For decades the financial services industry has experienced continuous growth, propelled by The Bahamas attractive status as a tax-neutral environment as well as an uninterrupted stable political climate and solid private sector. It accounts for roughly 20% of the GDP, with the banking sector alone contributing $432 million in 2001.

The Bahamas maintains a respected presence within the international financial community, offering a comprehensive range of financial services and products sustained by over 6,000 professionals and a large pool of highly skilled support staff. In addition to banking, the financial services industry encompasses such sectors as mutual fund administration, asset and investment management, aviation and maritime registry, as well as insurance, brokerage, and trust services.

Perhaps the development that best demonstrates the importance of and positive future outlook for the financial services industry is the creation in 2002 of the Ministry of Financial Services & Investments.

Following new financial legislation and regulation in December 2000, The Bahamas was officially removed from the Financial Act Task Force list of June 2000. Today, over 350 licensed banks and trust companies operate in The Bahamas – 9 of which are commercial banks. The Bahamas currently houses approximately one third of the world’s top 100 banks.