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I lived in the Bahamas for a while but I went back to Europe because I was bored out of my scull.
Anyway you cannot live in the country (island) you corporated in. Its simply not allowed.
They don't honor foreign law suits. Meaning some guy sues your company for some shit in the US because the US is the only country a law suit makes you money. The TCI will not recognize that law suit and your money is protected.
As to if porn is allowed or not. You found a company using a lawyer. Noone asks you what the hell you are planning to do and noone asks who the hell you are. The company is opened by a lawyer in that company who will own all shares. Than those shares are written over to you and now the sweet thing comes in to play: This change of ownership to you is not recorded by anyone, your name is not on the records. So basically noone knows who is operating that company and noone is interested in what that company is making money with.
If you live in the US you would still have to pay taxes but it is very hard to catch you if you don't pay them and you are not dumb as hell.
The book I mentioned above describes all that in easy terms.
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