The Bahamas has a flourishing tourism industry attracted by the miles of white, sandy beaches, glass-like seas and constant rays of sunlight surrounding each island. The tourism industry that currently thrives was formally organized in the mid-1800s when the Tourism Encouragement Act was passed in 1851. Nowadays roughly 6 million tourists travel to The Bahamas annually to seek relaxation on its tranquil beaches. Tourism generates roughly 50% and Banking 15% of the Gross Domestic Product of $8.4 billion. There are over 170 banks and trust companies in The Bahamas and this industry is recognised for its advanced offshore banking services.