The Bahamas officially the Commonwealth of The Bahamas, is an island country of the Lucayan Archipelago consisting of more than 700 islands, cays, and islets in the Atlantic Ocean; north of Cuba and Hispaniola (the Dominican Republic and Haiti); northwest of the Turks and Caicos Islands; southeast of the U.S. state of Florida and east of the Florida Keys. Its capital is Nassau on the island of New Providence. The designation of «Bahamas» can refer to either the country or the larger island chain that it shares with the Turks and Caicos Islands. As stated in the mandate/manifesto of the Royal Bahamas Defence Force, the Bahamas territory encompasses 470,000 km2 (180,000 sq mi) of ocean space. Originally inhabited by the Lucayan, a branch of the Arawakan-speaking Taino people, the Bahamas were the site of Columbus' first landfall in the New World in 1492. Although the Spanish never colonized the Bahamas, they shipped the native Lucayans to slavery in Hispaniola. The islands were mostly deserted from 1513 until 1648, when English colonists from Bermuda settled on the island of Eleuthera. The Bahamas became a British Crown colony in 1718, when the British clamped down on piracy. After the American War of Independence, the Crown resettled thousands of American Loyalists in the Bahamas; they brought their slaves with them and established plantations on land grants. Blacks comprised the majority of the population from this period. The Bahamas became a haven for freed black slaves: the Royal Navy resettled Africans here liberated from illegal slave ships; American slaves and Black Seminoles escaped here from Florida; and the government freed American slaves carried on United States domestic ships that had reached the Bahamas due to weather. Slavery in the Bahamas was abolished in 1834. Today the descendants of slaves and free Africans make up nearly 90 percent of the population; issues related to the slavery years are part of society. The Bahamas became an independent Commonwealth realm in 1973, retaining Queen Elizabeth II as its monarch. In terms of gross domestic product per capita, the Bahamas is one of the richest countries in the Americas (following the United States and Canada). Its economy is based on tourism and finance.