With over 700 islands and cays and 400,000 English-speaking citizens, the Bahamas is connected to the US via mail and wide-ranging air travel. Pre-leeway offices operated by U.S. Customs and Border Protection are located in Nassau and Freeport, providing easy mobility for the 6.2 million annual visitors who are primarily Americans. It is acceptable for The Bahamas and the United States to have bilateral relations.
The Bahamas maintains a stable environment for business and provides prospective financial experts with a calm, stable environment under majority government that is firmly committed to upholding the rule of law. The country provides assistance in the form of taxes on corporate pay, legacy, close-to-home pay, capital growth, and other costs related to premiums and profits.
The travel sector, which accounts for between 75% and 80% of the economy, is expected to grow barely perceptibly in 2016–2017, primarily as a result of the U.S. economy becoming more stable and fresh foreign direct investment entering the region. With monetary administrations accounting for 15–25% of GDP, they are the second most important sector of the economy. With a combined financial report of over $300 million and $1 trillion in resources under management, the region includes 250 bank and trust institutions. The country belongs to the Caribbean Community (CARICOM), is a recipient of the Caribbean Basin Initiative (CBI) – Caribbean Basin Economic Recovery Act (CBERA), is a signatory to the Economic Partnership Agreement (EPA) between the European Union and the Caribbean Forum of the ACP (CARIFORUM) and Canada’s CARIBCAN Program. These agreements grant the majority of important business sectors preferential access to items delivered in The Bahamas. American speculators have been drawn to this market access.
The country also engages in commerce in specialist goods such polystyrene, pharmaceuticals, aragonite, synthetic chemicals, and mechanical salt. A few industries, notably land, related administrations, and discount and retail enterprises, accounted for financial expansion in 2015. The rate of customer expansion was set at 1.9%. It is anticipated that real GDP growth will be 0.5 percent in 2016 and 1.0 percent in 2017. Many understudies complete their postsecondary education in the US, UK, or Canada. Despite having a highly skilled population with industry-specific expertise, the overall unemployment rate in November 2015 was 14.8%, while the rate for adults aged 15 to 24 was 30%.