Bahamas Banking

Is all your money sitting in one country and one banking system? Opening an offshore bank account in the Bahamas spreads that risk. You get a regulated bank, a local dollar pegged 1:1 to the US dollar, and a stable place to hold part of your savings or business funds. Non-residents and foreign-owned companies can both apply. Approval is never automatic, though, and every bank checks applicants closely. This guide walks you through the documents, costs, reporting rules and steps, so you know what to expect before you apply.

Key Takeaways

• As a foreigner, you can apply for personal and corporate banking, subject to each bank's checks.
• You do not need a local company. Foreign companies can bank here too.
• Deposit insurance only covers Bahamian dollar deposits, up to B$50,000.
• Accounts held by foreign tax residents and US persons are reported under CRS and FATCA.

Who Regulates Banking in the Bahamas?

The Central Bank of The Bahamas licenses, regulates and supervises every bank and trust company operating in or from the country. It does this under the Banks and Trust Companies Regulation Act, 2020 and the Central Bank of The Bahamas Act, 2020. Every Bahamian bank must follow its licensing, AML and KYC rules and face regular inspections.

The country grew into an offshore financial center in the mid-20th century. Today it follows international standards on money laundering and tax transparency. The FATF removed it from its grey list in December 2020. The Central Bank was set up in 1974 and keeps the Bahamian dollar pegged 1:1 to the US dollar.

Tourism and offshore finance drive the economy. The Government describes financial services as the second pillar of the economy, after tourism. The Bahamian offshore sector has decades of experience serving foreign clients, and local firms offer a full range of offshore financial services, from banking to trusts.

Banks in the Bahamas That Serve Companies

The financial sector is centred on Nassau, the capital, which hosts banks, trust companies and offshore companies. The banking sector mixes local banks with branches of large international groups. Licensed banks include:

• Bank of The Bahamas: retail and commercial banking.
• Commonwealth Bank: one of the largest locally owned banks, focused on personal banking.
• Scotiabank: a Canadian bank in the country since 1956, offering retail, commercial and offshore banking.
• CIBC Caribbean (formerly CIBC FirstCaribbean): its local bank now trades as CIBC Caribbean Bank (Bahamas) Limited.
• Royal Bank of Canada: personal banking plus private banking for high-net-worth clients.
• Fidelity Bank: personal and corporate banking.

Each bank sets its own rules on who it accepts and how much you must deposit.

Benefit: Why Offshore Banking in the Bahamas Makes Sense

Choosing a well-regulated offshore jurisdiction matters as much as choosing the bank. The main benefits of opening an account here are:

• Asset protection: part of your money sits in a separate legal system from your home country.
• Diversification: spreading funds across countries and banks lowers your risk.
• US dollar access: the local dollar is tied to the US dollar, and non-residents can hold foreign currency accounts without Central Bank approval. Some banks also offer multi-currency accounts, and the currency list varies by bank.
• Political and economic stability: a long-established financial center with steady rules.

The country also has favorable tax policies. There is no personal income tax and no capital gains tax. There is no general corporate income tax either, though the Government is still reviewing wider corporate tax reform. The exception is a 15% Domestic Minimum Top-Up Tax. It was enacted in November 2024, applies to fiscal years starting on or after 1 January 2024, and only covers multinational groups with global revenue of €750 million or more.

Here is the catch. Holding an account abroad does not cut your tax liabilities at home. Your overall tax position depends on where you live and hold citizenship, so get tax advice in your home country first.

Which Type of Bank Account Is Right for You?

Most banks offer two broad options. Personal accounts suit individuals who want to hold savings or invest outside their home country. Corporate accounts suit companies that need to pay suppliers, receive client payments and manage cash abroad.

Do you need a local company? No. Central Bank exchange control guidelines treat companies, including an IBC, incorporated locally or elsewhere and operating abroad as non-resident account holders. That means Bahamas companies and foreign companies can both apply. If you want a local company as well, you can form one under the International Business Companies Act.

For more>>Bahamas Company Formation

Wealthier clients can open a private banking relationship at some banks. Private banking services usually add a dedicated relationship manager and wealth management. Planning to run your business offshore? A corporate account keeps company money separate from your own.

Think about how you will use the account before you pick a type of account: everyday payments, savings or investing.

What Should You Expect? Key Facts at a Glance

What Documents Do You Need to Open an Account?

