The Bahamas
Among the wealthiest Caribbean countries, the Bahamas features an
economy that's heavily dependent on tourism and offshore banking.
About 70 percent of government revenue comes from duties on imported
goods. Even though there is no personal income tax, employees have to
contribute 3.9 percent of their salary, up to a maximum of $26,000
annually, for a form of social security called National Insurance.
Employers also have to ...
more The Bahamas
Among the wealthiest Caribbean countries, the Bahamas features an
economy that's heavily dependent on tourism and offshore banking.
About 70 percent of government revenue comes from duties on imported
goods. Even though there is no personal income tax, employees have to
contribute 3.9 percent of their salary, up to a maximum of $26,000
annually, for a form of social security called National Insurance.
Employers also have to contribute 5.9 percent of a worker’s salary for
National Insurance, while self-employed individuals are charged 8.8
percent. The country also has a property tax of up to 1 percent.
Despite its prosperity as a financial center, The Bahamas has an
unemployment rate of 15 percent and the political parties are feuding
over oil exploration projects in its waters that could come at the cost
of tourism.
Pictured: New Providence Island, Nassau, The Bahamas.
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