The Bahamas is regarded as one of the top international business centers in the world, and therefore opening an offshore account in this jurisdiction is a popular choice amongst many investors. The Bahamas offers numerous advantages to the account holder, while the procedure for opening a Bahamas offshore account is relatively straightforward.
Why Open a Bahamas Offshore Account?
The Bahamas is a popular jurisdiction of choice for offshore bank account opening for a number of reasons. With approximately 350 banks, the country’s banking industry is strong, stable and well-regulated, whilst financial services produces around 15% of the country’s GDP. The Bahamas government encourages international investment and the financial sector is very eager to attract foreign investors.
The banking industry is regulated by the Central Bank of the Bahamas. Their aim is to maintain regulatory control over Bahamian banking, foreign exchange, monetary policy and the financial services industry. The Central Bank oversees all financial activity that is carried out within Bahamas banks, and has strict policies with regards to transactions reporting, banking supervision and KYC (Know Your Customer) compliance.
There are a variety of Bahamas bank accounts that can be opened. Foreign investors can choose from a personal, corporate or investment bank account, depending on their specific needs and preferences. Provided they are able to meet the requirements of the bank, the procedure for opening an offshore account is fairly simple and does not require personal presence to be achieved.
Once your Bahamas offshore bank account has been opened and is fully set up, you will be able to carry out a number of financial activities, such as private banking, portfolio management and mutual fund administration.
Opening a Bahamas bank account is recommended for a number of reasons. You will be able to take advantage of the prosperous banking environment, a stable democracy and a strong economy. The Bahamas also has strong relations with the UK and USA. All banking activity can be conducted in English and online banking is a service is typically available. The Bahamas offers easy to use bank account controls, as well as the opportunity to set up a credit or debit card account.
Learn more about setting up a Bahamas Bank Account.