Financial services account for a large part of the Bahamas’ GDP. This makes the government inclined to protect laws that favor this industry and, by extension, account holders. [1] X Research source
That said, an offshore account can a step towards making yourself independent of your home country (if you are planning on moving) or a useful step to take when moving to the Bahamas. In addition, you can keep up to $10,000 in an offshore account without reporting it (though you still have to report earnings on the account). [2] X Research source
Foreign accounts, if you have over $10,000 in all of them combined, must be reported on an FBAR (FinCEN Form 114) if you live in the United States. [4] X Research source Your earnings on foreign accounts will be taxed as either income or capital gains (depending on the nature of the account). Failing to report foreign assets or earnings constitutes tax evasion.
Switzerland. Swiss bank accounts are perhaps the most famous type of offshore account. They offer legendary privacy and world-leading service. Other Caribbean islands. The Grenadines, St. Vincent, and Turks and Caicos all have thriving financial industries. Mongolia. A fast-growing economy, Mongolia offers impressive interest rates that may be up to as high as 13 percent. Hong-Kong. Some multinational banks (like HSBC) offer accounts in Hong-Kong, giving foreigners access to investment opportunities in China. In addition, accounts here are cheap and generally come with quick service. [5] X Research source
The largest local bank is First Caribbean International Bank. This bank and other local banks are eager to offer accounts to foreigners. [7] X Research source Private bank accounts can be opened with a number of private banks. Some Swiss banks also have a presence in the Bahamas, including UBS and Credit Suisse. Other private banks operating in the Bahamas include Ansbacher, Corner Bank Overseas, Finter Bank & Trust, and Guaranty Trust Bank. [8] X Research source
For example, if you planned to live in the Bahamas, you would want an account that offered reduced ATM fees and free local transactions. Gather information from more than one bank so that you can compare them.
Government-issued identification, like a passport or driver’s license. Proof of residence, like a utility bill or some other document showing your home address. Other documents as required by the bank. [10] X Research source
Opening an account through a representative (like a law firm or financial advisor) is only advised if you plan on opening a private bank account or setting up a business structure in the Bahamas. Otherwise, taking this route may be cost-prohibitive.
Your legal name. Date of birth. Address. Citizenship and country of residency. Your occupation. [12] X Research source
In other cases, you may be asked to provide a document proving the source of the money you are depositing. This is a measure intended to prevent the bank from taking on money obtained through illegal means. For example, if your money were obtained through the sale of property, you would need to provide a sales contract for that transaction. [13] X Research source
Check with your bank to ask about this option and inquire about fees for converting your money. [14] X Research source
