During the American Civil War, The Bahamas prospered as a center of Confederate blockade-running. The islands served as a base for American prohibition rumrunners after World War I. World War II Allied flight training and antisubmarine operations in the Caribbean were centered in The Bahamas. Since the war, The Bahamas has become a major tourist and banking center. Bahamians achieved self-government through a series of constitutional and political steps, culminating in independence on July 10, 1973. The government also promotes tourism growth in the Family Islands.
Finance is the economy's second most important sector.
Of the 387 banks and trust companies licensed in The Bahamas, most are primarily involved in managing assets for individuals and offshore companies and trusts. Proof of US citizenship is necessary when departing. A passenger departure tax is levied on visitors and residents. No restriction is placed on the amount of US currency that may be brought into The Bahamas. US currency may be used where prices are shown in both Bahamian and US dollars.