The Bahamas declared independence from Great Britain on July 10, 1973, a new constitution became the supreme law of the land for the Commonwealth of The Bahamas. The Constitution proclaims the islands as a sovereign democratic state. The British monarch as its head of state. The Queen is represented in The Bahamas by a Governor General who is appointed and serves at Her Majesty’s pleasure.
The government stamp duty on property conveyance or realty transfers is between 4% to a maximum of 10%
The lawyer who prepares the conveyance typically charges a fee of 2.5% of the sale price or a minimum fee (whichever is greater) It is usual in the Bahamas for the Lawyer to act for both parties.
Various Doctors, Dentists & Chiropractors are available throughout the islands.
On Grand Bahama Island, banks are open from 9:30 a.m. to 3:00 p.m., Monday through Thursday, and 9:30 a.m. to 5:00 p.m. on Friday. ATM’s are available and accept Visa, Mastercard & American Express. Bank & credit cards on the Cirrus, Honor, Novas or Plus networks.
The legal tender is the Bahamian dollar (B$1), which is equivalent in value to the US dollar. Both US and Bahamian dollars are accepted interchangeably throughout the Islands. The exchange control is administered by The Central Bank of The Bahamas. It is relatively easy to open up a bank account.
There are also many local, private and Catholic schools in the Bahamas.