Every bank follows strict KYC and anti-money laundering rules. These are the usual requirements for opening an offshore account:

For You as an Individual

• A valid passport or government ID (certified copies if a bank officer does not see the originals)
• Proof of address, such as a recent utility bill or lease
• A bank reference letter from your current bank
• Proof of your source of funds or wealth, such as an employment contract, pay slips or business records
• Your tax identification number

For Your Company

• Certified copies of the certificate of incorporation and constitutional documents
• A certificate of good standing
• ID and proof of address for every director, shareholder and beneficial owner
• A board resolution approving the account
• A business plan or company profile showing what the company does
• Evidence of real business, such as invoices or contracts

Banks may also ask how you will use the account and what transaction volumes you expect. Some want documents notarized or apostilled. The checks do not stop at opening, either. Banks review client files and monitor transactions for as long as the account stays open.

How to Open an Offshore Bank Account in the Bahamas

The process of opening an account usually follows these steps:

1. Choose your bank and account. Decide whether you want to open an offshore account for yourself or your company. Compare deposits, fees and online tools.
2. Gather your documents. Get certified copies ready so your file is complete from day one.
3. Fill out the application form. Check every detail. Mistakes and gaps are the most common cause of delays.
4. Verify your identity. Whether you can open the account remotely depends on the bank. Some use video calls, while others want an appointment or a branch visit.
5. Pass due diligence. The compliance team reviews your source of funds and may ask follow-up questions. The decision is always the bank's, and how long it takes depends on the bank and on how complete your file is.
6. Fund and activate. Make the initial deposit, set up online banking and add any extra signatories.

Setting up an offshore account goes more smoothly when an experienced adviser checks your file before it reaches the bank.

How Much Does It Cost to Open and Run an Account?

There is no official minimum deposit. Each bank sets its own, and the amount depends on the account type. Retail accounts usually ask for far less than private banking relationships, which are built for larger balances. We confirm the likely deposit for the bank that suits you before you apply.

Certain banks also require you to keep a minimum balance, or charge a fee when you fall below it. Fees are set by each bank, and some, such as RBC, publish their fee schedules online. Ask for the full fee schedule before you apply and look for:

• An account opening fee
• A monthly maintenance charge or annual fee
• Incoming and outgoing wire fees
• Card and exchange fees

Benefit: Features That Make Everyday Banking Easier

Most banks offer digital platforms to manage accounts, pay bills and send wires. Quality varies a lot from bank to bank, so test the online tools before you commit.

A good account handles international transactions smoothly. Look for fast wires and clear exchange rates. Strong international banking links matter if you pay or receive money in several countries.

Many banks go beyond day-to-day financial management. Their wealth teams offer asset management, investment opportunities and access to global markets. These services are separate from the account itself, so ask what each one costs.

Is Your Money Protected? Insurance, Reporting and Rules

Deposit Insurance

The Deposit Insurance Corporation protects Bahamian dollar deposits up to B$50,000 per depositor at each member bank. Your nationality and where you live do not matter. Foreign currency deposits are not covered, so a typical US dollar offshore account has no deposit insurance.

Exchange Control

If you hold an offshore account in the Bahamas as a non-resident, you will usually bank in US dollars or other foreign money. Since August 2018, banks may also open a Bahamian dollar account for a non-resident without prior approval, as long as the balance stays at B$50,000 or less.

CRS and FATCA Reporting

The country takes part in the Common Reporting Standard (CRS). It made its first exchanges on 30 September 2018 and exchanges data every year since. Banks report the accounts of foreign tax residents to the Competent Authority at the Ministry of Finance, which shares the data with each account holder's home tax authority.

For US persons, FATCA applies. FATCA is short for the Foreign Account Tax Compliance Act. The Government of the Bahamas signed a Model 1 agreement with the United States on 3 November 2014. Under that agreement, banks report US accounts to the Competent Authority, which passes the data to the IRS. US persons, including citizens and residents, must also file an FBAR if their combined foreign accounts top $10,000 at any point in the year.

Confidentiality Today

Banking secrecy is not what it used to be. Client confidentiality still exists, but it gives way to international reporting duties. The country also exchanges tax information on request under the Multilateral Convention and a network of Tax Information Exchange Agreement (TIEA) deals, designed to fight tax evasion. Regulators watch banking activities closely, and banks must report suspicious transactions.

What about numbered accounts? If a bank offers one, the number only limits who inside the bank sees your name. The bank still identifies and verifies you, and the account is still reported under CRS or FATCA where they apply. There is no such thing as an anonymous account here.

