A tropical climate, beautiful beaches, warmness. All of these can be found in the Bahamas, but a natural paradise is not the only thing we need to live our lives, right? However, this country has much more to offer than its natural beauty. 

By adopting international standards, the Bahamian banking and financial sector is sufficiently developed and dynamic to provide a variety of services through several types of intermediaries. 

In terms of growth, size and market share, the Bahamas is often considered one of the world's leading centers for offshore banking. The country has between 300 and 400 registered offshore banks and trusts. 

In addition to the Central Bank of the Bahamas and the Financial Intelligence Unit, this sector includes commercial banks, savings banks, trust companies and offshore banking companies. Likewise, it offers insurance development banks, public pensions, housing companies, public savings banks, private pension fund cooperatives, credit unions, and much more.

The Bahamas is still a first-level banking jurisdiction for a variety of reasons. Some of them are the following: 

-Bahamian banks are known for their privacy and security.

-There is no tax on income, inheritance, capital gains and companies.

-The banking and financial services sector plays an important role in supporting and developing the national economy. This occurs both directly through employment opportunities and indirectly through the purchase and provision of services essential to other important sectors of the economy. 

-After the global financial crisis, the banking sector strengthened and service fees fell (2011).

-Also in 2011, the financial services sector accounted for 36% of GDP. Compared to the foreign sector, the domestic financial system is dominated by banks, primarily US corporate banks, subsidiaries, subsidiaries and Canadians. 

-Among domestic and foreign banks, the sector consists of nine institutions. National banks are also involved in a significant degree of offshore operations. 

-With the introduction of the Bahamas International Securities Exchange (BISX) in 2000, the operation of monetary and financial markets has improved significantly. BISX operates in parallel with the exchange of public sector bonds and non-banknotes. It is officially managed by the central bank.

Besides all this, the Bahamas as a banking center has an asset base of over $ 200 billion and is one of the top 10 countries in the world after the United States, United Kingdom, Japan and Switzerland, with an average capital-to-asset ratio of 11%.

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International Banking in the Bahamas

The Bahamas economy is becoming more diversified primarily in financial services such as banks, trusts, investment trusts and insurance. The result is that all Bahamian offshore banks are highly modernized and banking processes are simple and accessible worldwide via e-banking, debit and credit cards. 

Many banks accept online deposits and withdrawals or account requests. Also, many international banks offer additional services such as online stock trading and currency exchange. 

If this was not enough, Bahamian Banks specialize in international advisory services, many of which have proven capable of handling non-English speaking clients as well as executives speaking French, German, Russian, Italian and other major languages. 

Today, the offshore financial industry in the Bahamas accounts for 30% of the country's GDP, and alongside the tourism industry, they represent a huge part of the income that the country receives. These activities are reinforced by legislation that supports their respective development and environment.

This is supported by the fact that the exchange rate between the Bahamian dollar (BSD) and the US dollar is 1:1. Yes, the Bahamian government has maintained the value of the Bahamian dollar at the same level as the dollar for more than a decade, and it makes it easier for foreigners to get involved with any kind of economic sector in the Bahamas, including the banking services sector. 

Likewise, the Bahamas has moved more in compliance with international standards the last few years due to pressure from the USA and the OECD. 

How to Open an Account in the Bahamas? 

Each bank's account process is different, but generally requires: 

-Identity document such as passport or driver's license

-Memorandum of association, articles of association

-Proof of residency such as utility bill 

-Citizenship status 

-Occupation 

Depending on the bank or type of account you are opening, you may be asked to provide additional information such as financial records. For example, if you received a large amount of money in your account for the sale of real estate, you may need to show proof of sale as proof. 

Use a bank account to pay the deposit to the designated account after filing the documents with the bank. If you do it yourself, you can do it in cash or by wire transfer. When the account is opened and activated, the bank card and PIN code (individually) are ready for the account transferred to the post office. 

You must know that you can open different types of bank accounts without going to the Bahamas. The primary services offered to clients by our partners in the Bahamas include depository services, international wire transfers, and much more. Allow our team of experts to further explain this option to you in detail, do not hesitate to contact us. 

Legal Framework

In 2020, the Central Bank of the Bahamas (Central Bank) sought to strengthen and modernize its primary legislation by repealing and replacing the Banks and Trust Companies Regulations Act (BTCRA). The new BTCRA will significantly enhance the central bank's ability to act to maintain financial stability, protect depositors, and enhance public confidence in the stability of the Bahamian banking system. Specifically, the new BTCRA allows central banks to act as court custodians or liquidators to achieve these goals.

Similarly, to modernize the non-bank financial services industry, the Bahamas Securities Commission (Securities Commission) oversaw the abolition and replacement of laws governing the financial and business services providers. The new law, which came into force in December 2020, will modernize the licensing system and extend the SEC's oversight capabilities to improve consumer protection for business and financial services.

The Securities Commission introduced the Digital Assets and Registered Exchanges Act, 2020 (DARE Act) as well in December 2020. The DARE Act regulates the issuance and sale of digital assets, as well as the conduct of those issuing them and those providing intermediary services related to the issuance of these tokens. In this case, you should know that the central bank launched its own CBDC (Central Bank Digital Currency) named Sand Dollar, in October 2020.

This CBDC is backed by the Central Bank of the Bahamas and is issued by a licensed financial institution. Now, Sand Dollar is only available in the Bahamas, but like Bahamian fiat currency, it can be exchanged for foreign currency through authorized financial institutions.

Mundo provides services for registration, maintaining companies, and opening bank accounts in different jurisdictions including the Bahamas. 

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What Can We Do for You? 

We work with registered agents in the Bahamas for banking and corporate services. If you want to open your bank, or simply open corporate or personal bank accounts, do not hesitate to contact us for help and guidance in the process. 

One of our partners in the country offers a powerful and secure platform designed to give wealthy people and international organizations access to private banking, loans, wealth management and real estate investments.

We have plenty of experience opening bank accounts in the Bahamas because we offer wide corporate services on the island including trusts, foundations, LPs, and LLCs. The process to open a bank account is simple: 

1.You send us your documents. 

2.We pass it through our pre-approval to see if we can find a matching bank for you. 

3.We send your application to the bank. 

4.You wait for a few days, and your bank account is available to be used. 

Don't let the wrong information get in the way of your horizons to enjoy the benefits offered by the banking sector in the Bahamas. If you would like to consult, please contact us now.

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