Luxury Real Estate

By George Damianos of Damianos Sotheby's International Realty. 

Just east of the Florida coastline lies the beautiful Island Nations of The Bahamas - a coral archipelago scattered over 700 miles of sparkling turquoise waters with 700 Islands and 2,000 Cays and Rocks.

With only 29 islands inhabited by a significant number of people, the Bahamas has a population of over 270,000 people, shared mostly among the major islands (New Providence, Grand Bahama, Abaco, Andros, Bimini, Cat Island, Eleuthera, Exuma, and Long Island).

New Providence - home to the 330 year-old capital city of Nassau, this busy little island (7miles wide by 21 miles long) is home to over half of the total population, and houses the majority of the countries businesses and banks. With all the conveniences of a major international city, this island is the financial and industrial hub of the Caribbean.

The Bahamas is one of the most politically stable in the region, with an uninterrupted parliamentary democracy in operation for 275 years, and its own government in place since 1973 when independence from Great Britain was granted. A member of the commonwealth, the Bahamas still recognizes the British monarch as the head of state.

In the Caribbean region, the Bahamas is one of, if not the most technologically advanced countries, offering state-of-the-art communications systems, electrical supplies, and water works. The country's main industry is tourism, with over 60% of revenues coming from tourism related activities. The second driving force behind the economy is banking and other financial services, followed by agriculture and fisheries, light manufacturing, and retail and wholesale distributives.

A direct flight from New York to Nassau is only 2 1/2 hours, and from Toronto, 3 hours. Direct flights are also available from London, Paris, Frankfurt, Newark, Atlanta, Miami, Charlotte, Fort Lauderdale, Los Angeles, Orlando, Montreal, San Juan and Kingston, Jamaica. Once in New Providence, The Nassau International Airport is just 20 minutes from downtown Nassau and Paradise Island.

The Bahamian Dollar, an independent monetary unit, controlled by the Central Bank of The Bahamas, is on par with the US Dollar, which is readily accepted throughout the country.

Americans will need a passport or birth certificate to enter the country; most other foreign nationals are required to have a passport/visa. For more information, contact the Bahamian consulate in Miami at (305) 373-6295.

There are no income, corporate, inheritance or capital gains taxes. The main form of taxation is import duties and government stamp taxes.