The White Elephants of Nassau

The Caribbean tax haven. A phenomenon that results in countries with more companies than residents and expatriate communities crying foul when the national government proposes a meagre income tax rate of 10%. The tactic does well to attract truly remarkable levels of foreign investment that remain isolated in islands of wealth: personal watercraft, luxury vehicles, high-end entertainment.

Being the destination of high amounts of untaxed capital, however, does not secure much in the way of local benefits. The absence of an income tax prevents a steady income for public services such as social welfare, health care, transportation initiatives, and education.

The viability of luxury spending has, unsurprisingly, taken a hit in recent years due to global financial uncertainty. What this has resulted in is the abandonment of various development projects in the island countries of the Caribbean.

This uncertainty is particularly visible in Nassau, the capital city of The Bahamas. As a country with a healthy per capita GDP, one would expect the city and its residents to weather the storm better than the city’s investments. Nonetheless, Nassau is plagued by vacancies and abandoned projects across the island. Nestled between the city’s colourful and vibrant homes are houses that have sat vacant for years due to waning interest.

While you would generally assume The Bahamas to be a tropical paradise (full disclosure: it absolutely is), it is a jarring ephemeral experience to see the abandoned dreams of development all over Nassau. From storefronts to mansions to apartment megacomplexes, here is a selection of photographs of Nassau’s empty buildings: the white elephants of Nassau.

You can view all of Adam’s photography on his Flickr. View the full gallery of full-sized photographs in the gallery below.