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Property in The Bahamas has a “licence to thrill”

The tropical paradise loved by James Bond author Ian Fleming is luring a new wave of UK expats in search of sun and low taxes, according to The Telegraph daily newspaper of London. 

Source:
Date:
Updated:
The Telegraph
Tuesday, December 4, 2012
Tuesday, December 4, 2012

Few locations boast quite the same “licence to thrill” credentials as the Bahamas. James Bond author Ian Fleming coaxed silver-tongued Sean Connery to the then little-known island paradise of New Providence in 1965 for the making of Thunderball, the fourth in the celebrated 007 film series. By 1970, word had leaked out about the barefoot luxury attributes of this 700-island archipelago, with a record one million sun-seekers jetting in to feel the sand between the toes for themselves.

These days however, it isn’t just a taste of the tropical high life that’s stoking investor interest in this former British colony located 180 miles off the Florida coast, but a favourable tax regime. The islands’ zero rate income tax, capital gains tax, wealth tax and VAT is clearly luring wealthy foreign investors looking to avoid spiralling tax burdens overseas.

This is an excerpt from The Telegraph as it appeared on December 4, 2012. For updates or to read the current version of this post in its entirety, please click here.

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Acting Director of Trade & Industry in the Ministry of Financial Services Viana Gardiner (pictured) has said that she believes that new intellectual property legislation will encourage international companies to base their operations in Grand Bahama.

A vessel has leaked oil in waters off the coast of Grand Bahama, but Minister of Transport and Aviation Glenys Hanna-Martin says she is "comfortable in saying that the harbour and the environment are not at any risk." Grand Bahama transshipment and oil storage company BORCO has offered assistance in the clean-up operation. Watch ZNS news reports here.

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