The Bahamas is often compared to Switzerland in terms of confidentiality and security of the profiles and activities of banking customers. Given the international requirements and the global struggle for financial transparency, bank secrecy becomes a hardly absolute concept. However, Deltec Bank can definitely be recommended as your reliable partner for management and protection of your wealth.
The Commonwealth of The Bahamas, and especially its banking sector, is best suited for high-net-worth individuals and entrepreneurs. There are several reasons for this opinion.
First, the country enjoys the status of a well regulated and fully compliant International Financial Centre (IFC) thanks to its established infrastructure, progressive government, tax neutral environment and luxury lifestyle, which have all been cultivated very carefully for decades.
Second, this offshore jurisdiction does not tax wealth, inheritance, or income.
Third, offshore banks in the Bahamas are capitalized much better than many European banks. In particular, they can offer narrowly targeted services and more favorable interest rates on time deposits and savings accounts.
Besides, the Government of the Commonwealth of The Bahamas (GCOB) actively participates in international organizations that monitor standards for Anti-Money Laundering and Countering of Terrorist Financing (AML/CFT).
Moreover, there are over 110 active banks throughout the islands. Each of them has its own strengths and beneficial approaches. Let us consider advantages of opening a private account remotely with Deltec Bank in The Bahamas.
Deltec Bank’s 70-year success
Deltec Bank is one of the oldest and most independent banking institutions licensed by the Central Bank of The Bahamas.
In 2015, the “Global Finance” prestigious financial magazine announced its first ever annual World’s Best Private Banks Awards and named Deltec Bank the best bank in the Bahamas. Its customer-oriented approach was rated as the highest and unsurpassed, and its 50-year impeccable performance in the price to quality ratio of banking products was marked as the best.
In 2019, Deltec Bank celebrated its 70th anniversary. It started from the Nassau office in 1959 and has grown since then into the largest investment bank in The Bahamas, part of Deltec Bank & Trust Limited, which is a subsidiary of Atlas Capital Group Holding SA.
Deltec Bank & Trust has a mission to enhance clients’ capital.
Deltec Bank & Trust Limited Group is proud of its team of world-class financial services experts – highly qualified bankers, accountants, lawyers, and tax consultants.
Deltec is one of the key players in the advanced Bahamian financial services industry. It has a long history of financial stability, working with complex, multi-jurisdictional entities, individuals, and families to protect and enhance their wealth.
Deltec provides innovative solutions to the most complex issues facing international clients, and this approach is the hallmark of its added value.
Although the official national language is English, Deltec’s professional bankers provide services in several foreign languages.
The Bank has a range of offshore functions, including the following ones:
- fiduciary services,
- asset management,
- and wealth planning and structuring.
To paraphrase Clarence Dauphinot – Deltec’s founder – the company’s approach has always been to find new ways and ‘stay away from the crowd’.
Private and corporate services;
- Custody of Assets
- Deposit accounts in all major currencies (MCAs)
- Trading and Brokerage
- Investment Solutions
- Lombard Lending
- Credit Card and Payment Solutions
- Concierge Services
- Other offers.
For wealthy individuals and entrepreneurs, opening a current account with Deltec Bank will be the wisest solution to ensure the security of assets and stable growth of their capital.
The minimum deposit when opening a current account is USD 1 million. In compliance with the bank’s requirements, the minimum balance of USD 1 million needs to be maintained.
As a special treat, Deltec offers the “Family Office” to its customers (including the Planning Full Family Governance, Estate & Insurance, Planning & Coordination, Real Estate Transactions & Management, Full Concierge assistance, etc.). The service focuses on helping the customer’s families, taking into consideration their wishes, needs, and goals. Thus, for example, the “Family Office” can render the day-to-day family support and management of affairs. They may include the following customer-specific tasks:
- Concierge service
- Expert advice on diversification and savings of assets
- Advice on real estate, gems, or art treasures.
- Planning and structuring wealth with Deltec Bank
Bank specialists, represented by consultants, can develop individual long-term strategies for individuals to plan their assets. Based on the financial structure and circumstances, bankers will pay the main attention to asset protection, taxation, and estate planning. If necessary, tax advisors and lawyers are involved.
A Deltec Multi-Currency Account (MCA) offers greater convenience with international transactions in most major currencies, allowing to use various currencies to purchase same currency securities, redeem securities in same currencies, deposit foreign receivables without having to convert them, accumulate foreign funds to meet payables requirements, and transfer funds between accounts. It’s an ideal solution for the international client.
For many years, Deltec Bank & Trust Limited Group has been providing help in investment management to both the public sector and individuals. They may include tasks relevant to the following objectives:
- Investment portfolio management
- Brokerage trading
- International trade investment market research and advisory
- Direct investment/Private equities
- Special investment opportunities
- Investment Funds
- Performance Analysis
- Cash management
Deltec Bank’s methods and strategies involve in-house specialists who can build for a bank’s client an investment portfolio based on the detailed research of the investment market to prevent all kinds of risks. The market and fund analysis are based on macroeconomic framework using proprietary economic and market based leading indicators.