The EU removed the country from its list of non-cooperative tax jurisdictions in February 2024, and it was not relisted in the February 2026 review.

How Is Bahamas Offshore Banking Changing in 2026?

The country is heading into its fifth-round mutual evaluation by the Caribbean Financial Action Task Force (CFATF). The Central Bank confirmed the exercise in its quarterly letter to licensees dated 3 July 2026. The on-site visit is scheduled for 19 to 30 October 2026, according to the Central Bank update reported by The Tribune on 23 January 2026. This round tests whether anti-money laundering rules actually work in practice, not just on paper.

What we have seen: In more than 25 years of opening offshore accounts for clients, the applications that move fastest share one thing: a clear, documented story of where the money came from. Banks tend to get more careful before a big evaluation, not less. A tidy source-of-funds file prepared now can spare you delays later.

Our prediction: Through late 2026 and into 2027, expect banks to ask more follow-up questions and to re-check existing client files. That is a view based on current trends, not a certainty. If the evaluation goes well, the extra scrutiny may ease once the final report is out.

Frequently Asked Questions

• Can a foreigner open a bank account in the Bahamas?

  Yes. Foreign individuals and foreign-owned companies can apply for personal or business accounts. Each bank decides who it accepts, so approval is never guaranteed. You will need to pass strict KYC checks and explain where your money comes from.

• How much does it cost to open and maintain a Bahamas offshore bank account?

  It depends on the bank. There is no legal minimum deposit. Each bank sets its own, and private banks usually expect far more than retail banks. Maintenance, wire and card fees are also set by each bank, and some publish fee schedules online. Ask for the full schedule before you apply, and we will confirm the likely costs for your case.

• Do I need a local company to get an account?

  No. Central Bank exchange control guidelines treat companies incorporated locally or elsewhere, and operating abroad, as non-resident account holders. A foreign company can apply directly. You can still form a local company if it suits your plans.

• What documents does my company need to apply?

  Plan on certified copies of your certificate of incorporation and constitutional documents, a certificate of good standing, a board resolution approving the account, and ID plus proof of address for every director, shareholder and beneficial owner. Most banks also want a bank reference letter, a business plan and proof of source of funds.

• Do I have to visit in person?

  It depends on the bank. Some accept certified documents and video calls. Others want an appointment or at least one person to visit a branch. We confirm the options for the bank you choose.

• How long does account opening take?

  It varies by bank. The biggest factor is how complete your file is. Clear source-of-funds evidence and certified documents help, while gaps or follow-up questions from the compliance team slow things down.

• Which banks serve international clients?

  International groups such as Scotiabank, Royal Bank of Canada and CIBC Caribbean operate here alongside local banks like Bank of The Bahamas, Commonwealth Bank and Fidelity Bank. Each bank decides whether it takes non-resident clients. The best fit depends on your deposit size and how you plan to use the account.

• Will my account be reported to my home tax authority?

  Most likely, yes. The country takes part in the Common Reporting Standard (CRS) and has a FATCA agreement with the United States. Banks report account details to the local Competent Authority, which shares them with your home tax authority or the IRS.

• Is my deposit insured?

  Only in part. The Deposit Insurance Corporation covers deposits in Bahamian dollars up to B$50,000 per depositor per member bank. Deposits held in US dollars or other currencies are not covered.

• Can I open an anonymous or numbered account?

  No anonymous accounts exist. If a bank offers a numbered account, the number only limits who inside the bank sees your name. The bank still identifies and verifies you, and it reports the account under CRS or FATCA where they apply.

• Can a non-resident hold Bahamian dollars?

  Yes, within limits. Since August 2018, banks can open a Bahamian dollar account for a non-resident without prior Central Bank approval, as long as the balance stays at B$50,000 or less. Most non-residents bank in US dollars instead.

• Is the Bahamas on any tax or money laundering blacklist?

  No. The FATF removed the country from its grey list in December 2020. The EU took it off its list of non-cooperative tax jurisdictions in February 2024, and it was not relisted in the February 2026 review.

Ready to Open Your Account?

A well-chosen account in the Bahamas gives you asset protection, diversification, US dollar access and a stable, well-regulated home for part of your money. Getting approved takes solid paperwork and some patience, and accounts of foreign tax residents are reported under CRS and FATCA. Want to open bank accounts here without the guesswork? Our team can help you choose a suitable bank, prepare your file and avoid common delays. Book a consultation today.