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The Bahamas became independent from the UK in 1973, although the Queen remains Head of State. Beginning 50 miles off Florida, in the Caribbean, the Bahamas has 700 islands and a population of 307,000. The official language is English No Income Tax in the Bahamas! List of Bahamas Banks
Leading sectors are banking (about 300 banks with assets near $1 trillion) and mutual funds ($100bn under management). Trust management is also prominent. The insurance sector has assets of $700m. Professional services are excellent. The shipping registry has been very successful for larger vessels. After the Bahamas was placed on both the FATF and OECD 'blacklists' in 2000, the government extensively revised its legislative structure to bring the country into conformity with tougher international standards, and the Bahamas was removed from both lists as a result.
A Tax Information Exchange Agreement was signed with the US in 2002, and the new Bahamian government in 2002 emphasized its determination to maintain the Bahamas as a fully compliant international financial centre. Some dissatisfaction with the new legislation on the part of the financial sector is being dealt with through adjustment of the regulatory regime.
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