Deltec Fund Services Limited
Private clients are welcome to use the full package of fund structuring, setup and administration services and profound expertise of Deltec Fund Services Limited, which operates on the State License of the Bahamas Securities Commission and can act as the Fund Administrator. Deltec Fund Services Limited can create private Smart Funds for its private investors bypassing bureaucratic hurdles. Such a Smart Fund is created for a particular customer with a focus on a specific investment market that meets the customer’s goals. Most clients prefer to assign the management and administration of their fund to a professional. The appointment of the Fund’s managers and endorsement of their scope and authority is the prerogative of each investor.
Thanks to the Fund structure, the client can launch the Fund within a short period of time, confidently manage the investment process and avoid many associated risks. Deltec’s offer of this comprehensive fund administration solution covers accounting, investor relations, corporate services, banking, financing, trade execution, custody. Deltec ensures that the Fund is compliant with relevant laws and regulations, while preserving maximum flexibility.
In case of a shortage of financial resources and when there is a need to improve the efficiency of the investment portfolio, the Fund can help to attract capital from investors operating in investment markets and combine financial flows. The Fund is an administrative structure in charge of all management matters and all challenging situations services tailored to meet its clients’ specific requirements on an ongoing basis.
Credit cards offered by Deltec Bank include American Express and Prepaid cards T24. A card account opened in USD is a seamless solution when exchanging cash, both domestically and abroad. Since the value of the Bahamian dollar is one US dollar, no additional fees are charged for cashing money through ATMs in The Bahamas. If a credit card is issued in Bahamian dollars, currency exchange abroad can be a complicated task as this type of currency is not common in other parts of the globe.
A large number of ATMs are located on the islands of Nassau, Paradis, and Freeport. On smaller islands, there may not be any or a limited number of ATMs. When cashing credit cards in The Bahamas, ATMs dispense the Bahamian dollar, but there are several places in tourist areas where casinos are located, so ATMs can dispense currency in US dollars.
Deltec Bank offers American Express credit cards to its private clients. It is one of the best payment instruments for customers buying something or traveling internationally. American Express credit cards have several types of categories that can be chosen by the customer, depending on his/her interests.
Each category has its terms and conditions and requirements for interest rates, fees, and opportunities for the card holders to earn some rewards when paying for purchases and services. It should be noted that American Express card is the most advantageous payment solution when buying goods, products, and services. However, for international transfers by credit card or cashing through ATMs (abroad) there are additional charges ranging from 1 to 4 percent.
T24 Prepaid cards
There are many forms of prepaid debit cards that could be offered via the bank including payroll, general purpose reloadable, travel cards, and gift cards, to name a few.
Deltec Bank & Trust is one of the few Bahamian owned banks that offer prepaid cards to its private banking clients, who are individuals and families with a high net worth.
T24 are VISA prepaid cards. Holders of this card can replenish the card account simply and conveniently and thus manage their expenses in various circumstances. Holders of the card can freely withdraw funds from the card in all ATMs with the VISA logo and pay in retail outlets. To manage and recharge the card account, Prepaid cards T24 owners are provided with secure access via Internet bank or mobile phone.
Prepaid cards T24 are serviced 24 hours a day and have such advantages as:
- Reliable payment instrument and means for cash withdrawal
- Card’s use is limited by the prepaid amount
- There are no risks of overdraft repayment and credit history deterioration
- Prepaid cards T24 are accepted in many countries of the world
- Free use of the Internet Banking option
- Management of expenses of family members, especially of teenagers. The prepaid amount on the card is limited and expenses are under control
- The card can be used to pay for studies at colleges or universities
- No credit history is required
- This is a reliable way to restore the credit standing at banking institutions
- Depending on the card type, the appropriate level of service and range of services are provided.
Deltec’s private customers can also enjoy other offers.
Remote opening of a private offshore bank account
The first and main step is your intention to become the owner of a private account with Deltec Bank, in the Bahamas. You should contact us via e-mail email@example.com for professional advice on opening a bank account.
Then you need to pay a fee of 2999 EUR for our experts’ assistance to you, which you may pay by card, through Pay Pal, Western Union, WebMoney, or a bank transfer. Now we move on to collecting the information required by the bank.
The minimum deposit when opening a current account is USD 1 million. The holder of a private current account must comply with the bank’s requirement to maintain a minimum balance of USD 1 million.
The set of documents needs to be submitted to the bank as part of the application procedure. Our assistance in compiling and checking your portfolio for compliance will be part of our mutual agreement with you.
List of documents of the account holder as well as signatories and authorized persons:
- Filled in, printed and signed copies of the form of a bank account opening;
- Notarized copy of your ID/passport (pages with photo and signature).
- Notarized copy of the second identification document with photo, translated into English and notarized;
- A notarized copy of the utility bill or the original bank statement to confirm the address of residence.
Note: This document must be not older than 2 months by the time the registration package is submitted, and it must be in English and notarized.
The bank may also require other additional documents.
The maximum standard term from your application to your private bank account with Deltec Bank is about 3 weeks.
If you have any questions about opening a private account with Deltec Bank, or if you have decided to use our experts’ services to help you in the application matters, please contact us by e-mail: firstname.lastname@example.org.