The Bahamas is a member of the British Commonwealth and has a constitutional multi-party parliamentary democracy. The Bahamas achieved independence from Great Britain on July 10, 1973. The Government is headed by the Prime Minister and there is an upper house, the Senate (a 16-member body appointed by the governor general upon the advice of the prime minister and the opposition leader for five-year terms) and a lower House of Assembly (42 seats; members elected by direct popular vote to serve five-year terms). Queen Elizabeth II is the nominal Head of State and is represented in The Bahamas by an appointed Governor General.
The Bahamas has no income tax, no corporate income tax, no capital gains tax, no inheritance tax, and no value-added tax.
Private property is easily acquired and protected in the Bahamas, which has an advanced and efficient legal system based upon English common law.