is the head of government and is appointed by this Governor-General. Hubert Minnes took office as prime minister after his party, the Free National Movement (FNM), won the legislative election in May 2017. Likewise, freely elected officials are generally free and able to make decisions on national policies freely.
With a tradition of democracy for more than 270 years, the Bahamas prides itself on a perpetually enviable political and social stability. Since gaining independence in 1973, the Bahamas have retained the foundations of their political heritage while exercising the freedom and integrity of the law in the Bahamas.
Personal safety: 3
According to statistics from the Royal Bahamian Police (RBPF), which covers around 700 islands in the Bahamas, homicides are up 4% from 2018. Most of the killings took place in south-central New Providence (home to Nassau and Paradise Island).
However, rape, attempted rape and armed robbery have declined. Robberies and vehicle thefts are down, and property crime is down overall.
On the other hand, people can freely express their personal views, both privately and publicly, without fear of retaliation or surveillance.
Likewise, national security agencies generally do not engage in the illegal use of force against civilians, and the population is not threatened by violence.
Bahamian citizens do not pay taxes on income, inheritance, gifts, or capital gains. Likewise, the Bahamian government uses revenue from financial sources such as VAT and stamp duty.
Specifically, value-added tax (VAT) came into effect on January 1, 2015, in the Bahamas at a tax rate of 7.5% and was raised to 12% on July 1, 2018.
This, alongside the fact that laws are prohibiting illegal financial activities such as money laundering, makes the Bahamas very attractive to investors.
Since the Bahamas does not have direct taxes, there is no double taxation treaty between them and other countries/jurisdictions.
However, the country has entered into TIEA (Tax Information Exchange Agreements) with many countries/jurisdiction. This was made to assist with the exchange of information on the administration and enforcement of national laws of these countries concerning applicable taxes according to TIEA. Additionally, the Bahamian government provides incentives for certain projects. These incentives include tax-free imports of materials/machinery and exemption/relief from property taxes.
The state supplemented all of this with a stable, established, and reliable institutional environment. Without a doubt, the Bahamas is a great choice to keep your money safe and optimize your taxes.
Investment Potential: 10
The Bahamas investment potential is unlimited since the government is committed to advancing the dynamism of the country's growth. How? By using legislative initiatives that create and welcome investments in the country's economy and strategic sectors. Those reforms have led to a fantastic wave of foreign investment in the archipelago.
Consequently, the Bahamas has a strong private sector and the economy is mainly based on tourism and financial services. Individuals are free to set up their businesses following the law.
Furthermore, the tax advantages that we mentioned earlier also support the great development of its business environment and levels up the investment potential. Also, its banking regulations are in full accordance with international standards.
Another fact that shows how has been its economic development is that Bahamian GDP growth was 1.21% in 2019, according to the World Bank data.
Finally, their official language is English, which means that the public and service sectors are full of individuals who are prepared to attract a lot of foreign investors.
TOTAL: 33 (out of 40), AA.
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