Christopher Columbus first set foot in the Bahamas in 1492. British settlement began in 1647, and the islands became a British colony in 1717. The Bahamas gained independence from the UK in 1973 and remains a Commonwealth member. The Bahamas has a small, open and relatively wealthy economy that is based mainly on tourism and offshore financial activities. As with other Caribbean countries, The Bahamas faces the challenges of tackling drug trafficking and illegal immigration.