BAHAMAS Law and Practice Contributed by: Judith Whitehead KC, Graham Thompson
1. Legal System 1.1 Legal System and Judicial Order As a former colony under British rule, the foun - dation of Bahamian law and the legal system of The Bahamas is the common law of England. The Bahamas is a parliamentary democracy based on the Westminster system of govern - ment consisting of three branches: the execu - tive, a bicameral parliament, and the judiciary. The relationship between each branch is gov - erned by the principle of separation of powers and the operation of each branch is enunciated in a written constitution. The judiciary of The Bahamas comprises the Magistrates′ Court, the Supreme Court, the Court of Appeal, and the Judicial Committee of His Majesty′s Privy Council. The Magistrates′ Court is presided over by sti - pendiary and circuit magistrates who exercise summary jurisdiction in criminal matters and civil matters involving amounts not exceeding BSD20,000. Currently, there are 17 Magistrates′ Courts throughout The Bahamas, with most located in New Providence (the most populous island in The Bahamas). The Supreme Court bench consists of a Chief Justice and not more than 20 additional justices. The Supreme Court has unlimited original juris - diction in civil and criminal matters and such appellate jurisdiction as may be conferred upon it by law. The Court of Appeal, the highest resident court within The Bahamas, is made up of not more than six justices of appeal, inclusive of its Presi - dent, and has jurisdiction in criminal, constitu - tional, and civil matters.
The Judicial Committee of His Majesty′s Privy Council is the highest court for The Bahamas, which sits in England to hear appeals from the Court of Appeal. 2. Restrictions on Foreign Investments 2.1 Approval of Foreign Investments The prior approval of the government of The Bahamas is required before a foreign investor invests in The Bahamas. All non-Bahamians are required to submit a formal investment propos - al to the Bahamas Investment Authority (BIA), which serves as the secretariat of the National Economic Council and The Bahamas Invest - ments Board. Investment in Bahamian Business The current investment policy reserves certain sectors of the Bahamian economy for invest - ment by Bahamians, as follows: • wholesale and retail operations; • commission agencies engaged in the import/ export trade; • real estate and domestic property manage - ment agencies; • domestic newspapers and magazine publica - tions; • domestic advertising and public relations firms; • security services; • domestic distribution of building supplies; • construction companies, except for special structures for which international expertise is required; • personal cosmetic/beauty establishments; • commercial fishing within the exclusive eco - nomic zone of The Bahamas; • auto and appliance service operations;
38
CHAMBERS.COM
Powered by FlippingBook