Bahamas Travel Tips

Responsible government and innovative politics have made the island nation of The Bahamas one of the most stable and innovative financial centers in the world. Palm-fringed white and pink sandy beaches washed by the warm, turquoise waters of the Gulf Stream and cooled by southerly trade winds have made The Bahamas legendary as a premier tourist destination.

This idyllic setting enjoys another distinction. With an asset base in excess of $200 billion, the Bahamas' banking centre is positioned among the top 10 countries of the world. This achievement is the result of the Bahamian government's long tradition of maintaining social stability within an economic environment supportive to both domestic and international business. The Bahamian chain of some 700 islands and cays stretches across 80,000 square miles of ocean from Florida to Cuba. However, most of the population of about 300,000 lives on two of the largest islands, Grand Bahamas and New Providence, site of the capital city of Nassau.

These islands were colonized by the British in 1648 and Bahamians established their first democratic parliament in 1729. That tradition has been maintained ever since. When the islands became fully independent in 1973 the Bahamian parliament was already one of the oldest in the world. The independent judiciary system is founded on English Common Law, with a right of final appeal to the Privy Council in London. Royal Bank of Canada was established in 1908 in Nassau, and served as the Islands' only bank from 1910 until World War II. Today, Royal Bank remains a leading local provider of financial services among over 400 banks and trust companies.

Witness subtropical to tropical climatic conditions as you experience both chilly winters and warm summers in the land of Bahamas. The weather is either affected by the trade winds that pass through the Islands constantly thereby making it warm or is restrained by the Gulf Stream waters that make it cold during the winter.

The best time to visit this place is from the month of September to May, where one can enjoy the refreshing moderate temperature that averages between 70-75F degrees.

The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism alone accounts for more than 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth in recent years, but the slowdown in the US economy and the attacks of 11 September 2001 held back growth in these sectors in 2001-03. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left The Bahamas. Manufacturing and agriculture together contribute approximately a tenth of GDP and show little growth, despite government incentives aimed at those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the US, the source of more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "third pillar," e-commerce.