What industries are popular in the Bahamas?

Key sectors of the Bahamas economy include banking and finance, tourism, and shipping. The most common and most influential industries in the nation are described below:

1. Tourism Industry

Tourism is the most important industry and the largest employer, contributing more than 60% of the GDP. The islands are visited by millions of people each year due to the:

• Cruise tourism: Ports such as Nassau and Freeport are big cruise ship ports.
• Luxury resorts: Brands such as Atlantis Paradise Island and Baha Mar draw well-heeled visitors.
• Marine and eco-tourism: Activities such as snorkelling, scuba diving, and visits to marine reserves are popular.
• Events & festivals: Junkanoo, regattas, and cultural events also draw international visitors.

2. Financial Services

The Bahamas is a recognized offshore financial center, second only to tourism in terms of economic contribution. The financial services sector includes:

• Private banking and wealth management
• International business companies (IBCs)
• Trust services and estate planning
• Investment fund administration
• Insurance and reinsurance

3. Real Estate & Construction

Facilitated by foreign capital and tourist infrastructure, this is driven by:

• Luxury real estate: Private islands, beachfront villas, and condos target high-net-worth individuals.
• Infrastructure development: Hotels, resorts, marinas and commercial property.
• Second-home market: Appeal to North Americans and Europeans is driven by climate and tax policies.

4. Shipping & Maritime Services

The Bahamas is one of the world’s leading flags of convenience, with a large number of ships registered under the Bahamian flag. Key aspects include:

• International ship registry
• Maritime law and legal services
• Port operations and bunkering services

5. Agriculture and Fisheries

While small in scale compared to services, these sectors are vital for local livelihoods:

• Crops: Citrus fruits, pineapples, bananas, and vegetables.
• Fisheries: Spiny lobster (crawfish), conch, and scale fish are major exports.
• Aquaculture: Gaining traction to diversify food production and exports.

6. Digital Services and ICT

A growing but still developing sector, with emphasis on:

• E-commerce and fintech regulation
• Digital nomad visas ("BEATS" program)
• Online business incorporation platforms